Rudolph, the Owner of a Shoe Store, Purchased 500 Fleet

question 57

True/False

Rudolph, the owner of a shoe store, purchased 500 Fleet X24 running shoes from his supplier, but a price was not stated in the contract. The contract is voidable at Rudolph's option until the parties agree on a price.

---

Definitions:

Account Number

A unique sequence of numbers assigned to a customer's account in the books of a financial institution.

Prepaid Insurance

Definition: An asset account that represents insurance payments made in advance for coverage extending beyond the current financial reporting period.

Accounts Payable

The amount of money owed by a company to its creditors for goods and services purchased on credit.

Debit

An entry recorded on the left side of a T-account, representing an increase in assets or expenses or a decrease in liabilities, equity, or income.