1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
madam [21]
3 years ago
8

In 2018, the internal auditors of Development Technologies, Inc., discovered that a $5.9 million purchase of merchandise in 2018

was recorded in 2017 instead. The physical inventory count at the end of 2017 was correct. Assume the company uses a periodic inventory system.Required:Prepare the journal entry needed in 2018 to correct the error. (Ignore income taxes.) (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)No Event General Journal Debit Credit1 1 Miscellaneous expense 5.9 1 No journal entry required5.9Please note the journal entries are not retained earnings or inventory, the system says it is wrong. Thanks.
Business
1 answer:
Alenkinab [10]3 years ago
7 0

Answer:

Explanation:

The journal entry is shown below:

Purchase A/c Dr $5.9 million

     To Retained earning A/c $5.9 million

(Being the error is corrected and it credited to the retained earning account)

For correction of an error, we debited the purchase account and credited the retained earning account for $5.9 million so that the correct posting can be done.

You might be interested in
Because of competitive pressures, some firms have used packaging and labeling practices that are questionable, misleading, decep
Flauer [41]

Because of competitive pressures, some firms have used packaging and labeling practices that are questionable, misleading, deceptive, and unethical. this is an example of issues related to Ethics in product strategy.

This is further explained below.

<h3>What is competitive pressure?</h3>

Generally, In most cases, the term "competitive pressure" refers to a circumstance in which a business is put under stress as a result of the presence of other businesses in its industry.

Typical examples of it may be found in all types of economies, with the exception of monopolistic economies.

The demand and supply dynamics of a certain market or sector are very important considerations for any business.

The concept of product ethics encompasses every aspect of a product, including the decisions made about its design and the use of technology.

Therefore, you should direct your development team to make judgments that are morally acceptable while they are creating and constructing the product.

It is important to discourage immoral activities such as the employment of dark patterns and to promote the use of technology that is peaceful.

In conclusion, Some businesses, in order to remain competitive in an increasingly cutthroat market, have resorted to dubious, misleading, dishonest, and immoral packaging and labeling tactics. This is an example of a problem that arises in product strategy that relates to ethics.

Read more about competitive pressure

brainly.com/question/15416905

#SPJ1

8 0
2 years ago
Rachel's Designs has 1,100 shares of 7%, $50 par value cumulative preferred stock issued at the beginning of 2019. All remaining
gladu [14]

Answer:

The dividend payable to the cumulative preferred stock holers in 2021 is $11,550 while the amount payable to common stock holders is $1,450.

Explanation:

Cumulative preferred stock dividends accrue and becomes payable when the reporting entity has favourable cash flows. Rachael Designs plans to make payment of $13,000 dividends in 2021. As the annual cumulative preferred dividend is $3,850 (1,100 shares x $50 x 7%), the amount due over three years will be $3,850 x 3 whcih is $11,550. Thus, out of the proposed cash outflow of $13,000, the amount of $11,550 will be paid to cumulative preferred stock holders while only $1,450 will be paid to the common stock holders.

5 0
3 years ago
Which of these statements explains the term price?
Sonja [21]
C is the correct answer

4 0
3 years ago
The Exam Fun Co. had Accounts Receivable of $100,000 and a credit balance of $2,000 in Allowance for Doubtful Accounts on 12/31/
AleksAgata [21]

Answer:

A. dr. Bad Debt Expense 3,000 and cr. Allowance for Doubtful accounts 3,000

Explanation:

Bad debt Expense will be calculated using the percentage of debt loss. The expense will be calculated using the account receivable balance.

Closing Value of the Allowance for Doubtful Accounts will be as follow

Closing Balance = $100,000 x 5% = $5,000

As Allowance for Doubtful Accounts already have credit balance of $2,000, we need to adjust the remainder to make the closing balance of Allowance for Doubtful Accounts $5,000 at the year end.

Adjustment Value = $5,000 - $2,000 = $3,000

6 0
3 years ago
Read 2 more answers
A repeated pattern of spikes or drops in demand associated with certain times of the year in a time series is.
Contact [7]

A repeated pattern of spikes or drops in demand associated with certain times of the year in a time series is called "Seasonality"

<h3>What is Seasonality?</h3>

Seasonality is a property of a time - series data that occurs when the data goes through predictable and recurring changes on a yearly basis. Seasonal refers to any predictable variation or pattern that repeats or repeats over the course of a year.

Some characteristics of seasonality are-

  • Seasonality is the term used to describe predictable changes that take place over the course of a year in an economy or business based on the seasons, such as the calendar and commercial seasons.
  • Stocks & economic trends can be analyzed using seasonality.
  • Businesses can use seasonally to inform choices about inventory levels and employee scheduling, for example.
  • Retail sales, which normally see increased spending during the 4th quarter of calendar year, are one instance of a seasonal measure.

To know more about seasonal index, here

brainly.com/question/16850606

#SPJ4

3 0
1 year ago
Other questions:
  • You own a portfolio that has a total value of $215,000 and it is invested in Stock D with a beta of .86 and Stock E with a beta
    5·1 answer
  • Compare transnet with a perfect competitor in terms of price and output and profit
    7·1 answer
  • Anthony’s debit card was stolen and someone purchased over $1,000 worth of items on it. Which law or regulation protects Anthony
    8·1 answer
  • Which of these assumptions can an entrepreneur safely make when planning a start-up? Check all that apply.
    14·2 answers
  • Which of the following would cause demand-
    7·1 answer
  • Federal subsidies that are only given to dairy farmers who own more than one hundred cows may raise concerns about the ______ of
    8·1 answer
  • Which of the following is/are true about specialists? I. Investment banks generally cannot be specialists. II. Specialists are u
    10·1 answer
  • A tax on a good a. lowers the price that buyers pay and lowers the price that sellers receive. b. lowers the price that buyers p
    6·1 answer
  • (1) Quality of products available in superstore.
    6·1 answer
  • Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!