The Balance for the Land Account on the Adjusted Trial

question 10

Multiple Choice

The balance for the Land account on the adjusted trial balance:

• A)must be equal to the balance on the unadjusted trial balance.
• B)must be greater than the balance on the unadjusted trial balance.
• C)must be less than the balance on the unadjusted trial balance.
• D)has no relationship to the balance on the unadjusted trial balance.

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Definitions:

Negotiable Instruments

Financial instruments that are transferable from one party to another, typically including checks, promissory notes, and bills of exchange.

Checks

Checks are written, dated, and signed instruments that direct a bank to pay a specific amount of money from the writer's account to the person or entity in whose name the check has been issued.

Drafts

Written orders by one party (the drawer) to another (the drawee) to pay a specific amount of money to a third party (the payee) on demand or at a specified future date.

Promissory Notes

Written and signed agreements in which one party promises to pay another a specified sum of money either on demand or at a future date.