What Was the Most Common Medium of Exchange in Colonial

question 35

Multiple Choice

What was the most common medium of exchange in colonial America?

• A)paper money
• B)coins
• C) checks
• D) pieces of gold and silver

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Definitions:

Journal Entry

A record of financial transactions in the accounting books, indicating the accounts and amounts debited and credited.

Allowance for Doubtful Accounts

An estimation of the amount of credit sales that are expected to turn into bad debts.

Bad Debts Expense

The cost associated with accounts receivable that a company is unable to collect, considered an expense on the income statement.

Note Receivable

A financial asset representing a promise to receive a specific amount of money in the future, often with interest.