Sedlor Properties purchased office supplies on account for $800. Which journal entry records the payment of those office supplies?
a. Accounts Payable 800 Accounts Receivable 800
b. Accounts payable 800 Cash 800
c. Cash 800 Accounts payable 800
d. Office supplies 800 Cash 800
Ans: b. Accounts payable 800 Cash 800
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Abstracting the common features among multiple classes, as well as the relationships they participate in, into a more general class is known as:
A) aggregation. B) overlapping. C) multiplicity. D) generalization. E) rejuvenation.
If purchases are recorded correctly but ending physical inventory is understated, which one of the following situations occurs for the current year?
A) Working capital is understated and net income is overstated. B) Working capital and net income are understated. C) Working capital is overstated and net income is understated. D) Working capital and net income are overstated.