Location and layout are not critical for all types of businesses

Novella Company sells annual memberships to its auto club. The memberships cost $300 each. On January 1, Novella sold 12,000 passes and received cash

Refer to Novella Company. How should Novella record the receipt of cash on January 1? A) revenue of $300 B) liability of $300 C) revenue of $3,600,000 D) liability of $3,600,000

X sells to A one-half of a partnership capital interest that totals $70,000 for $40,000 . A's capital account in the partnership should be credited for $40,000

a. True b. False Indicate whether the statement is true or false