Jason and Peg Are Married and File a Joint Return

question 1

True/False

Jason and Peg are married and file a joint return.Both are over 65 years of age and Jason is blind.Their standard deduction for 2010 is $14,700 ($11,400 + $1,100 + $1,100 + $1,100).

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Definitions:

Pledges Receivables

Outstanding amounts owed to an organization based on pledges made by donors, often recognized in nonprofit accounting.

Journal Entry

The recording of financial transactions into accounting records, detailing the accounts that are affected and in what way.

Borrow

The act of receiving something of value in exchange for the promise to return it or its equivalent at a later date.

Credit Card Company

A financial institution that issues credit cards, extending credit for consumers to purchase goods and services with the promise of future repayment.