<span>The journal entry to record the purchase of merchandise on account for $2,750 with freight of $125 prepaid and added to the invoice is : </span>debit Purchases $2,750, debit Freight In $125; credit Accounts Payable $2,875
The owner of a business invested $5,000 in the business. Total assets and liabilities increase on the fundamental accounting equation.
<h3>What are assets ?</h3>
Financial accounting classifies as an asset any resource that a business or other economic organization owns or manages. Anything that has the potential to provide positive economic value qualifies. The ownership value that can be turned into cash is represented by assets.
<h3>What are liability ?</h3>
A liability is defined in financial accounting as the future economic advantages that an entity must forgo for other entities as a result of previous transactions or other previous events.
<h3>Difference between asset and liability </h3>
Any possessions that could possibly result in future financial gain are considered a company's assets. Your debts to other people are called liabilities.
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The type of reaction will he most likely face in the early stages is rigid and reactive.
<h3>What is Organization?</h3>
Organization refers to the group of people working together in order to achieve the organizational goals. The goal of every organization is to maximize the profits for which it takes various activities.
In the above scenario, Dorian has started a cultural organization in a quality process. The changes made in any of the organization are rigid at first place.
The employees of the Dorian organization will react to the changes made regarding culture of the organization. Later on everyone will be adaptive to the changes.
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Answer:
International Monetary Fund, IMF and the World Bank
Explanation:
The Bretton Woods Agreement was negotiated in July, 1944 which established a new global monetary system. It made US dollar the global currency and replaced gold standard.
This agreement created The World Bank and International Monetary Fund (IMF) which would monitor the new monetary system.
The Bretton Wood system was dissolved in 1970's but IMF and The World Bank still exist and are strong pillars of global monetary system.
This implies that 2%/15 net 30 is a method of giving cash discounts on
purchases. What this means is that if the bill is paid within 15 days, there is
a 2% discount. Or else, the total amount is payable within 30 days. For instance,
if "$1000 2/15 net 30" is printed on a bill, the buyer can take a 2% discount ($1000
x .02 = $20) and make a payment of $980 within 15 days or pay the whole $1000 in
30 days.
