Indicate the nature of the account or accounts to be debited when recording each transaction Jim Dolan and Matt Stine, maintenance repairmen, spent five days in unloading and setting up a new $30,000 precision machine in the plant. Their wages earned in this five-day period totaled $800.
a. Asset(s) only.
b. Accumulated amortization, depletion, or depreciation only.
c. Expense only.
d. Asset(s) and expense
Ans: a. Asset(s) only.
Business
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A buyer offers to purchase a home in Spokane for $200,000 and provides a $12,000 earnest money deposit. The seller accepts the buyer's offer. Later the buyer defaults. Without considering that the seller may owe a commission to his agent, how much is the seller entitled to keep?
A. Only 5% of the earnest money deposit B. No more than $5,000 of the earnest money deposit C. No more than $10,000 of the earnest money deposit D. The entire $12,000 earnest money deposit
Business