Expense items are ________
A) fairly important goods and services that people buy less frequently
B) everyday goods and services that individuals buy
C) inexpensive products that organizations generally use
D) expensive organizational products with a longer useful life
E) particular brands that the buyer especially wants and will seek out
Answer: C
Explanation: Expense items are relatively inexpensive organizational goods that are generally used within a year of purchase, such as printer cartridges and paper.
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On June 30, 2003, Paula Company purchased some stock for $5,000. This investment was worth $6,000 on December 31, 2003, and was worth $5,500 on December 31, 2004. The investment has been properly classified as a trading investment since it was purchased. The adjusting entry necessary on December 31, 2004, to record the change in market value would include a:
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The primary survey line running north and south in any area described by the rectangular survey system is its
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