Wilbert Has a Lot of Property That He Wishes to Sell.He

question 16

Multiple Choice

Wilbert has a lot of property that he wishes to sell.He sells his car to John for $5,000.He sells his bike to Shelby for $600.He sells his extensive DVD collection to Dixie May for $1,000.He sells a patent to a device for organizing digital music files to Gary for $400.Which of Wilbert's sales is NOT covered by Article 2 or 2A of the UCC?

• A)The sale of the car
• B)The sale of the bike
• C)The sale of the DVD collection
• D)The sale of the patent

---

Definitions:

Owner's Capital Account

An equity account on a company's balance sheet representing the owner's invested funds plus the net income minus the withdrawals by the owner.

Closing Entries

A set of journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

Revenue Account

An account that tracks the income earned by a company, including sales revenue, services revenue, and interest income.

Adjusted Balances

Balances reported in financial statements that have been modified for any adjustments, like accruals or prepayments, to reflect true values.