The degree to which equipment, space, or the workforce is currently being used is Utilization.
The required details about ratio of average is mentioned below.
A weighted average is calculated by multiplying the ratios to be averaged by their respective weights, or the ratio's denominator. The products are then added together, and the total is then divided by the sum of the weights.
Capacity The degree to which a resource, such as equipment, space, or labor, is now being used is referred to as utilization. Utilization is expressed as a percentage and is calculated as the ratio of average output rate to maximum capacity. usage (countable and uncountable, singular usages) (British spelling) The act of putting something to use. quotations The way that something is used.
The state of being employed. Utilization is defined as the percentage of an employee's available time that is utilised for productive, billable work. The utilization rate of an employee is an important indicator for firms to monitor. The utilization rate is calculated by dividing the number of billable hours worked by the number of hours worked in a day. the percentage of your available resources that you are now utilizing
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brainly fisheries officials are stocking a barren lake with pike, whose number will increase annually at 40%. fishing is prohibited the first 2 years and then 5000 pike can be removed in each of the 3rd and 4th years, so that the number remaining after the 4th year is the same as the original number stocked in the lake.
The original number of pikes stocked in the lake before the annual increase of 40% and removal of 5,000 pikes for two years is 4,999.99
How to find original number stocked in the lake?A detailed step by step explanation for calculating or finding how to get the original number of fishes stocked in the lake is given below:
To begin with, let:
The original number stocked in the lake = xThe annual increase = 40% = 0.4The number of years = 4Total increase = x + 0.4⁴
= x + 0.0256
The fishing removed each at 3rd and 4th year = 5000
The total removed = 2(5000)
= 10,000
So,
the original number stocked in the lake = the total removed - Total increase
x = 10000 - (x + 0.4⁴)
x = 10000 - x - 0.0256
collect like termsx + x = 10000 - 0.0256
2x = 9,999.9744
divide both sides by 2x = 9,999.9744 / 2
x = 4,999.9872
Approximately,
x = 4,999.99 pikes.
In conclusion, the original number of pikes stocked in the lake before increase and removal is 4,999.99 pikes
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in the period 2011, lott inc. performed services for $120,000 and billed its customers. the company subsequently collected $82,000 of the amount billed. lott incurred $75,000 of operating expenses but paid cash for only $62,000 of that amount. lott acquired $30,000 cash from the issue of common stock. the company invested $18,000 cash in the purchase of land. what is the amount of net income for the period?
The $120,000 in revenue-related cash flow will be shown on the statement of cash flows.
What is cash flows?
Because the full value of accounts receivable must be taken into account regardless of whether they are collected or not, the amount of cash flow from revenue that will appear on the statement of cash flows will be $120,000. The cash flow from operating activities will be adjusted to reflect the amount of the account receivable that is collected.
The amount of money a business brought in or spent overall over a period of time is measured by its cash flow. On the statement of cash flows, a common financial statement, the cash flow is commonly divided into cash flow from operating operations, cash flow from investing activities, and cash flow from financing activities.
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june is working as part of the strategic planning team in her organization. currently, the team is developing a clear statement explaining the organization's reason for existence. june's team is writing a
If June is working as part of the strategic planning team in her organization and currently, and the team is developing a clear statement explaining the organization's reason for existence, then June's team is writing a mission statement.
What is a mission statement?A mission statement can be defined as a specific technical piece indicating the purposes as well as objectives that hold a particular organization in association with the services and products that the company may provide to its customers in the market.
A mission statement is a fundamental piece to state the major objectives of the company in the calendar year and the focus of all the required energies to fulfill such purposes, which may include how to inspire employers to reach these objectives during his/her work.
Therefore, with this information, we can conclude that a mission statement is fundamental issue to clarify the objectives of a company.
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point a and point b are on the ppf/ppc. movement from point a to point b group of answer choices shows decreasing opportunity costs is inefficient is efficient shows increasing marginal productivity
Scarcity, choice, and tradeoffs are all represented in the PPF. The PPF's shape is determined by whether the costs are increasing, decreasing, or constant.
What is PPF curve?The production possibility frontier (PPF) is a graph curve that depicts the possible quantities of two products if they both rely on the same finite resource for production. The production possibility curve is another name for the PPF. The production possibilities curve (PPC) is a graph that depicts all of the possible output combinations given current resources and technology. The PPC, also apprehended as the production possibilities frontier (PPF), depicts scarcity and tradeoffs. There are three types of production possibility curves in total. Straight lines sloping downward, concave and convex. If the slopes of the two PPCs are equal, A's marginal cost of producing x equals B's marginal cost, and production is efficient.To learn more about Production possibilities frontier, refer to:
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he clause protects individuals and businesses from an overly intrusive government by requiring the government to give one notice and some type of procedure whenever the government interferes with our life, liberty, or property.
The Due Process Clause covers people and industries from an extremely pushy state by requiring the government to give one notice and some type of system whenever the state interferes with our life, liberty, or possessions.
What Is Due Process?Due process requires that legal issues be resolved in accordance with established rules and principles, and that individuals be treated fairly. Both civil and criminal proceedings are subject to due process. Due process of law is the application by the state of all legal rules and principles pertaining to the case in order to respect all legal rights owed to the person. Due process balances the power of the law of the land while protecting the individual from it. Due process ensures fairness in the criminal justice system. Individuals may be detained and deprived of their freedom and life without just cause if due process is not followed. If a criminal defendant is denied their civil rights, they have the right to sue the state on those grounds.To learn more about Due Process, refer to;
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A department store purchases screen-printed t-shirts at a cost of $5 per shirt. they mark up the price 150% (making the selling price 250% of the store's purchase price) and put them on the sales floor. every month that a t-shirt doesn't sell, the store reduces the selling price by 25%. which expression shows the selling price after one monthly price reduction? $5 $5(1.50) â€" $5(0.25) $5 ($5)(0.25) â€" ($5)(1.50) $5(2.50) â€" $5(0.25) ($5)(2.50) â€" ($5)(2.50)(0.25)
The selling price of a t-shirt after one month markdown is 9.38.
The store marks up price 150%
Cost of a t-shirt is $5
The store reduces the selling price by 25%
The store marks up the price by 150%
Decimal representation of 150% is as follows,
150%=150/100
=1.5
The store marks up the price can be obtained as follows,
Cost= 1.5x5
=$7.5
Cost of a shirt after markup price,
Cost markup price=$5+$7.5
=$12.5
The store reduces the selling price of the shirt by 25%
Markdown price can be obtained as follows,
Markdown price=0.25x12.5
=$3.12
The selling price of the t-shirt can be obtained as follows,
Selling price=12.5-3.12
=9.38
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Based on the profit-loss statement, name two ways Janet and Omar can improve their cash flow
Offering incentives for early payments, leasing rather than purchasing, increasing inventory, checking consumer credit, and employing high-interest savings accounts are all ways for a firm to enhance cash flow.
Why do we need to improve cash flow?You can accurately forecast your account payables if you manage your cash flow well. Consequently, you'll be able to buy the ingredients you require when you require them. You can even consider increasing your product range once you realize that you are constantly sustaining a good cash flow.
Positive cash flow is a sign that a company's liquid assets are growing, allowing it to meet commitments, reinvest in its operations, distribute profits to shareholders, cover costs, and act as a safety net against upcoming financial difficulties.
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in 2021, landon has self-employment earnings of $195,000. compute landon’s self-employment tax liability and the allowable income tax deduction of the self-employment tax paid.
It is to be noted that Landon's Self-Employment Tax Liability is $22,297.19 While his Self Employment Tax Deduction is $11,148.60. See the explanation below.
What is Self-Employment Tax Liability?The self-employment tax is a combination of Social Security and Medicare taxes levied mostly on self-employed persons. It is analogous to the Social Security and Medicare taxes taken from most wage employees' paychecks. Most wage earners' Social Security and Medicare taxes are calculated by their employers.
The first $142,800 in net earnings is subject to the entire self-employment tax in 2021. If you make more than this amount, the remainder is subject to simply the 2.9% Medicare tax. On your tax return, the IRS permits you to deduct 50% of your total self-employment tax.
The calculation confirming the above answer is:
Recall that Social Security is computed at 12.4% tax on wages up to the taxable-earnings limit. Thus $137,700 x 12.4% = $17,074.80
This is because the social security taxable income limit is $137,700.
Next, we compute the FICA Rate for Social Security plus Medicare withholding.
This is given at:
6.2% + 1.45% = 7.65%
100% - 7.65% = 92.35%;
1.45% + 1.45% = 2.9%
Thus,
$195,000 x 92.35% x 2.9% = $5,222.39
Hence the total Self Employment Tax Liability
= $5,222.39 + $17,074.80
= $22,297.19
While
Self-employment tax deduction
= $22,297.19 * 50%
= $11,148.60
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assume that on february 1, procter & gamble (p&g) paid $720,000 in advance for 2 years’ insurance coverage. prepare p&g’s february 1 journal entry and the annual adjusting entry on june 30.
The journal entries for the given problem is done below :
Journal Entries:Journal entries are recorded throughout the accounting period . Very First, journal entries are prepared to record business transactions then adjusting entries are done at the top of an accounting cycle as needed. Also, any errors found throughout the review of the trial balance is corrected through a journal entry.
Journal Entries :Date Accounts and Explanation Debit $ Credit $
Feb 1 Prepaid Insurance $720,000
Cash $720,000
June 30 Insurance expenses $150,000
Prepaid insurance
($720,000 x 5/24) $150,000
Meaning of Prepaid Insurance :
Payment of premium by insured to insurer person entity before the due date is known as prepaid insurance. It is current assets for the insured person and therefore shown in the balance sheet under the sub-head of the current assets.
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If the minimum wage for teenagers increased to a rate higher than their market equilibrium wage, what would be the effect on their wage and employment?.
The effect on wage is increase. In the other side, if the minimum wage for teenagers increased to a rate higher than their market equilibrium wage than the effect of employment is decrease.
A minimum wage can be described as the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Minimum wage had introduced in the end of the 20th century by most countries. Minimum wage cannot be reduced by an individual contract or collective agreement. Now days, the minimum wage in US for employee is $7.25 per hour.
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the four-firm concentration ratio indicates the total profitability among the top four firms in an industry. is an indicator of the degree of monopolistic competition. indicates the presence and intensity of an oligopoly market. is used by the government as a basis for anti-trust cases.
Tells us that there is an oligopoly market and that it is active.
What is the ratio of four firms? Which does it suggest?The concentration ratio reveals whether an industry is made up of numerous small enterprises or a few major ones. The market share of the four biggest companies in an industry, stated as a percentage, makes up the four-firm concentration ratio, which is a frequently used concentration ratio.
What is the optimal competition four-firm concentration ratio?The concentration ratio of four firms
The concentration ratio can range anywhere between practically zero for ideal competition and 100% for monopoly. A ratio higher than 40% is a sign of oligopoly. Less than 40% of the ratio is a sign of monopolistic competition.
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during july, jobs no. 103 and 104 were completed, and jobs no. 101, 102, and 104 were delivered to customers. jobs no. 105 and 106 are still in process at july 31. a. compute the work in process inventory at june 30. b. compute the finished goods inventory at june 30. c. compute the cost of goods sold during july. d. compute the work in process inventory at july 31. e. compute the finished goods inventory at july 31.
(a) $3,160
(b) $7,000
(c) $13,500
(d) $9,500
(e) $2,960
(a). Work in Process = Manufacturing cost of 103 in June + Manufacturing cost of 104 in June
Work in Process = $960 + $2,200 = $3,160
(B). Finished goods = Manufacturing cost of 101 in June + Manufacturing cost of 102 in June
Finished goods = $3,800 + $3,200 = $7,000
(C) Cost of goods sold during July = Manufacturing cost of 101 in June + Manufacturing cost of 102 in June + Manufacturing cost of 104 in June + Manufacturing cost of 104 in July
Cost of goods sold during July = $3,800 + $3,200 + $2,200 + $4,300 = $13,500
(D) Work in process inventory = Manufacturing cost of 105 in July + Manufacturing cost of 106 in July
= $6,200 + $3,300 = $9,500
(E) Finished goods inventory = Manufacturing cost of 103 in June + Manufacturing cost of 103 in July
Finished goods inventory = $960 + $2,000 = $2,960
What is Inventory?Inventory refers to all the items, goods, merchandise, and materials held by a business for selling in the market to earn a profit. Example: If a newspaper vendor uses a vehicle to deliver newspapers to the customers, only the newspaper will be considered inventory.
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Choosing to take the day off over going to work is an example of a(n).
O fixed cost
Oopportunity cost
Ovariable cost
Onone of the above
Choosing to take the day off over going to work is an example of a(n) opportunity cost.
The value or advantage forfeited by engaging in a specific activity in comparison to engaging in a different activity is known as the opportunity cost in microeconomic theory. Simply put, it means that if you choose one activity, you forfeit the chance to do another.
The worth of what you forgo while deciding between two or more possibilities is known as opportunity cost. You make a choice because you believe it will benefit you more in the long run, despite any potential downsides.
You will take into account the opportunity cost while making decisions because it forces you to give up other options. This enables you to make judgments that are more resource-efficient from an economic standpoint.
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b) for each week: ice cream cone sales, air-conditioner sales which variable would best be used as the explanatory variable and which as the response variable? a. air-conditioner sales would best be used as the explanatory variable, and ice cream cone sales the response variable, to predict ice cream cone sales based on air-conditioner sales. b. ice cream cone sales would best be used as the explanatory variable, and air-conditioner sales the response variable, to predict air-conditioner sales based on ice cream cone sales. c. either ice cream cone sales or air-conditioner sales can be the explanatory value. then the other will be the response variable, because ice cream cone sales can be predicted by air-conditioner sales, and air-conditioner sales can also be predicted by ice cream cone sales. d. the terms explanatory and response variable do not apply to this situation.
Either ice cream cone sales or air-conditioner sales can be the explanatory variable.
Then the all other will be the response variable, as ice cream cone sales can be predicted by air-conditioner sales, and the air-conditioner sales could be predicted from ice cream cone sales.
Option C is correct .
Explanatory variable :An Explanatory Variable may be a factor that has been manipulated in an experiment by a researcher. it's used to determine the change caused in the response variable. An Explanatory Variable is usually referred to as an Independent Variable or a Predictor Variable
An explanatory variable is that the expected cause, and it explains the results. A response variable is that the expected effect, and it responds to other variables
Independent variables :Independent variables also are called: Explanatory variables (they show an event or outcome) Predictor variables (they could be used to predict the value of a dependent variable)
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People producing goods and services are called
Answer: human resources
Explanation:
Martinez co. Borrowed $50,000 on march 1 of the current year by signing a 60-day, 9%, interest-bearing note. Assuming a 360-day year, when the note is paid on april 30, the entry to record the payment should include a?.
The record of the payment should include an entry of $750
A method for calculating how much interest was paid on a sum of money during a certain time period at a specific rate is called simple interest.
Simple interest is a straightforward and easy way to calculate financial interest since it has a single principal amount.
Interest = Principle x Rate x Time
Interest = $50,000 x 0.09 x 60 / 360 ( As per values given)
= $750
Thus, it will be debited to Interest Expense for $750
Therefore, in order to know the charge of the debt that has occurred throughout the 60 days, one must debit the Interest Expenditure, which is the typical side of an expense account.
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Suppose your investment returns are taxed at a 25% rate. If you invest $10,000 today and expect to earn a rate of return of 8%, what will your investment be worth in 15 years?.
Answer:
6.91%
Explanation:
In this question we use the RATE formula that is shown on the attachment below:
Given that,
Present value = $1,050
Assuming figure - Future value or Face value = $1,000
PMT = 1,000 × 8% ÷ 2
NPER = 15 years
The formula is shown below:
= Rate(NPER;PMT;-PV;FV;type)
The present value come in negative
So, after solving this, the rate of return is 6.91%
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to ensure the quality of its almond butters, rally's roasters owns the almond groves in which all of its almonds are grown. rally's almond butters are sold in supermarkets as well as specialty food stores throughout the country. rally's makes use of what type of integration?
By selling almonds in supermarkets as well as specialty food stores Rally is making use of Backward integration. here backward integration tactics are implemented.
More about Backward integration:
Backward integration is a sort of vertical integration where a corporation takes on new responsibilities all of which were traditionally held by suppliers higher up the supply chain. To achieve control over the preceding phases of the value chain which include the tasks carried out by specialized manufacturers and suppliers, backward integration tactics are implemented.
The following are typical illustrations of business activities classified as downstream functions. Production of Products (i.e. Parts, Components) Studying and Developing (R&D) Rough Material Provider
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During a clearance sale at a sporting goods store, skateboards were marked down 30%. On saturday, an additional 25% was taken off the already reduced prices of the skateboards. If a skateboard originally cost $119. 50, what was the final price after all discounts? round to the nearest cent.
The final price after discount was 62.74
Based on the given conditions, formulate: 119.5* [1-25%]*[1-30%]
Calculate the sum or difference: 119.5* 0.75*[1-0.3]
Calculate the sum or difference: 119.5* 0.75*0.7
Calculate the product or quotient: 89.625*0.7
Calculate the product or quotient: 62.7375
Round the number: 62.74
The final price after discount is 62.74
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If you observe a co-worker, customer, or stranger in your workplace exhibiting any of the warning signs of workplace violence, who should you talk to?.
If you observe a co-worker, customer, or stranger in your workplace exhibiting any of the warning signs of workplace violence you should first report your concern to your supervisor, or human resources department.
What is workplace violence?Workplace violence is any act of, or threat of, physical violence, harassment, intimidation, or other threatening disruptive behavior that takes place at the workplace. Threats, slander, and physical and verbal abuse are all included, as well as murder. Customers, clients, visitors, and staff all may be impacted. The third-leading cause of fatal workplace injuries in the United States is now acts of violence and other injuries. In 2019, there were 5,333 fatal workplace injuries in the United States, and 761 of those injuries were caused intentionally by another person, according to the Bureau of Labor Statistics Census of Fatal Occupational Injuries (CFOI). Employers and employees across the country are very concerned about workplace violence, regardless of how it presents.
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Answer: Your co-worker is late to work one or two days each week.
Explanation:
harry spent $39,000 in 2009 and $42,000 in 2014 on goods and services. the consumer price index was 220 for 2009 and 231 for 2014. harry’s 2009 spending in 2014 dollars is about a. $40,857. b. $43,290. c. $40,950. d. $37,143.
Harry spent $39,000 in 2009 and $42,000 in 2014 on goods and services. The consumer price index was 220 for 2009
and 231 for 2014. Harry's 2009 spending in 2014 dollars is about $40,950
In economics, goods are those that fulfill human needs and offer usefulness, such as to a customer buying a pleasant product. It is usual practice to distinguish between transferable products and non-transferable services.
A good is referred to as a "economic good" if its demand outweighs its supply and it requires human effort to achieve. Free things, however, like air, are always available and don't require any intentional effort to obtain. Private goods are items that people possess and use on a daily basis that are unrelated to food, such as televisions, couches, wallets, cell phones, and nearly anything else.
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businesses that stand to gain wealth from tourism have become increasingly as businesses serving different parts of the commodity chain have merged into one larger company or set of companies that work with each other to corner a market.
Businesses that stand to profit from tourism have become more vertically integrated as enterprises that serve various points along the supply chain have amalgamated to form a single larger corporation or group of companies that collaborate to corner a market.
Vertical Integration: What Is It?
Vertical integration is a tactic that enables a business to streamline operations by directly controlling different stages of the production process instead of depending on outside suppliers or contractors.
Target is an illustration of a vertically integrated business because it has its own store brands and manufacturing facilities. It produces, distributes, and sells its own goods, doing away with the need for third parties like manufacturers, shipping services, or other logistical requirements.
How does business vertical integration benefit them?Adding distribution centers in new locations or purchasing a new brand are two ways that vertical integration might help your company grow regionally. Generally speaking, geographic expansion is most effective when it occurs inside a company's own supply-distribution spectrum segment.
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The correct question is:
Businesses that stand to gain wealth from tourism have become increasingly ________ as businesses serving different parts of the commodity chain have merged into one larger company or set of companies that work with each other to corner a market.
Suppose that you were running an engineering company. You want to assign employees to particular engineering projects, but you also want someone who knows about their functional area to supervise them. What kind of work structure would you choose?.
In this case, a functional organizational structure would serve the need described.
What is a functional organizational structure?A functional organizational structure is a popular corporate structure that divides a corporation into departments based on areas of competence, grouping personnel by specialty, skill, or similar tasks.
The benefits of a functional organizational structure are as follows: Departments specialize on a certain area of work. Specialization indicates that employees are proficient in the activities they perform. There are well defined managerial lines. Employees understand their own and other people's positions.
A standard line organizational structure is the best place to start for most businesses, especially smaller ones that don't need a large number of divisions or connections in the chain of command/communication.
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a recent college graduate buys a new car by borrowing $20,000 at 7.2%, compounded monthly, for 4 years. she decides to pay $501 instead of the monthly payment required by the loan.
The excess amount will not only decrease principal loan outstanding, but also reduce interest burden.
Customers typically save a significant amount on interest if they can prepay their loan in full quite early on in the term of the loan. The typical lock-in period for a personal loan is one year, after which the entire balance may be returned.
The secret is to settle the entire amount at the beginning of the loan's term in order to benefit from paying less interest. Even though the customer may have paid most of the interest by this point in the repayment period, it is always preferable to prepay the loan and get the debt off your back.
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all spare parts belong to a product. a product must exist before spare parts become available, and when a product is removed, spare parts are also removed. what type of entity is product?
All spare parts are associated with a specific product. Spare parts must exist before they can be obtained, and when a product is removed, spare parts are also removed. The Master Entity is a type of entity product.
What is the product entity?A product and a customer are separate entities, whereas a sale is the result of a relationship between a customer and a product. The Entity Relationship (ER) model is a popular approach to conceptual design that helps transform conditions into a standard description of the entities and associations that materialize in the database. A single person, a single product, or a single organization are all examples of entities. The type of entity. A person, organization, type of object, or concept about which data is kept. The Entity Data Model's entity type is the fundamental building block for describing data structure (EDM). An entity type in a conceptual model represents the structure of top-level concepts such as customers or orders.To learn more about Entity product, refer to:
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the process through which consumers reconstruct memory traces into a formed representation of what they are trying to remember or process is known as .
The process through which consumers reconstruct memory traces into a formed representation of what they are trying to remember or process is known as response generation.
In the field of business, response generation can be described as a procedure through which the users of a product reconstruct their memories to influence the search for a particular response.
Response generation allows the reconstruction of memories and forms a representation of them.
After inputs are made, a response is generated by looking at the inputs inorder to benefit the organization as well as the consumers of a product.
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quizlet a furniture seller believes that people who have just moved are more likely to need new furniture. what targeting dimension should this furniture seller use for their ad campaign?
Answer:
Life Events
Explanation:
The company realizes that people who have just moved are more likely to buy furniture.
Moving is a major life event so the company would advertise based on that criteria.
The right answer is D. Life events as life events marketing promotes life milestones. Please rate this answer positively if you believe it was helpful
What is marketing?Marketing is the process of investigating, developing, and providing value in terms of products and services to fulfill the needs of a target market. Potentially includes the selection of a target audience; the selection of certain traits or themes to emphasize in advertising;
Marketing is the activity of investigating, generating, and supplying value in the form of goods and services to fulfill the demands of a target market, potentially including the identification of a target audience; the selection of specific traits or themes to stress in advertising
Therefore, The right answer is D
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Home enterprises employs itzak to buy property for a possible residential development. Itzak secretly buys some of the property and sells it to home enterprises at a profit. Itzak has breached.
Itzak has breached Duty of loyalty
All decisions made by a corporation's directors and officers as corporate fiduciaries must be made without their capacity as corporate fiduciaries must be made without any personal or financial conflicts, according to the concept of the duty of loyalty. Loyalty duties may be violated by doing self-serving business or abusing commercial opportunities.
To fulfill their fiduciary responsibility of loyalty, a fiduciary must disclose all relevant facts before participating in a personality transaction and taking advantage of a commercial opportunity. Following that, either a majority of disinterested investors or a majority of uninterested directors must approve the transaction.
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A goal that you want to achieve by next year is which type of goal?
A.
Short-term
B.
Intermediate
C.
Long-term
D.
Lifestyle
in the first month of operations, the total of the debit entries to the cash account amounted to $1,200 and the total of the credit entries to the cash account amounted to $800. the cash account has a(n) .
Here the cash account balance is $1,100, with a credit to the liability account for $3,000 and $500, and a debit to Supplies and a credit to Accounts Payable.
The total Accounts Payable are as follows-
1) Balance in cash is 1900-800 = $1100.
2) Journal entry :
Date Account and explanation Debit Credit
Equipment 3500
Cash 500
Notes payable 3000
c) Here credited a liability account for $3,000.
3) Journal entry:
Date Account and explanation debit credit
Supplies 1200
Cash 500
Account payable 700
a) Credit another liability account for $500.
4) Journal entry :
Date Account and explanation debit credit
Supplies 500
Account payable 500
a) a credit to accounts payable and a debit to supplies.
Accounts Payable (AP) is a short-term debt and liability on the balance sheet that represents money that a business owes to its suppliers and vendors who have given it goods or services on credit.
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