ollowing transactions? If not, why not? A) Lucy sells her car to Karen for $5,000 cash. B) Lucy sells her car to Karen for $5,000 worth of old Bob Dylan records. C) Lucy sells her car to Karen for $5,000 in checking account balances (transferred by writing a check). D) Lucy sells her car to Karen by Karen promising $5,000 worth of auto detailing services over the next year. E) Lucy sells her car to Karen for $5,000 worth of Revolutionary War-era continental dollars
ollowing transactions? If not, why not? A) Lucy sells her car to Karen for $5,000 cash. B) Lucy sells her car to Karen for $5,000 worth of old Bob Dylan records. C) Lucy sells her car to Karen for $5,000 in checking account balances (transferred by writing a check). D) Lucy sells her car to Karen by Karen promising $5,000 worth of auto detailing services over the next year. E) Lucy sells her car to Karen for $5,000 worth of Revolutionary War-era continental dollars
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Let's find out what counts as money. We used a typical definition of money in our lectures: "a widely accepted means of payment." Under this definition, are people using "money" in the following transactions? If not, why not?
A) Lucy sells her car to Karen for $5,000 cash.
B) Lucy sells her car to Karen for $5,000 worth of old Bob Dylan records.
C) Lucy sells her car to Karen for $5,000 in checking account balances (transferred by writing a check).
D) Lucy sells her car to Karen by Karen promising $5,000 worth of auto detailing services over the next year.
E) Lucy sells her car to Karen for $5,000 worth of Revolutionary War-era continental dollars.
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