Answer:
D. Reimbursement
Explanation:
A principal may be defined as a company's agent dealing with a contractor. The principal has the duty to reimburse an agent for the amount of money used up while carrying out his/her duty. Reimbursement may be from expenses like cost of travelling, cost of meals, cost of lodging and so on. In other words, if an agent makes authorized spending while doing a job for the principal, the principal has the duty to reimburse the agent for the money spent.
Answer:
Medium of exchange
Explanation:
Fresh fish is not an effective form of money. Fresh fish lacks medium of exchange, which makes it ineffective.
Answer:
January 2, 2020
Dr Cash $52,000
Cr Sales Revenue $52,000
December 31, 2020
Dr Warranty expense $890
Cr Cash $890
December 31, 2020
Dr Warranty expense$640
Cr Warranty Liabiltiy $640
Explanation:
Preparation of the journal entry to record this transaction on January 2, 2020, and on December 31, 2020.
January 2, 2020
Dr Cash $52,000
Cr Sales Revenue $52,000
December 31, 2020
Dr Warranty expense $890
Cr Cash $890
December 31, 2020
Dr Warranty expense$640
Cr Warranty Liabiltiy $640
"If you send in the minimum payment, you will be charged a late fee."
This is an INCORRECT statement, because you will not be charged a late fee just for making the minimum payment. Minimum payments are not a good idea because you will be charged interest on the remaining amount and will have a harder time paying off the balance, but you will not be charged a late fee.