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Answer:
a. he or she has not ratified the contract on reaching majority.
Explanation:
Generally a minor is allowed to dissaffirm a contract they entered when they were underaged. Also when they attain the age of majority they will need to ratify the contract for it to be binding.
In the case where the contract has not been ratified on reaching majority, it can still be dissaffirmed.
Contracts with minors are void, and only some state laws allow for ratification of the contract on attainment of majority age.
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Answer:
DEMAND AND SUPPLY SHIFTS IN FOREIGN EXCHANGE MARKETS
Answer: B. Sales returns and allowances
Explanation:
Accounts receivable is not closed out because people will still be owning at year end. Prepaid Insurance is an unrecognized payment for an expense in another period so it is not closed out either.
Land is a fixed asset so it is not closed and Accumulated depreciation will be left open to keep depreciating assets.
Only account that will be closed is the Sales returns and Allowances account as these are periodic entries and so should be closed out in the period.
