An agricultural property lease:
a. cannot be for a period longer than 99 years.
b. cannot be for a period longer than 51 years.
c. cannot be for a period shorter than 1 year or less.
d. cannot be restricted by statute.
Answer: b. cannot be for a period longer than 51 years.
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Indicate whether the statement is true or false
When a service has been performed, but no cash has been received, which of the following statements is true?
A) The entry would include a debit to Accounts Receivable. B) The entry would include a debit to Accounts Payable. C) The entry would include a credit to Unearned Revenue. D) No entry is required until the cash is received.