Marbletop, Inc

question 80

Essay

Marbletop, Inc. had the following transactions during a recent month:

Prepare the appropriate journal entries to record these transactions (omit explanations).

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Definitions:

Assignment

The transfer of rights, property, or responsibilities from one party to another.

Delegation

The act of assigning responsibility or authority from one person or group to another person or group.

Promisee

In a third-party beneficiary contract, the party to the contract who owes something to the promisor in exchange for the promise made to the third party.

Principal

The initial sum of money that is invested or lent, used as the foundation for calculating interest and returns.