The correct answer is the agent and principal will be jointly and severally liable on the contract.
In general, an agent is not accountable for contracts made; the principal is. However, the agent will be held culpable if he is not or only partially revealed, if the agent lacks or exceeds authorization, or if the agent entered into the transaction in a personal role.
When an agent works on behalf of the principle in interactions with a third party, a contractual relationship is formed between the main and the third party, and the agent is not personally accountable.
Therefore, the correct option is the agent and principal will be jointly and severally liable on the contract.
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Answer:
May 1, 2020 - No Entry
Explanation:
IFRS 15 requires an entity to recognise revenue <em>when</em> entity transfers the goods or services to the customer.
Transfer of the mower happens on May 31, 2020, this is the date at which Revenue is recognised.
The cash is also paid on May 15, 2020, according the <em>accruals concept</em>, no entry must be done on May 1,2020. Only when the payment occurs should there be a record in Vaughn books.
Apaper bills and coins circulated in a country are called CURRENCY. Please remember that currency is <span>a system of money in general use in a particular country. I hope this is useful. </span>