The entry to record the initial borrowing of cash by issuing a promissory note will include a debit to ________ and a credit to ________.
A. Cash? Notes Payable
B. Cash? Interest Expense
C. Notes Payable? Cash
D. Interest Expense? Cash
Answer: A
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Use the information below for Focal Point Corp for 2016 and 2017 to answer the following question. Retained earnings, December 31, 2016 $300,000 Retained earnings, December 31, 2017 345,000 Dividends payable, December 31, 2016 19,000 Dividends payable, December 31, 2017 29,000 Net income—2017 150,000 Assume that there were no retained earnings transactions other than those dealing with
dividends and net income. How much dividends did Focal Point declare during 2017? a. $95,000 b. $105,000 c. $140,000 d. $150,000
The concept of "defect" is expanding
Indicate whether the statement is true or false
The financial manager of a firm prepares financial statements that recognize revenue at the point of sale and expenses when incurred
Indicate whether the statement is true or false
A statement of the insured that relates to the risk is called a _____
A) false representation B) warranty C) subrogation D) estoppel