A Bookkeeper Has Debited an Account for $3,500 and Credited

question 82

Multiple Choice

A bookkeeper has debited an account for $3,500 and credited a liability account for $2,000.Which of the following would be an incorrect way to complete the recording of this transaction:

• A)Credit another asset account for $1,500.
• B)Credit another liability account for $1,500.
• C)Credit an expense account for $1,500.
• D)Credit the owner's capital account for $1,500.
• E)Debit another asset account for $1,500.

Recognize the legal implications of promissory estoppel and how it relates to agreements without consideration.

Identify the conditions under which charitable pledges may be considered enforceable contractual obligations.

Appreciate the legality and enforceability of various contractual agreements, including those involving forbearance and illusory promises.

Grasp the concept of legal detriment and how it is required for mutual exchange in contracts.

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Definitions:

Townhome

A Townhome, also known as a townhouse, is a type of multi-floor home that shares one or more walls with adjacent properties but has its own independent entrance.

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The recognition by potential customers of a desire or requirement that could be satisfied by a product or service.

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