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A cash payments journal should not be used to record transactions which require
payment by check.
Answer:
A __________________ fund is used to pay relatively small expenditures.
Answer:
The book value of a plant asset is always equal to its fair market value.
Answer:
Putman Company had cash sales of $75,950 (including taxes) for the month of June.
Sales are subject to 8.5% sales tax. Prepare the entry to record the sale.
Answer:
Failure to adjust a prepaid expense account for the amount expired will cause
______________ to be understated and ________________ to be overstated.
Answer:
A change in the estimated useful life of a plant asset may cause a change in the amount
of depreciation recognized in the current and future periods, but not to prior periods.
Answer:
Retained earnings represents the amount of cash available for dividends.
Answer:
A cash receipts journal can be used to record all transactions involving cash coming
into the business, regardless of the source.
Answer:
