A construction contract was issued for an addition to the county jail in the amount of $2,300,000. When the project was approximately half finished, the contractor submitted an invoice for payment of $1,150,000. Which partial entry below is not required to record this transaction?
A. Debit Expenditures - Capital Outlay $1,150,000.
B. Credit Encumbrances Control $1,150,000.
C. Credit Encumbrances Control $2,300,000.
D. Credit Contracts Payable $1,150,000.
Answer: C
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During 2016, the accounts payable balance of Andreas Corp decreased. Which of the following statements is true?
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Computer networks are based on the same principles as telephone networks.
Indicate whether the statement is true or false.
The balance in the office supplies account on June 1 was $6,300, supplies purchased during June were $3,100, and the supplies on hand at June 30 were $2,500. The amount to be used for the appropriate adjusting entry is
A) $3,700 B) $11,900 C) $5,700 D) $6,900
Derrick has 2,000 shares of Unistone Corporation, which is planning to vote for two new directors
Through a special voting provision in the corporation's articles of incorporation, Derrick was able to vote for both his preferred candidates with 2,000 shares, which gave him a virtual voting count of 4,000 shares. What voting rule in the articles of incorporation allows Derrick to achieve this? A) supramajority voting B) noncumulative voting C) cumulative voting D) preemptive voting