On October 1, 2016, Vero Beach Financial lent Morgan Corporation $600,000, receiving in exchange a 9-month, 12% note receivable. Vero Beach Financial ends its fiscal year on December 31 and makes adjusting entries to accrue interest earned on all notes receivable. The interest earned on the note receivable from Morgan Corporation during 2017 will amount to

What is the purpose of closing entries?

a. To prepare financial statements b. To close (or zero) the revenue, expense, and Drawing accounts c. To close (or zero) the assets, liabilities, and owner's Capital accounts d. All of the answers listed

On May 1,Garage Prefabricators, Inc, agrees to sell four portable garages to Hiway Truck Service Center. Five days later, Hiway refuses delivery and cancels the contract. Garage Prefabricatorsis enti-tled to A) force Hiway to accept the garage

B) recover any damages from Hiway but not resell the garage. C) resell the garage and recover any damages from Hiway. D) resell the garage but not recover any damages from Hiway.