For Personal Property Placed in Service in 2017, the §

question 29

True/False

For personal property placed in service in 2017, the § 179 maximum deduction is limited to $510,000.

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Definitions:

Accounts Payable

Liabilities of a business that are due to be paid to creditors within a short period, usually one year.

General Journal

A primary accounting record used to track all financial transactions of a business, entered in chronological order.

Office Supplies

Consumable items used in an office setting, such as paper, pens, and office equipment.

Unearned Revenue

Prepayment from customers for goods or services which have not yet been delivered or performed, representing a liability until the obligation is fulfilled.