When a petty cash fund is replenished, the entry requires a debit to Petty Cash
Indicate whether the statement is true or false
False
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Every accounting transaction affects both the balance sheet and the income statement
a. True b. False Indicate whether the statement is true or false
In the United States, sales contracts and contracts for the payment of money are not assignable
Indicate whether the statement is true or false
Marcia buys a $3,000 high-definition plasma television for her home on credit extended by the seller, Current City. Current City requires Marcia to sign a security agreement
Current City has a ________ interest in the television that is automatically perfected at the time of the credit sale. A) cumulative security B) future advance monetary C) default D) purchase money security
The rate on new issues of U.S. Series EE savings bond five years is set at 90% of rate on 5-year Treasury securities
Indicate whether the statement is true or false.