Transactions are first recorded in the general ledger and then posted to the journal

When an investment banking firm "underwrites" an issue of securities, the firm is performing

which of the following? A) offering to purchase the securities from the firm, thereby assuming the risk of resale to investors B) agreeing to provide insurance that the firm's securities will sell for a price that is established by the firm C) giving legal advice to the firm that is issuing the securities D) agreeing to market the securities to investors for a fee

You are an antiques dealer. Which of the following would NOT be an example of your operating expenses?

A) rent paid to the owner of your building B) amounts spent on utilities C) money paid for administrative salaries D) purchase of antiques for resale