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stich3 [128]
1 year ago
15

If the owner of business withdrawals money for personal use but in performing a bank reconciliation determines that she had negl

ected to record the withdrawal what accounting entry would be necessary?
Business
1 answer:
s2008m [1.1K]1 year ago
4 0

Debit withdrawals; credit cash is the correct answer.

<h3>What are drawings in accounting?</h3>
  • A drawing bank is not in and of itself a bank account.
  • Drawing in accounts are the records kept by a company owner or auditor that show how much cash has been taken by business owners.
  • These are transfers made for personal use rather than for the profit of the business, yet they are governed in a way that employee earnings are not.
  • Because these transfers must be offset against the owner's equity, accurate records must be maintained.
  • A separate drawings directly deals with it simpler to keep track of these actions and balance the books at the conclusion of every fiscal year when you need to know how to end your drawings account.

learn more about drawing account refer:

brainly.com/question/28137060

#SPJ4

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The best example of how companies are upgrading themselves to meet changing customer preferences is personified in option (C) making online shopping services available.

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8 0
3 years ago
Under the Age Discrimination in Employment Act, to maintain a valid claim, the replacement employee must be substantially younge
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Answer:

The correct answer is the option B: False.

Explanation:

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3 years ago
Which of the following is an example of how high student loan debt can
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A person may choose to rent instead of buying a property as they can't afford a down payment
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1 year ago
Sparks Fireworks manufactures and sells fireworks. Their raw materials used is $71,500. Their beginning raw materials inventory
algol13

Answer:

The correct answer would be, $70500

Explanation:

Raw Material Turnover means what amount of raw materials is used within a specific period of time. So the raw material turnover would be calculated by adding the beginning inventory with the amount of material used within the period, and then the remaining material will be deducted. So the whole calculations are shown as follows:

Beginning Raw Material Inventory: $5000

Raw Material Used:                $71500

Ending Raw Material Inventory:    $6000

Raw Material Inventory Turnover:

Beginning Inventory + Raw Material Used - Ending Raw Material

= 5000+71500-6000= $70500

7 0
3 years ago
As a result of conducting a gap analysis, the potential entrepreneur proved there was a need for the business. This is called do
Vera_Pavlovna [14]

Answer:

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Due diligence refers to an entrepreneur or a business man/woman basically doing their homework, i.e. investigating thoroughly about a business opportunity before deciding to accept a business proposal, enter a new market, or start a new business.

Many times, management is required by law to perform due diligence before entering a new business or signing certain contracts, but it is just common sense that before you start a new business you will try to find out if the business is feasible or not.

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3 years ago
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