When a business transaction requires a journal entry, we must follow these rules:
The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount.
The DEBITS are listed first and then the CREDITS.
The DEBIT amounts will always equal the CREDIT amounts.
For another example, let’s look at the transaction analysis we did in the previous chapter for Metro Courier (click Transaction analysis):
1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT. The journal entry would look like this:
2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit. This journal entry would be:
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Answer:
Steps to Reviewing it:
- Look for the unweighted and Total GPA
- Look at the individual grades for the various subjects by semester then by GP.
- Look at the explanation of marks
- Finally look at the comments made on the report
Sections drawn to:
- Total GPA
- Grades in certain courses such as Computer Science, Commerce and Chemistry.
- Comments from teachers
Important to me
- That I pass all my subjects as much as possible and cause my teachers less grief.
Important to my parents
- That I pass all my subjects by the best margins possible.
Actions if something looks wrong:
- Investigate on my own first for instance, if a grade is not what it should be, go through term papers and be sure of the results.
- Go to relevant authority to complain.
Answer:
$38,400
Explanation:
<em>1. Cash Purchases:</em>
The total purchases in the month of March is of $35,000.
It is given that 70% of Purchases are for cash.
Hence, 70% of $35,000 would be;
$39,000 x 0.70
$27,300
<em>2. Credit Purchases:
</em>
Remaining Balance of Purchases from the month of February:
For the month of February Cash Purchases can be calculated as follows;
$37,000 x 0.70
$25,900
Remaining Balance to be paid in March for the month of February can be calculated as follows;
$37,000 - $25,900
$11,100
<em>3. CASH PAYMENT for PURCHASES in MARCH:</em>
Cash Purchases = $27,300
Credit Purchases = $11,100
Hence;
<em>Cash Payment for purchases in March = Cash Purchases + Credit Purchases
</em>
Cash Payment for purchases in March = $27,300 + $11,100
Cash Payment for purchases in March = $38,400
Answer:
Simple, stable
Explanation:
External environment
This is commonly known and includes factors, forces, outcomes, situations, and events outside an organization that influences or affect its performance.
The components of external environment includes: economic, demographic, technological, sociocultural, political/legal, global etc.
Stable-simple environment
This environment is said to be very stable and also predictable. The Few components are sort of similar and remain the same. And it requires little need for sophisticated knowledge of components.
Answer:
B. Batch-level activity
Explanation:
A purchase order is is document issued by a seller to a buyer that indicates types, quantities, and agreed prices of products to be delivered. It is used to discourage purchase of product from other users.
Purchase order is a legally binding document. It provides a better way to keep track of inventory and payment for goods and services.
It is a batch level activity because it involves sale of large batches of products.