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yawa3891 [41]
2 years ago
8

It is obvious that an error occurred in the preparation and/or posting of closing entries if: Multiple Choice the Retained earni

ngs account is debited for the amount of the net loss for the period.
Business
1 answer:
Contact [7]2 years ago
7 0

There are different ways to make entry in a balance sheet. It is obvious that an error occurred in the preparation and/or posting of closing entries, if all balance sheet accounts have zero balances.

<h3>Should a balance sheet always have a zero balance?</h3>

Note that the sum of a company assets, liabilities and equity must always balance to zero.

For one to be able to have or generate a balance sheet report that is not equal zero, the balance sheet is said to be out of balance and this may create  an error in the ledger transactions.

Learn more about balance sheet accounts from

brainly.com/question/1113933

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3 years ago
List the steps of the accounting cycle in their proper order.
Vlad [161]

Answer:

The accounting cycle is all about managing,updating and reporting on the firm's accounts.

Explanation:

The accounting cycle can be listed in the following nine steps as:

  • Step 1: analyzing transactions  as sales, purchase,etc
  • Step 2: All the transactions need to be recorded
  • Step 3: All the information should be transferred from journal to the ledger
  • Step 4: An unadjusted trial balance should be formulated
  • Step 5:Adjusted entries are prepared
  • Step 6: An adjusted trial balance is constructed
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  • Step 8: Closing entries are prepared
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2 years ago
hen a monopolist is able to sell its product at different prices, it is engaging in a. distribution pricing. b. quality-adjusted
sertanlavr [38]

Answer:

Price discrimination

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6 0
3 years ago
Rumors of a bank failing, even if not true, can become a self-fulfilling prophecy because:
Scorpion4ik [409]
People will deploy from that bank and move to another bank to remain safe- if they believe the rumor. People usually believe rumors if they hear them enough while some people actually seek evidence and finding the truth vs the lie( or misassumption). For those people they will stay employed with that bank or at least give the bank the benefit of the doubt.

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8 0
3 years ago
At December 31, 20X3, before recognizing any depreciation expense for 20X3, X Company has a machine with an original cost of $36
shutvik [7]

Answer:

If X Company uses the units of production method for calculating depreciation, depreciation expense in 20X3 will be (rounded):

$45000

Explanation:

Cost                360000  

Accum. Depre 90000  

Usefull life         7  

   

Produce 1 20000  

Produce 2 10000  

Produce 3 50000  

                80000  

   

Deprec=cost/unit    

   

Depre=360000/80000    

Depre= 4,5  

   

Produce 2012  20000 4,5 90000

Produce 2013  10000 4,5 45000

Produce rest   50000 4,5 225000

             80000 4,5 360000

7 0
3 years ago
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