Bertrand Inc

question 82

Multiple Choice

Bertrand Inc.purchased some shop equipment for $4,500 in cash.By mistake,the journal entry debited the Office Equipment account rather than the Shop Equipment account.What correcting entry would be necessary?

• A) Debit Office Equipment $4,500;credit Shop Equipment $4,500
• B) Debit Shop Equipment $4,500;credit Office Equipment $4,500
• C) Debit Cash $4,500;credit Shop Equipment $4,500
• D) Debit Office Equipment $4,500;credit Cash $4,500

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Definitions:

Prohibits Assignments

A clause within contracts that restricts or forbids the transfer of rights, responsibilities, or interests from one party to another without prior approval.

Partial Assignment

The transfer of a portion of one’s interest in a contract, deed, or benefit to another party.

Assignment of Rights

The transfer of rights held by one party to another party.

Contract

A pact among two or more parties that holds legal force and is binding.