Goods and Services That Are Reasonably Needed to Maintain a Minor's

question 70

True/False

Goods and services that are reasonably needed to maintain a minor's standard of living, such as food, clothing, shelter, and medical services, are known as utilities .

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Definitions:

General Journal

The two-column form used for entries that do not “fit” in any of the special journals.

Notes Receivable

Formal promises in writing that obligate the signer to pay the holder a specified sum of money either on demand or at a future date.

Accounts Receivable

Funds that customers owe to a business for products or services that have been provided but remain unpaid.

Journal Entry

A written record in accounting that documents a business transaction in the ledger.