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OverLord2011 [107]
1 year ago
12

At what point does an informal agreement become a binding

Business
1 answer:
pashok25 [27]1 year ago
7 0

Answer: When consideration is provided by one of the parties to the contract

Explanation:

Consideration must be given to make a contract legally binding.

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MB has been using proper workflow for her sales process by creating invoices, receiving payments, and recording deposits using t
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She will be able to m<em>atch </em>downloaded deposits to <em>existing</em> transactions in the Banking Center.

MB been an accountant,  she must follows workflow process to ensure efficiency of operation.

  • The process of creating invoices, receiving payments, and recording deposits  are part of the Workflow process she must adhere to at her place of work.

In conclusion, the process makes the work of employee easier and uncomplicated because its enables them adhere to a strict procedure of getting work done.

Learn more about Workflow process here

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What is pure competition?
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It is the third one
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GN Corp. and BC Inc. are two competing firms in the same industry. GN Corp.'s tangible assets are valued at $15 billion and its
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Answer: It is likely that BC Inc. is better enabled than GN Corp to gain and sustain a competitive advantage.

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After the accounts are adjusted and closed at the end of the fiscal year, accounts receivable has a balance of $340,000 and allo
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340,000-51,000=$289,000
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Scott's Cycles sells merchandise on credit terms of 2/15, n/30. A sale invoiced at $1,500 (cost of sales $975) was made to Shann
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1. The journal entry to record the credit sale by Scott's Cycles, using a perpetual inventory system, is as follows:

February 1:

Debit Accounts Receivable $1,500

Credit Sales Revenue $1,500

  • To record the credit sales, terms 2/15, n/30.

Debit Cost of goods sold $975

Credit Inventory $975

  • To record the cost of goods sold.

2. The journal entry to record the collection of the account by Scott's Cycles is as follows:

February 9:

Debit Cash $1,470

Debit Cash Discounts $30

Credit Accounts Receivable $1,500

  • To record the collection of the account and cash discounts allowed.

3. The journal entry to record the collection of the account by Scott's Cycles is as follows:

March 2:

Debit Cash $1,500

Credit Accounts Receivable $1,500

  • To record the collection of the account.

2. The journal entry to record purchase on account by Scott's Cycles is as follows:

March 4:

Debit Inventory $9,000

Credit Accounts Payable $9,000

  • To record the purchase of bicycles and accessories, terms 3/10, n/30.

<h3>What are the journal entries?</h3>

Journal entries are the accounting records kept by an entity about its daily transactions.

Journal entries identify the accounts involved in each transaction and whether they will be debited or credited.

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