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scoray [572]
1 year ago
11

he journal entry to record $5.6 million in sales on account includes a ______. (Select all that apply.) Multiple select question

. credit to Sales Revenue of $5.6 million credit to Accounts Payable for $5.6 million debit to Cash of $5.6 million debit to Accounts Receivable of $5.6 million debit to Allowance for Doubtful Accounts of $5.6 million
Business
1 answer:
Anarel [89]1 year ago
8 0

<em>The journal entry to record $5.6 million in sales on account includes a </em><em>credit to Sales Revenue of $5.6 million and debit to Accounts Receivable of $5.6 million.</em>

<h3>What does journal entry mean?</h3>

A journal entry is a record of a business's financial transactions kept in its accounting books. An accurate date, the sums to be debited and credited, a description of the transaction, and a special reference number are all components of a properly documented journal entry. The accounting cycle begins with a journal entry.

<h3>What is an example of a journal entry?</h3>

A purchase of machinery by a nation, where the cash account will be credited and the machinery account debited, is an example of a journal entry.

learn more about journal entry here <u>brainly.com/question/26446159</u>

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If Suzette responds to an increase in the interest rate by decreasing her saving, then, for Suzette, Select one: a. consumption
Ilia_Sergeevich [38]

Answer:

b. the increase in the interest rate creates an income effect that is greater than the substitution effect.

Explanation:

Interest rate can be regarded as amount that is been charged by lender for using an assets, this asset could be cash, goods, and this is usually display as a percentage of the lent principal.

The income effect gives shows how increased purchasing power can impact consumption, substitution effect on other hands, shows how changing relative income as well prices impact consumption. Both economics concepts give expression of changes that occur in the market as well as how this changes impact consumption patterns as regards consumer goods and services.

It should be noted that the increase in the interest rate creates an income effect that is greater than the substitution effect.

8 0
3 years ago
Raby, Inc. acquires all of the outstanding stock of Fletcher Corporation on January 1, 2017. At that date, Fletcher owns only th
Nina [5.8K]

Answer:

D. $285,000

Explanation:

When a company is acquired by another company, the parent company (the new owner) must report the assets at fair market value - amortization.

FV = $300,000

amortizable value = $100,000

depreciation for 3 years (2017, 2018 and 2019) = ($100,000 / 20) x 3 = 415,000

reported value = $300,000 - $15,000 = $285,000

6 0
3 years ago
Baker Corp. is required by a debt agreement to maintain a current ratio of at least​ 2.5, and​ Baker's current ratio now is 3. B
Orlov [11]

Answer:

$1.67 Million

Explanation:

Current asset = 15 Million    

Current liabiltiy = 15 Million/3

                          = 5 Million    

Let the inventory X can be purchased with short term debt without violation

per current ratio requirement    

(15 + x)/5+x = 2.5    

       15 + x  = 12.5 + 2.5x    

            2.5 = 1.5x    

               x = $1.67 Million

Therefore, $1.67 Million inventory can Baker purchase without violating its debt agreement if their total current assets equal​ $15 million

7 0
3 years ago
You are the CEO of a company that has to choose between making a $100 million investment in either Russia or Poland. Both invest
dimulka [17.4K]

Answer: When assessing the risks of investment, one should consider the political, economic, and legal risks of doing business in either Russia or Poland. The risk in Russia would probably be considered higher than the risk in Poland since Poland has been a member state of the European Union since 1 May 2004, with the Treaty of Accession 2003 signed on 16 April 2003 in Athens as the legal basis for Poland's accession to the EU.

Poland has already gained benefits and stability offered by the EU. Russia, by contrast, is still many years away from even being in a position to be considered by the EU for membership.

Explanation: A diligent investor wouldn't put a penny in a risky country.

8 0
3 years ago
Areas that once had vast economic growth and large amounts of industry, but are now suffering from the effects of outsourcing ar
Irina-Kira [14]

Answer:

de-industrialization

Explanation:

Deindustrialization refers to the  phase of social and economic event caused by the elimination or decrease of industrial base or operation in a region or country, in particular of manufacturing industries or mining. It's the reverse of being industrialised.

It is the opposite of  industrialization. Deindustrialization usually happens as it is no longer profitable for a specific industrial activity. It's a phase in which industrial development is eliminated or decreased in a country or area due to a major social or economic transition.

7 0
3 years ago
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