The process of initially recording a business transaction is called
A) trial balancing
B) posting
C) journalizing
D) balancing
C
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A credit crunch occurs when
A. banks do not lend as they ordinarily would, but rather have much higher requirements for borrowers to qualify for loans than normal. B. inflation rises, driving up interest rate near their legal ceiling, causing people to pull their funds out of banks. C. regulators pressure banks to increase loans to under-served groups in society. D. government officials force banks to lend in areas where they wish to establish branches.
Workplace teams may be created formally or informally
Indicate whether the statement is true or false.
Bolt Corporation The following data concern Bolt Corporation for 2012. Accounts receivable--January 1, 2012 $455,000 Credit sales during 2012 900,000 Collections from credit customers during 2012 825,000 Allowance for bad debts before adjustment for the year 2,100 Estimated uncollected accounts based on an aging analysis 29,200 Refer to the information provided for Bolt Corporation. If the aging
approach is used to estimate bad debts, what amount should be recorded as bad debt expense for 2012? A) $ 2,100 B) $27,100 C) $29,200 D) $31,300
A spouse who is named the beneficiary of a life insurance policy would ordinarily be:
a. a creditor beneficiary. b. an incidental beneficiary. c. a donee beneficiary. d. a debtor beneficiary.