Scottsdale Corp

question 31

Multiple Choice

Scottsdale Corp. received several invoices in the mail for oil changes performed on its company trucks during the last week of April. The total of the invoices was $800 and all are due on May 13. What entry should Scottsdale make at April 30 as a result of receiving the invoices?

• A) Debit Accounts Receivable and credit Cash for $800.
• B) Debit Maintenance Expense and credit Accounts Payable for $800.
• C) Debit Maintenance Expense and credit Cash for $800.
• D) Debit Prepaid Maintenance and credit Cash for $800.

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Definitions:

Wholly Owned Subsidiary

A company whose entire stock is held by another company, making it completely controlled by the parent company.

Regular Course

Conduct or actions taken in the normal and usual manner of business or daily operations.

Appraisal Remedy

A legal recourse for shareholders, allowing them to obtain a judicial determination of the fair value of their shares when they dissent from certain corporate actions.

Attack Validity

To challenge or question the legitimacy, effectiveness, or truth of something, often used in legal contexts.