A check drawn by a company for $360 in payment of a liability was recorded in the journal as $630 . What entry is required in the company's accounts?
a. debit Accounts Payable; credit Cash
b. debit Cash; credit Accounts Receivable
c. debit Cash; credit Accounts Payable
d. debit Accounts Receivable; credit Cash
c
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The bond interest expense reflected on the income statement should reflect an amount based on the
A) effective interest rate. B) stated interest rate. C) nominal interest rate. D) face interest rate.
If the process average is in control, then the process range must also be in control
Indicate whether the statement is true or false
Under a best efforts arrangement, the investment bank purchases all of the shares from the issuing firm and then resells the shares to the public. Under this arrangement, the investment banks assume significant risk.
Answer the following statement true (T) or false (F)
Miller is the owner of a restaurant that has several franchises. One of the franchisees owes Miller a sum of $18,000 for the goods that he had bought from Miller on credit. In this scenario, the money owed to Miller is known as _____.
A. checkoff B. the freight expense C. accounts receivable D. the laid-down cost