Many Early Factories Developed Around Places Where Raw Materials Were

question 31

Multiple Choice

Many early factories developed around places where raw materials were mined like

• A)copper in Bingham Canyon, Utah.
• B)coal in central Pennsylvania.
• C)rivers in Kentucky and Indiana.
• D)port cities like Boston or New Orleans.

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Definitions:

Maker

In financial terms, the maker is typically the person who creates or signs a promissory note, thereby agreeing to pay the note’s value at maturity.

Notes Receivable

Represents claims against others, recorded by promissory notes, for money to be paid to the company.

Journal Entry

The recordation of a financial transaction in an accounting system, showing the accounts and amounts debited and credited.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the portion of accounts receivable that may not be collectible.