Clothing Is Not Included in State Exemption Statutes

question 19

True/False

Clothing is not included in state exemption statutes.

---

Definitions:

Purchases on Account

Transactions where goods are bought and the payment is deferred to a future date, often recorded in accounts payable.

Supplies Account

An account used in accounting to track the amount spent on supplies that have not yet been used or consumed by the business.

Debit

An accounting entry that results in either an increase in assets or a decrease in liabilities or equity on a company's balance sheet.

Credit

An entry on the right side of a ledger account, representing an increase in liabilities or equity or a decrease in assets; in a broader sense, also refers to the provision of resources by a creditor to a borrower.