A Company Had the Following Partial List of Account Balances

question 75

Multiple Choice

A company had the following partial list of account balances at year-end: How much is net sales revenue?

• A)$91,900.
• B)$90,700.
• C)$89,900.
• D)$88,600.

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Definitions:

Bearer Paper

A negotiable instrument or securities that are payable to the holder or the person possessing the document.

Holder in Due Course

A party who has acquired a negotiable instrument in good faith and for value, and thus has certain rights to collect the instrument free of many defenses.

Negotiated

Involves parties coming together to discuss and settle on the terms of an agreement, contract, or settlement through dialogue and compromise.

Notice

A formal communication or announcement, often legal in nature, that informs a person or entity about an action, decision, or condition that affects their rights or duties.