A check is a time instrument because it is payable in due time
Indicate whether the statement is true or false
False
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A company had the following purchases and sales during its first year of operations: PurchasesSalesJanuary:10 units at $1206 unitsFebruary:20 units at $1255 unitsMay:15 units at $1309 unitsSeptember:12 units at $1358 unitsNovember:10 units at $14013 units On December 31, there were 26 units remaining in ending inventory. Using the Periodic FIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
A. $3,540. B. $3,270. C. $3,200. D. $3,445. E. $3,405.
A young investor who is averse to risk should invest their money in government bonds
Indicate whether this statement is true or false.
People who complete surveys are called ____________________
Fill in the blank(s) with correct word
Answer the following statements true (T) or false (F)
1. The Dividends account is normally closed by debiting it. 2. After posting the entries to close all revenue and expense accounts, the Income Summary account of Cleaver Auto Services has a $4,000 debit balance. This result implies that Cleaver earned a net income of $4,000. 3. After posting the entries to close all revenue and expense accounts, Marker Company's Income Summary account has a credit balance of $6,000, and its Dividends account has a debit balance of $2,500. These balances indicate that net income for the current accounting period amounted to $3,500. 4. When there is a net loss, the Income Summary account would have a credit balance. 5. The Income Summary account is used to close the permanent accounts at the end of an accounting period.