Beetles Inc

question 153

Multiple Choice

Beetles Inc. recorded the following journal entry on March 2, 2014: From the journal entry above, identify the transaction on March 2, 2014.

• A)Beetles purchased goods worth $5,000 and signed a one-year note for the same.
• B)Beetles sold goods for $5,000 cash.
• C)Beetles received $5,000 for services to be performed in a later period.
• D)Beetles paid $5,000 for services to be received at a later date.

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Definitions:

Revoke

To officially cancel or withdraw something, such as a law, right, or offer.

Offer

A proposal presented by one party to another as a basis for negotiations or a potential contract.

Intention

The determination to act in a certain way or to achieve a specific outcome, often a key element in contract formation and criminal liability.

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A public notice or announcement promoting a product, service, or event through various media channels.