The journal entry that is needed to record the needed adjustment is;
Cost of Goods sold: 1,000 debit
Merchandise Inventory: 1,000 credit
When making the journal entry the company needs to adjust for the lower amount of merchandise that they have. Then the cost of the goods that were sold needs to be debited. Lastly, the merchandise inventory is credited.
It is imperative that all companies keep an updated journal. This helps to keep the balances correct. If the company has an audit and the adjustments aren't made correctly they could be fined.
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Answer:
Expenditures-2020 in the amount of $200
Explanation:
General fund supplies made last year were an estimated amount of $2000 was spent. So for last year there would have been a debit and credit leg for this transaction as.
In the present year 2020 it was received at an actual cost of $2,200. The excess cost (2,200-2,000= $200) must be recognised.
So the debit is passed into expenditures for this year 2020 for amount $200.
This consideration is related to the socio cultural environment:
a.) A new business decides to begin with the city its owners live in
since they are familiar with the local geography and tax issues.
Explanation:
The socio cultural environment one is familiar with influences them in many ways.
This also includes their choice of place for where they will start the business simply because they know that domain much more and it will be easier to be effective in there.
This is the reason that people are often told to be in their familiar turf.
The new business will be able to use its full contacts and have an insight on what works and what doesn't because they operate from their own area.
Answer:
The question is not comprehensive.
Explanation:
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