An adjusting entry made at the end of an accounting period that reflects the exchange of cash prior to performance of a related event is classified as a(n)

All long-term assets are tangible

Indicate whether the statement is true or false

Assume an offeree mails a rejection to the offeror on November 1 . This rejection arrives at the offeror's place of business on November 5 . In the meantime, on November 4, the offeree sends the offeror an acceptance that arrives November 6 . Which of the following statements correctly describes the situation?

a. There was no contract. b. There was a contract since the acceptance was mailed prior to the time the rejection was received. c. There was no contract because the rejection was mailed first. d. There was no contract because the acceptance was mailed more than three days subsequent to the rejection.