The journal entry for the inventory purchased will be to record the sale and another one to record the cost of the sale.
<h3>What is a journal entry?</h3>
It should be noted that a journal entry is used to record the financial activities of a company.
In this case, the journal entry for the purchase of inventory on account using the perpetual inventory system is to record the sale and another one to record the cost of the good.
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That it increases the money supply and the inflation is higher. More money can be loaned out by the bank.
Answer:
unenforceable;
preexisting duty
Explanation:
Preexisting Duty Doctrine
This is simply regarded as when an individual is already under an obligation to do something. It simply states that the rules and guidelines under contract law that shows that if a party to a contract is under a pre-existing duty to perform, then no second thought (consideration) is taken for the modification of the contract. Modification is then voidable.
3 Types of Legal Duties
1. Public Legal Duties such ad the duty of a police officer to protect lives and properties.
2. Contractual Legal Duties such as unperformed, preexisting contractual promises etc.
3. Private Legal Duties such as the duty to follow the law.
Unenforceable Contracts
This is regarded as a contract that cannot be enforced/given consideration or effect by the court of law etc unless they are settled and corrected according to law.
Kinds of unenforceable contracts
1.) Those entered into in the name of another by one without, or acting in excess of rights or authority;
2.) Those that do not comply with the Statute of Frauds etc.
<span>The U.S. government has set many business regulations in place to protect employees' rights, protect the environment and hold corporations accountable for the amount of power they have in this business-driven society.</span>
<u>All answers are correct</u><u> is the correct option .</u>
What is the advantage of federal loans over private loans?
- Private loans and some credit card interest rates are frequently significantly more expensive than the fixed interest rate. Look up the APRs for federal student loans right now.
- The interest rate is predetermined and may be significantly less than those for some credit cards and private loans.
What distinguishes private loans from federal loans?
The main distinction between federal and private loans is that federal loans are provided by the government, whereas private loans are provided by banks, credit unions, and other financial institutions.
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