When a Company Sells Services in Which Cash Will Not

question 91

True/False

When a company sells services in which cash will not be received until some future date, the company should credit an unearned revenues account for the amount charged to the customer.

Describe the factors influencing levels of investment in the economy.

Understand the components that constitute investment in economic terms.

Identify factors that contribute to the efficiency of goods and service production in the U.S.

Recognize the significance of corporations in the U.S. economy and the concepts of ownership and control.

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Definitions:

Purchases Journal

A ledger in accounting used specifically to record all purchase transactions of a company, especially those made on credit.

Cash Payments Journal

A business ledger documenting every cash disbursement, encompassing expenditures, acquisitions of assets, and repayment of liabilities.

Special Journal

A special journal is a financial journal in accounting that is used to record and categorize specific types of transactions such as sales, purchases, cash receipts, and cash disbursements.

Special Journal

A specialized accounting journal designed to record and summarize specific types of transactions efficiently.