Answer:
Debit to Lease receivable for the sum of the cash payments over the term of the lease.
Explanation:
Lease payments are classified as an asset receivable to the lessor in the future. Hence we debit lease receivable.
Answer:
The correct answer are D, E and F
Explanation:
Current liabilities are the short-term obligations of the company or the business which are due within the period of one year or within a operating cycle. An operating cycle states the cash conversion cycle, which is the time taken by the company to purchase the inventory and then convert the inventory into cash through sales.
The items which can be classified as Current Liabilities are portion of the long term note which is due in 1 month, wages payable due in 7 days and portion of the long term note which is due in 10 months.
It is a true statement that a typical written contract or agreement must contain a description of the consideration promised in order to satisfy the Statute of Frauds.
<h3>What is the
Statute of Frauds?</h3>
This refers to the legal concept that requires certain types of contracts to be executed in writing.
In the legal field, the Statute of Frauds covers contracts for the sale of land, agreements involving goods worth over $500 and contracts lasting one year or more.
Most times, the Statute of Frauds can be satisfied by any signed writing that:
- identifies the subject matter of the contract
- is sufficient to indicate that a contract exists
- states with reasonable certainty the material terms of the contract.
Read more about Statute of Frauds
brainly.com/question/14854791
#SPJ1
These:
department stores AND
online sellers
I hope it helped you!
