Indicate whether the following are liquid assets or household assets by placing an L or H beside them
________ Car
________ Home
________ Checking account
________ Furniture
________ Cash
________ Savings account
What will be an ideal response?
Answer:
H Car
H Home
L Checking account
H Furniture
L Cash
L Savings account
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Reversing entries:
A. Will often result temporarily in abnormal account balances in some accounts. B. Are required only if the company uses accounting software to record journal entries. C. Are necessary when journal entries have been incorrectly recorded. D. Must be made before preparing the post-closing trial balance. E. Are a required step in the accounting cycle.
On October 30, Seba Salon, Inc issued a 90-day note with a face amount of $36,000 to Reyes Products, Inc for merchandise inventory. Determine the adjusting entry for Seba on December 31 assuming the note carries an interest rate of 8%
A) Interest Expense 720Interest Payable 720 B) Interest Expense 496Interest Payable 496 C) Interest Receivable 2,880Interest Revenue 2,880 D) Interest Receivable 480Interest Revenue 480
Value propositions clarify the unique value a product or service provides to its customers
Indicate whether the statement is true or false
Choose the correct word or words in parentheses. (She, Her) and John are bloggers