Fact Pattern 14-1 Flora, Who Owns and Operates Garden Fresh Organic Farms, Agrees

question 51

Multiple Choice

Fact Pattern 14-1
Flora, who owns and operates Garden Fresh Organic Farms, agrees to sell Harvesters Grocery a minimum quantity of fresh fruits and vegetables every week for three months.
-Refer to Fact Pattern 14-1.If a strike delays delivery of the produce beyond the time for performance, Flora's contract with Harvesters is

• A) ​breached.
• B) ​discharged.
• C) ​not affected.
• D) ​suspended.

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Definitions:

T-Accounts

A graphic representation of financial transactions in the general ledger of a double-entry bookkeeping system where the left (debit) and right (credit) sides reflect different types of transactions.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that should match.

General Journal Entries

Recorded accounting transactions in the general journal that detail the financial activities of a business.

Transactions

Transactions refer to the exchange of goods, services, or financial assets in business activities.