Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year.
July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300.
8 Paid freight charge on merchandise purchased, $230.
12 Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise
cost $2,500.
15 Received a credit memo from Wheeler Warehouse for merchandise, $670.
22 Issued a credit memo to Big Time Spoiler for merchandise returned, $820.
The cost of the merchandise is $550.
Required:
1. Journalize the above transactions in a general journal using the periodic inventory method.
2. Journalize the above transactions in a general journal using the perpetual inventory method.
Answers
Answer:
The solution to these question is defined in the attached file please find it.
Explanation:
Related Questions
Arbitration is a private solution that is
A. often preferred by foreign litigants because it is perceived as fairer, faster, cheaper, and more confidential than are the courts.
B. favored by international unions.
C. recommended by the UN for international companies facing litigation in developing countries.
D. discouraged by the U.S. Bar Association.
Answers
Arbitration is a private solution that is often preferred by foreign litigants because it is perceived as fairer, faster, cheaper, and more confidential than are the courts.
Hence, Option A is correct.
What is Arbitration?A disagreement is presented to one or more arbitrators through the arbitration procedure by consent of the parties, who subsequently provide an official ruling on the topic. Instead of going to court, the parties choose for arbitration as a private dispute resolution mechanism. The parties and arbitrators gather in person to conduct the hearing, which is where the parties present their respective arguments and supporting evidence. The decision and the prizes. Following the hearing, the arbitrators deliberate on the pertinent facts before issuing a written decision known as an award.
Arbitration occurs when two divorce parties are unable to reach an agreement on terms and request a third party to assist them in their negotiations.
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Alma is in the business of dairy farming. During the year, one of her barns was completely destroyed by fire. The
adjusted basis of the barn was $90,000. The fair market value of the barn before the fire was $75,000. The barn was insured for 95% of its fair market value, and Alma recovered this amount under the insurance policy (Insurance paid her $71,250 ) . Alma has adjusted gross income for the year of $40,000 (before considering the casualty). Determine the amount of loss she can deduct on her tax return for the current year (2020).
The options are:
A. 18,750
B. 14,750
C. 14,650
D. None of these
E. 3,750
Answers
A. The amount of loss that Alma can deduct on her tax return for the current year is $18,750.
Determine the adjusted basis of the barn: $90,000
Determine the fair market value of the barn before the fire: $75,000
Determine the amount recovered from the insurance policy: $71,250
Calculate the deductible casualty loss:
Adjusted basis of the barn ($90,000) - fair market value of the barn before the fire ($75,000) - amount recovered from the insurance policy ($71,250) = deductible casualty loss ($18,750)
Therefore, the amount of loss that Alma can deduct on her tax return for the current year is $18,750.
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When Team New Zealand used computer-aided design (CAD) for their 1995 America's Cup yacht entry
A. they were disqualified for taking unfair advantage.
B. they were disqualified for not using skilled craftsmen and required by the rules.
C. they were disqualified for not using skilled craftsmen and required by the rules..
D. they were able to consider more designs and variations of designs than ever before.
Answers
In its pursuit of the next America's Cup, Emirates Team New Zealand using ANSYS simulation to assess thousands of concepts and create the greatest yacht possible.
How has CAD changed historically?The design and construction industries have greatly increased accuracy and virtually eliminated mistake thanks to CAD technologies. This is a noteworthy illustration of how ubiquitous an impact computers have on global enterprise. CAD software today comes in a variety of forms, from straightforward 2D vector-based drafting programs to intricate 3D solid and surface modellers.
A quick history of CAD?Since the middle of the 20th century, computers have been used to facilitate or aid in the design process. The phrase "Computer Aided Design" (CAD) first appeared in the 1950s, and Douglas Ross, a computer scientist working at the time at moment the acronym was created, MIT.
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A Gantt chart is a standard format for displaying project schedule information by listing project activities and their corresponding start and finish dates in a ____ format.
a. pie chart
b. line graph
c. bar graph
d. calendar
Answers
Option (d), A Gantt chart, which lists project activities along with the matching start and end dates in a calendar format, is a common method for displaying information about project schedules.
What is the purpose of the Gantt chart?A Gantt chart is a project management tool that shows the relationship between the quantity of work that has been finished over time and the given amount of time for the assignment. A task list on the left and a timetable with work schedule bars on the right are the two typical divisions.
The Gnatt chart is a particular sort of graph that is created by plotting values along the vertical and horizontal axis.
The work or task is displayed on the vertical axis, and the time intervals are depicted on the horizontal axis.
A bar chart is used to convey information about the project and other related operations. The bar-plotting approach used in the Gnatt chart produced the calendar display.
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Data Mining uses which of the following approaches to analyze data and find new patterns and trends?
A. Data normalization.
B. Data scrubbing.
C. Decision Support Systems.
D. Sophisticated statistical techniques.
Answers
The following methodologies is used by data mining to evaluate data and discover fresh patterns and trends: D. Sophisticated statistical methods.
Data mining is a potent technique for handling this scenario in a world that is becoming more and more complex, where we continually need to deal with new sources of data and make the best decisionA corporation uses data mining to detect patterns and relationships in data so they can have knowledge for improved decision-making. Data mining is the method of analysing large amounts of information and finding new linkages, new patterns, and eventually a better insight.
A successful marketing campaign, the display of sales trends, and the provision of high-quality customer support are all possible outcomes of data mining. When we mine data, we look for patterns in massive databases using techniques that incorporate statistical analysis and database systems. This procedure is also known as "knowledge discovery in databases, or KDD for short.
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What refers to the process of creating goods and services?
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goods and services are the terms used to describe the process of producing things and services. Production and manufacturing are terms used to describe the process of producing things and services using labor, technology, and raw materials.
Which term best describes the goods and services?Production is the process by which unprocessed inputs such as concepts, ideas, knowledge, etc. are converted into finished products or services. In order to produce an output that is useful or valuable as currency, resources are utilized in this process.
What people consume and spend money on is referred to as products and services collectively. Services and goods frequently complement each other. One consumer might pay for the processing and transportation of the gasoline they buy for their car.
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FILL IN THE BLANK. advertisers are well trained in the social psychology marketing construct called the elaboration likelihood model. this model explains how advertisers persuade us to buy their product by making sure the messenger (person in the commercial), is attractive, with a smooth, believable verbal presentation. this is called the____route to persuading a person.
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This model explains how advertisers persuade us to buy their product by making sure the messenger , is attractive, with believable verbal presentation. This is called persuasive advertising, route to persuading a person.
What media do advertisers use?Newspapers, magazines, TV and radio shows, direct mail, billboards, posters, transit advertising, and many media are traditional forms of advertising. The use of digital technology by marketers to draw more attention to their brands and causes has increased in the twenty-first century.
What does advertising primarily stand for?Advertising is a potent instrument that can assist in attracting clients, educating them about your offerings, and fostering client loyalty. To assist them market their goods or services, the majority of businesses employ some form of advertising.
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The government organization that employs 76 district international trade officers and 10 regional international trade officers throughout the United States as well as a 10-person international trade staff in Washington, D.C. to help potential exporters is the
a) Small Business Administration.
b) U.S. Commercial Service.
c) sogo shosha
d) Federal Trade Commission.
e) International Trade Administration.
Answers
The government organization that employs 76 district international trade officers and 10 regional international trade officers throughout the United States as well as a 10-person international trade staff in Washington, D.C. to help potential exporters is the Small Business Administration.
The Small Business Administration (SBA) assists Americans in growing their companies and creating employment by offering resources and tools such as access to funding, opportunities in Federal contracting, access to entrepreneurial education, and disaster relief for businesses, homeowners, and renters.
The Small Business Administration makes loans, disaster loans, and microloans available to individuals in need through banks, credit unions, and other lenders. Many of the most prosperous small firms began with an SBA loan.
The Small Business Administration assists Americans in starting, building, and expanding enterprises. The Small Business Administration helps and defends the interests of small business concerns through an extensive network of field offices and partnerships.
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TRUE/FALSE. billings upholstery has defined a problem it needs to solve: find a more environmentally friendly way to produce its furniture. a data analyst gathers relevant data, analyzes it, and uses it to draw conclusions. the analyst then shares their analysis with subject-matter experts from the manufacturing team, who validate the findings. finally, a plan is put into action.
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This declaration is true.
Relevant data defines world variable facts for the workflow process. Relevant statistics is used to pass information from one endeavor to the subsequent by way of associating it with exercise parameters.
Relevant facts can be accessed thru JavaScript for use in transition conditional logic, script activities, and post-activity scripts.
Why applicable records is important?Good statistics permits groups to establish baselines, benchmarks, and desires to maintain shifting forward. Because statistics permits you to measure, you will be capable to set up baselines, find benchmarks and set overall performance goals. A baseline is what a positive location appears like earlier than a particular answer is implemented.
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https://brainly.com/question/13067651#SPJ4Marketers should listen to understand, not to decide if someone or the information their communication dance partner is conveying is right or wrong. T or F
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Instead of judging whether someone or the information their communication dance partner is communicating is correct or incorrect, marketers should listen to comprehend. True
Information exchange is the traditional definition of communication. It is also possible to use the phrase to refer to the transmission's message or the area of research that it is the subject of. Its precise definition is a contentious topic. According to John Peters, the challenge in defining communication stems from the fact that it is both a common occurrence and a distinct academic area with institutional support. Limiting the range of actions that are included under the term of communication is one definitional method. According to this rationale, communication can be defined as the process by which individuals or groups produce meaning that is mutually acceptable through the use of signs, symbols, and semiotic conventions.
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Instead of judging whether someone or the information their communication dance partner is communicating is correct or incorrect, marketers should listen to comprehend. True
Information exchange is the traditional definition of communication. It is also possible to use the phrase to refer to the transmission's message or the area of research that it is the subject of. Its precise definition is a contentious topic. According to John Peters, the challenge in defining communication stems from the fact that it is both a common occurrence and a distinct academic area with institutional support. Limiting the range of actions that are included under the term of communication is one definitional method. According to this rationale, communication can be defined as the process by which individuals or groups produce meaning that is mutually acceptable through the use of signs, symbols, and semiotic conventions.
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On January 1, Year 2 Grande Company had a $18,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During Year 2. Grande provided $72,000 of service on account. The company collected $68,500 cash from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account. What is the amount of uncollectible accounts expense recognized on the Year 2 income statement? O $5,500 O $1,440 O $1,370 O $360
Answers
$ 1,440 is the amount of cash flow from operating activities that would appear on the year 2 statement of cash flows.
Amount of uncollectable accounts expenses recognized on the Year 2 income statement = $ 72,000 * 2 % = $ 1,440.A cash inflow is a real or virtual movement of plutocrat a cash inflow in its narrow sense is a payment, especially from one central bank account to another the term cash inflow is substantially used to describe calculate free cash inflow,add your net income andnon-cash charges, also abate your change in working capital and capital expenditure.The allowance for uncollectible accounts is calculated by multiplying the receivable balance in the various aging categories by a reserve rate.A higher reserve rate is applied to older receivables because those receivables are less likely to be collected.Cash inflow refers to the net balance of cash moving into and out of a business at a specific point in time.Cash is constantly moving into and out of a business.For illustration,when a retailer purchases force,plutocrat flows out of the business toward its suppliers.
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because there is a relationship between the price level and the quantity demanded of real gdp, the aggregate demand curve is curve.
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It is true because there is relationship between price level and quantity demanded of real GDP, aggregate demand curve is curve.
What is aggregate demand?In macroeconomics, aggregate demand (AD) or domestic final demand refers to the total demand for goods and services in an economy at a particular time (DFD). It is frequently referred to as an effective demand, despite other instances where it is distinguished. The aggregate demand curve is drawn using the horizontal axis for real output and the vertical axis for price level. The Pigou effect states that higher prices are linked to less real wealth, which, in turn, results in lower consumption spending and, ultimately, less overall demand for goods. As a result of the equilibrium of the financial markets, the Keynes effect states that higher prices imply a smaller real money supply and, consequently, higher interest rates. As a result, less money will be invested in adding new physical capital.
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____ refers to One major way for interest groups to promote the political interests of elected officials who support their viewpoints and oppose the interests of those who do NOT is by engaging in campaign contributions.
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The majority of interest groups lobby lawmakers and other government officials in an effort to change policy.
What is lobbying by interest groups like?By directly attempting to persuade public figures to advance the interests of their clients, lobbyists engage in the act of lobbying.
The act of lobbying entails making an effort to persuade a legislative member or legislative staff member to follow a certain course of action or refrain from following a certain course of action.
A collection of individuals with a shared interest?An interest group or advocacy group is a group that engages in a variety of advocacy strategies to influence the public discourse and/or public policy. The term "educated society" can also be used to describe an interest group. a collection of individuals who have a common specialty or interest.
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Kayak requires a minimum cash balance of $40,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $40,000 is used to repay loans at month-end. The company has a cash balance of $40,000 and a loan balance of $80,000 at January 1.
Answers
For the months of January, February, and March, the cash available to Kayak is :
January - $ 557, 000February - $ 449, 500March - $ 545, 379What is the amount of cash available ?The total cash available to a company like Kayak, refers to the sum of the amount that they started with in a month, and the cash receipts that they will receive in that month.
This means that for January, the total cash available would be :
= Beginning cash receipts + Cash receipts in month
= 40, 000 + 517, 000
= $ 557, 000
For February, it would be:
= 40, 000 + 409, 500
= $ 449, 500
Kayak would have a total cash available balance in March of :
= = 76, 379 + 469, 000
= $ 545, 379
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The question is:
How much cash would Kayak have available in January, February, and March?
a crawling peg exchange rate regime has a stated official exchange rate that on a day-to-day basis but that the government change when economic conditions warrant.
Answers
A crawling peg exchange rate regime has a stated official exchange rate that on a day-to-day basis but that the government change when economic conditions warrant. This statement is true
What Is a Crawling Peg?A system of exchange rate modifications known as a "crawling peg" permits a currency with a fixed exchange rate to vary within a range of rates. Additionally, regular adjustments may be made to the band of rates and the specified currency's par value, especially during periods of significant exchange rate volatility.
When a currency is weak, crawling pegs are employed to maintain exchange rate stability between trading partners. Crawling pegs are typically set by developing nations whose currencies are pegged to the euro or the dollar.
When there is a risk of devaluation because of elements like inflation or economic instability, crawling pegs are frequently utilized to regulate currency movements.
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the mnagements dicussion and analysis section of the annual report can best be described as independent but precise frank but objective biased but informative legalistic and lengthy
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The best way to sum up the Management Discussion and Analysis portion of the annual report is independent but accurate.
biased, yet useful. long and legalistic. Honest but impartial. Response: B The best way to define the annual report's Management Discussion and Analysis section is biased yet instructive. From the standpoint of a retail investor, it is one of the most crucial and pertinent elements of the annual report and typically the first step in undertaking a fundamental study of a firm. A listing agreement with the exchanges and the Companies Act of 2013 both require the Management Discussion and Analysis Report. Depending on the situation and what the management deems to be significant and vital to discuss, the material may change.
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You are the manager of the Production Department of the XYZ Company. In the
past three months the productivity of the employees has been decreased, and the
upcoming season will require increased production of goods. Write a memo to the
Manger of Human Resources recommending a bonus plan to encourage employees,
and suggest other ways of increasing productivity.
-
* Use the correct format for writing a memo.
*Write an introduction, discussion & concluding paragraphs.
Answers
Answer:
in the carrent official website the carrent official site ok answer the question about a half hour class amecim inde
Memo to Manager of human resources
Date: November 20 December 2022
The Manager of Human Resources
From: Joke , Manager of the Production Department
Subject: Bonus plan for employees!
When I saw the productivity over the last three months, the Narrow production of labour decreased the production of our goods. If this repeats the next month, we will not be able to meet the demand for our products. We need to increase supply in the upcoming season and try to boost our employee's esteem to work hard.
To encourage them I suggest you provide the employees with a bonus, which can encourage them to work hard and produce more.
Also, we can provide them with some health Benefits which would help their families and increase their trust in us and be more Productive at the end of the day.
Thank You,
Joke
729-672-3990.
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______ computes the number of dollars returned for every dollar invested, with all calculations performed in present value dollars
Answers
Profitability Index computes the number of dollars returned for every dollar invested, with all calculations performed in present value dollars.
Profitability index: what is it?An evaluation of a project's or investment's attractiveness is done using the profitability index (PI). By dividing the project's original investment amount by the present value of anticipated future cash flows, the PI is derived.
How is the profitability index calculated?Profitability Index is the product of the initial investment and the present value of future cash flows. The following is an alternative illustration of the profitability index formula: Profitability Index is equal to the initial investment divided by (Net Present Value + Initial Investment).
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outsourcing means moving non-core activities from being done inside the organization to being done externally by an entity that specializes in that activity.
Answers
Even though they have nothing to do with making the service or product that the company sells to make money, these are the things that keep the business running.
Human resources, data processing, supply chain management, and logistics are examples of non-core activities.
What does the term "outsourcing" mean?The hiring of a third party to carry out tasks, manage operations, or provide services for a business is known as outsourcing.
What are the primary functions of outsourcing?Best practices in crucial business processes like data processing, supply chain management, warehousing, logistics, human resources, and accounting are the goal of outsourcing.
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A study of the external environment allows a manager to understand the ________ and________ for the organization.
A) threats; weaknesses B) strengths; weaknesses
C) strengths; opportunities D) opportunities; strengths
Answers
The correct response is D) opportunities; threats. A study of the external environment allows a manager to understand the opportunities and threats for the organization.
An organization or organization is a thing that consists of one or more people and serves a certain purpose, such as a company, institution, or association (Commonwealth English; see spelling variations). The term is derived from the Greek word organon, which can also be used to describe a variety of equipment, instruments, and organs. An organization is made up of a group of people who work together, such as in a union, firm, charity, or neighborhood association.The term "organization" can refer to an individual, a team, a business, or the act of creating something. However, being organized can enhance your well-being and lead to greater happiness and comfort. Your life can suffer greatly from disorganization. It could lead to despondency and increased tension. In addition to being a cause of dust buildup and mould growth, disorganization can be a fire danger.
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A study of the external environment allows a manager to understand the ________ and________ for the organization.
A) threats; weaknesses B) strengths; weaknesses
C) strengths; opportunities D) opportunities; threats
which of the following is not a capital source:
accrual,
retained earnings,
corporate bond,
preferred stock
Answers
From the options, accrual is not a capital source.
What is Accrual?Accruals are income earned or expenses incurred that affect a company's net income in the income statement, even if the money associated with the transaction has not yet changed hands.
Accrued expenses and deferred income include payables and deferred income, accrued tax payables, and accrued or payable interest. An accrual is a record of income or expense that has been earned or incurred but not yet included in the company's balance sheet. Accruals and deferrals are important because they ensure that a company's financial statements accurately reflect its true financial situation, even if it has not yet received payment for all services rendered or paid all invoices.
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which of the following is the point in development during which a person is best suited to learn a particular skill or behavior pattern?
Answers
A critical period is a stage or point in development during which a person is best suited to learn a particular skill or behavior pattern.
Skill is the learned ability to move purposefully and well, often within a predetermined timeframe or energy, or both. General and field-specific skills are two common types of skills. To gauge the number of possibilities exposed and applied, specific scenarios and contextual triggers are often required.
When a talent represents a body of knowledge or a particular field of study, such as the art of war or the art of medicine, it is called art. While there are many talents that constitute art and are not of the fine arts, art is also a skill.
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consumers may save the following and these may remind the customer of the advertiser's business for years:
O product placements
O take-ones inside cards O advertising specialty items terminal O posters 1 points save answer
Answers
The thing consumers remind the customer of the advertiser's business for years is product placements.
What is product placement?Product placement is a form of advertising in which branded goods and services are highlighted in a production that caters to a big audience.
Product placements, also referred to as "embedded marketing" or "embedded advertising," are frequently seen in motion pictures, television programs, home videos, radio, and—less frequently—live performances. Companies may offer a production firm or studio money, commodities, or services in exchange for the license to use their products.
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green river company acquired 100% of the voting stock of the autostyle group on january 1 of the current year for a total acquisition cost of $250,000. the trial balance of autostyle on the date of acquisition follows.
Answers
Mercury Corporation acquired 100 percent of the stock of Jupiter Company when the book value of Jupiter's net assets was $250,000.
What is net assets?The total assets of an entity less the total liabilities equals the entity's net assets. The sum of a company's net assets equals its stockholders' equity in full. Net assets are divided into unrestricted and restricted net assets in a nonprofit organization.The net asset on the balance sheet is calculated by adding up all of your assets and deducting all of your liabilities. It is the amount you have in excess of all of your debts (liabilities). It is frequently referred to as net worth (NW). Asset value less liability equals a company's net assets. ((Total Fixed Assets + Total Current Assets) - (Total Current Liabilities).To learn more about net worth refer to:
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In a perfectly competitive market, an individual farmer intending to increase her revenue decides to increase the price of her crop by 10%. as a result her total revenue will
Answers
With the increase in the price of her crop by 10%, total revenue will decrease.
In a perfectly competitive market, an individual farmer cannot increase her revenue by increasing the price of her crop by 10%. If the farmer increases the price of her crop, then the demand for her crop will decrease as the other farmers in the market will still be offering the same lower price.
This means that the farmer will be selling fewer units of her crop at a higher price, resulting in lower total revenue. The decrease in total revenue would offset any increase in revenue due to the price increase. Therefore, in a perfectly competitive market, an individual farmer cannot increase her revenue by increasing the price of her crop.
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A debit to either the drawing account or a(n)_______account will cause a decrease in the owner's equity of a business.
Answers
A drawing account is primarily used for sole proprietorships or partnerships that are taxed as such.
How does a drawing account function?
A drawing account is a ledger that tracks money and other assets withdrawn from a business, usually a sole proprietorship or a partnership, by its owner(s).A drawing account acts as a contra account to the business owner’s equity; an entry any debits to the drawing account will be balanced by a credit to the cash account in the same amount.Drawing accounts work year to year: An account is closed out at the end of each year, with the balance transferred to the owner’s equity account, and then reestablished in the new year.To learn more about sole proprietorship refer to:
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Suppose Nike and Adidas are considering whether to develop new advertising campaigns. For each pair of strategies, the blue triangle shows Nike's payoff and the green triangle shows Adidas's payoff, in billions. Use this information, and the phrases below, to complete the sentences. The best outcome for Nike is to choose and for Adidas to choose If Adidas chooses not to advertise, their best result will happen if Nike chooses The Nash equilibrium for this advertising game is for Nike to choose and for Adidas
Answers
In the given case the dominant strategy for Nike is to price Low.
What do you mean by Nash equilibrium?
A player can obtain the desired outcome by sticking to their initial strategy, according to the Nash equilibrium, a decision-making theorem in game theory. Each player's approach in the Nash equilibrium is the best one given what the other players have decided.The Nash equilibrium is a tool economists use to forecast how businesses will react to pricing competition. Customers will likely be squeezed more severely by two huge corporations who adopt pricing strategies to compete with one another than they could be if they each faced thousands of competitors.To know more about Nash equilibrium
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Complete the following table by indicating whether each of the scenarios describes the concept of tying, resale price maintenance, or predatory pricing. Scenario Tying Resale Price Maintenance Predatory Pricing Televix is a firm that produces televisions. Suppose Televix sells its televisions to retail stores for $930 each and requires those retailers to charge customers at least $960 for each television Book Bound sells a wide variety of books to retail bookstores. Book Bound recently published two new books: a popular mystery novel and a much less popular history book. Book Bound requires bookstores to buy 15 copies of the history book for every 120 copies of the mystery novel ordered. Heat-Em-Up is the only firm producing grills. It costs $420 to produce a grill, and Heat-Em-Up sells each grill for $950. After Well Done, a new firm with the same costs as Heat-Em-Up, enters the market for grills, Heat-Em-Up starts selling its grills for a price of $330. True or False: By bundling the two books together, Book Bound can force bookstores to pay more than they would be willing to pay when purchasing the books separately. True False
Answers
After Well Done, a new firm with the same costs as Heat-Em-Up, enters the market for grills, Heat-Em-Up starts selling its grills for a price of $330 is true.
What does economic theory have to say about predatory pricing?Predatory pricing refers to a pricing strategy in which a dominating firm in an industry will purposefully lower the prices of a good or service to levels that will result in a short-term loss. This pricing strategy uses the technique of undercutting on a wider scale.
In the broadest sense, predatory pricing is described in economic terms as a price reduction that is only profitable when the predator acquires more market power by eradicating, punishing, or otherwise impeding the competitive behavior of a rival or potential rival.
By bundling the two books together, Book Bound can force bookstores to pay more than they would be willing to pay when purchasing the books separately is false.
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A(n)_______ is a separate record used to summarize changes in assets, liabilities, and owner's equity of a business.
Answers
A general ledger (GL) is a group of numbered accounts that a company uses to track financial transactions and prepare financial reports.
Why are general ledger accounts used in businesses?A general ledger adds value to businesses in several ways, including the three listed below:
Financial statements. For internal stakeholders, GLs generate a variety of critical financial statements. They can make business decisions based on the financial data in those statements.Accounts receivable. A general ledger (GL) also maintains financial accounting records for all business transactions and account balances in an organization. Accountants can use these records and the financial data contained within them to detect unusual, erroneous, or fraudulent transactions.Balance the books. A GL allows a company to create a trial balance by totaling all debits and credits. Most organizations do this periodically, often at the end of a reporting period, so they can proactively stay on top of expenses.To learn more about Financial statements refer to:
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On July 7, Saints Inc. received $10,000 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7?A) Debit Deferred Revenue $10,000, credit Cash $10,000.B) Debit Cash $10,000, credit Service Revenue $10,000.C) Debit Cash $10,000, credit Deferred Revenue $10,000.D) Debit Accounts Receivable $10,000, credit Service Revenue $10,000.
Answers
The correct answer is (C) i.e. Debit money $10,000, credit postponed Revenue $10,000. Assets increase and stockholder's equity can increase. If company has provided the services on account suggests that on credit.
Accounts exaggerated by debits A debit will increase the next kinds of accounts: Assets (Cash, assets, Inventory, Land, Equipment, etc.) Expenses (Rent Expense, Wages Expense, expense, etc.) Losses (Loss on the sale of assets, Loss from a continuing, etc.)
Accounts collectible and honorary revenue liabilities accounts and would increase with a credit. The journal entry ought to increase the assets and with a debit and increase the Service Revenue account with a entry.
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