Merle has a rural piece of land in the northern part of the state. He is in the process of selling it to a developer. The proper
ty has a pair of one-hundred-year-old trees that mark the entrance to the property. A stream and a bluff mark the end of Merle's property. What method of real estate description would best suit Merle's land? A. Lot and Block System
B. Metes and Bounds System
C. Rectangular Survey System
D. Both A and C
Explanation: The metes and bounds system is an old system of land surveying practiced many centuries ago whereby land boundaries are determined using features such as flowers, trees, river, roads, pole etc. It was a system used before the advent of modern surveying instruments.
•Metes refers to determining boundary by measuring straight run between two points.
•Bounds is the use of features such as rocks, water course, etc to define boundary, this is used for large portion of property such as political boundaries between two towns.
Assets are resources controlled by an entity as a result of a past event, for which future economic benefits flow to the entity.
Liabilities on the other hand are current obligations of an entity as a result of a past event for which future economic benefits are expected to flow our of the entity.
Therefore, when a company has a current obligation to make a future payment to their supplier due to a shipment of supplies that were received last week, the company would record this transaction with an increase to an asset account ( inventory or fixed asset for the item received) and a liability account due to the obligation to make future payments.
small, informal organizations or in organizations with a strong culture
Explanation:
Clan control is mostly used in small & informal organization or the organization that have strong culture as they work as a family rather work as an organization. In this, the high level management represented as a leader also there are not much principles & strategies as the mostly part would be based on the trust
Based on the information given The Appropriate journal entry to record the sale of treasury stock would include CREDIT to treasury stock in the amount of $200
