Which of the following is an example of a prepaid adjusting entry?
a. recording the usage of office supplies during the period
b. recording salaries expense for employees not yet paid
c. recording revenue that has been earned buy not yet received
d. recording interest expense incurred on a notes payabl
Ans: a. recording the usage of office supplies during the period
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Indicate whether the statement is true or false
Which of the following, if true, weakens the case for Sam and Nina owning the business in a partnership?
A) Sam and Nina have different personalities. B) Sam and Nina have known each other for many years. C) Sam and Nina have conflicting ideas about what would make a dry-cleaning business succeed. D) Nina is experienced in finance but not in equipment repair. E) Sam is experienced in dry-cleaning but is not skilled as an administrator.