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1 year ago

which of the following is omitted in a barter transaction?a) tradeb) medium of exchangec) store of valued) money

1 answer:

8 0

Money is omitted in a barter transaction.In a barter transaction, two parties trade one basket of goods and services for another basket containing additional goods and services.

<h3>What is barter transaction?</h3>

A barter transaction entails two parties and involves the exchange of one basket of products and services for another basket including other commodities and services. without a related monetary payment.
In the alternative trading system of barter, products and services are traded directly for one another without the use of money as a middleman. For instance, a farmer may trade a pair of shoes from a shoemaker for a bushel of wheat.
Several different kinds of barter exchanges are briefly described and explained here.
Direct bartering is the direct exchange of goods or services between two or more parties.
retail barter is exchanged between small enterprises through a trade exchange that is locally arranged.

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How are prices determined in a free market economy

professor190 [17]

If it’s free then I don’t think they need to determine the price bc it’s free

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During most of the Soviet rule (and certainly after 1934), any form of experimental art was considered dissident and, therefore,

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The statement, "During most of the Soviet rule (and certainly after 1934), any form of experimental art was considered dissident and, therefore, could only exist as a part of underground culture" is True

Option a

<u>Explanation: </u>

All across the 1920s, the creation of Soviet Art was followed by an era of severe ideological competitiveness among artistic groups, which each tried to ensure that their views were given a priority for the determination of the shapes and instructions under which soviet art will also grow.

The increasing crisis of radical left wing artwork done this fight even more angry, In the late 1930's, several avant-garde movements that emerged in the 1910s had become tired and began depicting artifacts in real life, as they sought to return to the traditional model of drawn pictures.

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3 years ago

At the beginning of July, CD City has a balance in inventory of $2,850. The following transactions occur during the month of Jul

erastova [34]

Answer:

Gross profit = $ 3950.

Explanation:

July-3. Dr Merchandise Inventory 1750

Cr Accounts payable 1750

( To record purchase of inventory on account)

July-4. Dr Merchandise Inventory 120

Cr Cash 120

( To record payment of freight charges)

July-9 Dr Accounts payable 400

Cr Merchandise Inventory 400

( To record return of inventory)

July-11 Dr Accounts payable 1750

Cr Cash 1750

( To record payment from wholesale music in full)

July-12.a) Dr Cost of goods sold 2450

Cr Merchandise inventory 2450

b) Dr Account receivable 4700

Cr Sales revenue 4700

(To record sales of goods to a customer)

July-15. Dr Cash 4700

Cr Account receivable 4700

( To record receipt from sale of goods)

July-18 Dr Merchandise inventory 2550

Cr Accounts payable 2550

(To record purchase of inventory on account)

July-22.a) Dr Cost of goods sold 1950

Cr merchandise inventory 1950

Dr Account receivable 3650

Cr sales revenue 3650

(To record sales of goods on account)

July-28 Dr Accounts payable 190

Cr Merchandise inventory 190

(To record purchase return)

July-30. Dr Accounts payable 2550

Cr Cash 2550

(To record paid in full).

2. Income statement

Sales (4700+3650) = 8350

Less: Cost of goods sold (2450+1950) =(<u>4400</u>)

Gross profit 3950

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3 years ago

In December, a company signed a contract with a regular customer to sell products for $100,000. In January, the company received

REY [17]

Answer: In January, when the products are delivered.

6 0

1 year ago

at the end of the current year, using the aging of accounts receivable method, management estimated that $16,500 of the accounts

Furkat [3]

The adjusting entry that the company should pass at the end of the current year to record the bad debts expense:

Bad Debts Expense 16,900

Allowance for Doubtful Accounts 16,900

<h3>What is an allowance for doubtful accounts?</h3>

A contra account called an allowance for doubtful accounts nets against the total receivables shown on the balance sheet to only show the amounts anticipated to be paid. The percentage of accounts receivable that are anticipated to be uncollectible is estimated by the allowance for doubtful accounts.

A negative balance in the allowance for doubtful accounts means that more accounts than anticipated have been written off. A contra asset account with a typical credit balance is the allowance for doubtful accounts.

Under the aging method, the adjusting entry for bad debt expense is calculated using the following formula:

Estimate of uncollectible accounts - (+) Current credit (debit) balance in the allowance for doubtful accounts = Bad debt expense

Hence, The adjusting entry that the company should pass at the end of the current year to record the bad debts expense is given above.

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"Your question is incomplete, probably the complete question/missing part is:"

Bad Debts Expense 16,500

Allowance for Doubtful Accounts 16,500

Bad Debts Expense 16,100

Allowance for Doubtful Accounts 16,100

Bad Debts Expense 16,900

Allowance for Doubtful Accounts 16,900

Accounts Receivable 16,500

Bad Debts Expense 400

Sales 16,900

Accounts Receivable 16,900

Allowance for Doubtful Accounts 16,900

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2 years ago