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When a note is received from a customer to obtain an extension of time for payment on a past-due account, the journal entry would include
When a note is received from a customer to obtain an extension of time for payment on a past-due account, [ [ the journal entry would include: debiting notes receivable & crediting accounts receivable . ] ]
Expert answered|jukiz|Points 0|
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Asked 11/23/2013 11:03:52 AM
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The write-off of the cost of an intangible long-term asset is called amortization. (Points : 3) True False
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Updated 11/23/2013 12:02:49 PM
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The write-off of the cost of an intangible long-term asset is called amortization.
This is True
Added 11/23/2013 12:02:49 PM
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After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Golden, $30,000; Chavez, $40,000; McGinnis, $55,000. If McGinnis retired and withdrew $50,000 in settlement of his/her equity, the amount entered in McGinnis's capital account would be a
Weegy: $55,000 debit The credit side of the entry would be: Credit Cash $50,000 Credit Golden/Chavez Capital Accounts $5,000 The $5,000 to be split between Golden and Chavez would be allocated based on what their partnership agreement called for. [ ] (More)
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Asked 11/23/2013 11:13:39 AM
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