Shamira Offered to Purchase Brendan's Automobile for $3,050 Cash, with Brendan

question 42

True/False

Shamira offered to purchase Brendan's automobile for $3,050 cash, with Brendan to deliver the vehicle the next Wednesday, at which time Shamira would pay the $3,050. On the Wednesday, when Brendan did not deliver, Shamira went to Brendan's home, and found him in his garden. Shamira offered Brendan the money, but Brendan refused, saying that he had changed his mind, and did not wish to sell his automobile. Brendan would be entitled to reject the tender of payment if it consisted of $3,100 in cash, instead of the required $3,050 in cash.

Differentiate debit and credit memos on bank statements and their impact on company bank balances.

Define and explain each of the five elements of internal control.

Perform journal entries for cash transactions and adjustments.

Analyze and discuss internal control strengths and weaknesses.

---

Definitions:

Neutralization Reaction

A chemical reaction in which an acid and a base react to form water and a salt, achieving a balanced pH.

Salt

An ionic compound resulting from the neutralization reaction of an acid and a base, commonly exemplified by sodium chloride.

Water

A clear, flavorless, scentless, and almost colorless substance that forms the primary part of the Earth's hydrosphere and the liquids within most living beings.

Hydrobromic Acid

A strong acid formed by dissolving the diatomic molecule hydrogen bromide (HBr) in water.