The Chart of Accounts for Miguel Corporation Includes the Following $\begin{array}{|l|l|l|}\hline & 640 & \text { Cash } \\\hline 640 & & \text { FeesEarned } \\\hline\end{array}$

question 147

Multiple Choice

The chart of accounts for Miguel Corporation includes the following: On journal page 3, the following transaction was found:
$\begin{array}{|l|l|l|}\hline & 640 & \text { Cash } \\\hline 640 & & \text { FeesEarned } \\\hline\end{array}$ What are the posting references that will be found in the journal entry?

• A) 41 and 11, respectively
• B) 3 only
• C) 11 and 41, respectively
• D) 11 and 32, respectively

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Definitions:

Capitalized

The process of recording a cost or expense on the balance sheet for the purposes of delaying full recognition of the expense over time through depreciation or amortization.

Raze

To completely tear down or demolish a building or structure.

Lump Sum

A single payment made at a particular time, as opposed to several smaller payments or installments.

Appraised Values

Estimated values given to property or assets by a qualified professional to determine their worth at a specific point in time.