Examlex

Solved

Oceans,Inc

question 110

Multiple Choice

Oceans,Inc.collected $400 from one of its customers for payment on their account.The journal entry would include a:


Definitions:

Principal Debtor

The main party obligated to repay a loan or debt.

Parol Evidence Rule

A legal principle that prevents parties from using oral or extrinsic evidence to contradict, vary, or add to the terms of a written contract.

Subsequent Agreements

Agreements made after the initial agreement, which may modify or affirm the conditions of the first.

Integrated Contract

A contract in which multiple documents or agreements are combined and considered to be parts of a single binding agreement.

Related Questions