On July 1, 2016, Falcon Company received a $20,000 promissory note from Jordyn Company. The annual interest rate is 5%. Principal and interest are paid in cash at the maturity date of June 30, 2017. If Falcon's fiscal year ends September 30, 2016, an adjusting entry is needed to:

When an item of expense is paid and recorded in advance, it is normally called a(n)

a. prepaid expense. b. accrued expense. c. estimated expense. d. cash expense

Which of the following is the most accurate description of a direct competitor for a firm?

A) a firm that sells complementary goods or services B) a firm that offers identical goods or services to another market C) a firm that sells similar, but not identical, goods or services D) a firm that offers identical goods or services to the same market