Guthrie Caterers Failed to Turn Up as Contracted to Cater

question 13

True/False

Guthrie Caterers failed to turn up as contracted to cater Dev and Rabinda's wedding reception. The deposit, which was the only money paid to that point, was returned by courier the next morning without comment. If Guthrie had called a week before the wedding, this would have been a breach de minimis of the contract.

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Definitions:

Accounting Cycle

The series of steps followed by an organization to track and manage financial transactions, from the initial transaction to the closing of the books.

Special Journals

Special journals are accounting journals designed for recording specific types of transactions in a detailed manner, such as sales or purchases, to streamline the accounting process.

General Journal

A basic accounting ledger where all types of transactions are initially recorded, using a double-entry bookkeeping system, before being posted to specific accounts in the general ledger.

Sales Journal

A specialized accounting journal used to record all sales of merchandise on credit.