Marcy's Event Planning Services Company Records Deferred Expenses and Deferred

question 138

True/False

Marcy's Event Planning Services Company records deferred expenses and deferred revenues using the alternative treatments.The business makes adjusting entries as needed to bring its books to the full accrual basis once a year at the end of the year.On October 1,Marcy's paid $3,600 for insurance for a one-year period.Coverage begins on October 1.At the end of the year,it will make an adjusting entry that debits Insurance Expense for $1,500.

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Definitions:

Syllogism Validity

Syllogism validity refers to the logical soundness of a syllogism, where if the premises are true, the conclusions necessarily follow.

Syllogism Form

A logical structure that uses three statements to arrive at a conclusion, based on deductive reasoning.

Syllogism Validity

The measure of whether a syllogism (a form of logical argument that applies deductive reasoning to arrive at a conclusion) holds correct logical form and, thus, guarantees the truth of the conclusion if the premises are true.

Syllogism Validity

A measure of whether a syllogism (a form of reasoning in which a conclusion is drawn from two given or assumed propositions) logically follows from its premises.