A Breach of Contract by One of the Parties Bound

question 20

True/False

A breach of contract by one of the parties bound on a contract immediately terminates the contract. ​

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Definitions:

General Journal

A chronological record of a company's financial transactions.

Revenue Journal

A revenue journal is a ledger used to record a company’s sales transactions, typically detailing the sale of goods or services on credit.

Cash Revenues

Income received by a company in the form of cash from its operational activities.

Revenues on Account

Earnings from sales or services that have been completed but not yet paid for by customers.