If the credit amount of an adjusting entry adjusts an asset account, the debit amount of the adjusting entry must adjust a _____ account.
Fill in the blank(s) with the appropriate word(s).
Answer: expense
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What are the objectives of the bankruptcy laws in the United States?
A. Provide relief for the court system and ensure that all debtors are treated the same. B. Distribute assets fairly and discharge honest debtors from their obligations. C. Protect the economy and stimulate growth. D. Prevent insolvency and protect shareholders.
A prospective purchaser obtained a four-month option on a parcel of real property by paying $200 to the owner. All of the following are true EXCEPT
A. the optionee has created a legal interest in the property. B. the optionor is totally restricted by having received a "valuable" consideration. C. the agreement imposes no obligation on the optionee to purchase the property. D. a unilateral contract has been created.