When deleting a check all of the following is true except:
A. The deleted check no longer appears in the check register
B. QuickBooks changes the amount deducted in the check register to zero
C. It is better to delete the check than void the check in order to erase all records of the transaction
D. All of the choices are correct
Answer: C
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Debit and credit would best be described as _______ terms
a. abnormal b. increasing/decreasing c. quantitative d. locational
Which one of the following adjustments will increase assets?
a. Interest incurred on money borrowed during the period but not yet paid to the bank is accrued. b. Rent revenue is recorded for amounts owed by a tenant but not yet paid. c. The use of supplies is recorded. d. Depreciation for the period is recorded.
Ted Catering received $800 cash in advance from a customer for catering services to be provided in three months. Determine the general journal entry that Ted Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.
A.
| Unearned Catering Revenue | 800 | |
| Catering Revenue | 800 |
B.
| Cash | 800 | |
| Unearned Catering Revenue | 800 |
C.
| Cash | 800 | |
| Accounts Receivable | 800 |
D.
| Accounts Receivable | 800 | |
| Catering Revenue | 800 |
E.
| Cash | 800 | |
| Catering Revenue | 800 |
Explain, in as much detail as possible, how an indorsement is made
What will be an ideal response?