A Contract That Cannot Be Enforced Because of Certain Legal

question 41

True/False

A contract that cannot be enforced because of certain legal defenses is an unenforceable contract.

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Definitions:

Journal Entries

Entries made in a journal documenting every financial transaction of a business and used as the first step in the accounting cycle.

Outstanding Checks

Checks that have been written and recorded in the payer's accounting records but have not yet been cashed or deposited by the payee.

Petty Cash

A modest sum of money maintained in reserve for small, unplanned costs.

Journal Entry

A record in the accounting journal that represents a transaction and shows the debits and credits to various accounts.