You might struggle through delayed profitability where the market maynot already be established , it might take a long time to come profitable
Answer: False
Explanation:
The revenue account for a Retail Merchandising Business is also known as the Sales Account.
When goods are sold they are credited to the Sales Account and it is no different here.
Therefore, When a Retail Merchandising Business sells goods to a customer the amount of the sold merchandise is credited to the Sales Account which makes the above statement false.
Answer: A) Business.
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Answer:
See the explanation.
Explanation:
Account receivable Rondo Distributors debit $1,200
Sales revenue credit $1,200
Note: To record the merchandise sales on account. As the company used the periodic inventory system, we do not need to give the cost of goods sold journals.
Purchase debit 10,000
Accounts payable credit 10,000
Note: To record the purchase on account.
Delivery expense debit $525
Cash credit $525
Note: To record the payment of the delivery expense.
Answer:
c) A government insurance program that will pay back account holders if the bank or lending institution fails
Explanation:
The FDIC is an acronym for Federal Deposit Insurance Corporation. It was founded by Franklin Roosevelt on the 16th of June, 1933.
FDIC is a government insurance program that will pay back account holders if the bank or lending institution fails.
The income generated from the premium payments of insured banks is used to fund or finance the FDIC.
