George is buying his first house. He has found two houses that he thinks he likes. He is highly involved in the purchase and knows that making the wrong choice could affect him for years to come. George will likely undertake ________

A third-grade teacher with a congenital hip dislocation wishes to purchase a disability income policy, but she fears she will not be insurable. What option does she have to get coverage?

A) She may purchase a limited policy that will cover the disability resulting from accidents that happen at her school. B) She may purchase a policy if she changes her occupation to something less hazardous. C) She will not receive coverage under any circumstances. D) She may purchase a policy with an extra premium to cover any disability that would involve her hip.

Herndon Corp purchased merchandise on account from Likert Corp on November 18, 2014 . On November 21, 2014, Herndon returned damaged merchandise to Likert and was granted an adjustment on its account. Herndon uses the periodic inventory system. What effect does the merchandise return have on Herndon's accounting equation?

a. Assets and stockholders' equity decrease. b. Assets and liabilities decrease. c. Liabilities decrease and stockholders' equity increases. d. Liabilities and stockholders' equity decrease.