Answer:
Debit K Canopy, Capital $6,200;
Credit K Canopy Withdrawals $6,200
Explanation:
With regards to the above, the entries to close the withdrawals account at the end of the year would be;
Debit K Canopy, Capital $6,200
Credit K Canopy Withdrawals $6,200
Capital is being debited because cash is being taken from the business, hence it will be debited, while withdrawal account would be credited since its receiving cash.
Answer:
c. can require Jim to specifically perform the contract.
Explanation:
Specific performance is a remedy used in contract law by which the non-breaching party requires a court to order that the breaching party fulfills the performance included in a valid contract.
In this case, Oleta can request a court order that forces Jim to sell the lava lamp to her at the price specified in the contract.
Answer:
False
Explanation:
Igor did nothing wrong. He performed a reverse engineering process which is totally legal. A reverse engineering process happens when a manufactured object is deconstructed in order to find out how it was designed or manufactured.
This process is very similar to scientific research, only that it is carried out on man made objects.
Answer: 0
Explanation:
Accrual accounting method simply means when revenue or expenses are written down and recorded at the time that the transaction took place and not when payment was gotten.
The revenue that is recognized on the March income statement will be 0. This is because the delivery was in April and none took place in March.
Answer: B.
Explanation: I would say B because they probably don't give two BLEEPS about an editor. And not C because it doesn't cost money to edit a entry.
