A purchaser in a real estate sales contract transfers her right to buy the property to another person. This would be considered:

Interest on a $100,000 note at 4% for 45 days is $493. (Use a 360 day year. Round your answer to the nearest dollar.)

Indicate whether the statement is true or false

When an item of revenue or expense has been earned or incurred but not yet collected or paid, it is normally called a(n) ____________ revenue or expense.

a. prepaid b. adjusted c. estimated d. none of these