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Anvisha [2.4K]
3 years ago
9

Report the effects for each of the following independent transactions using the financial statement effects template provided Ba

lance Sheet Noncash Assets Earned Transaction Cash Asset + Liabilities+ Contributed Revenu Capital Capital
(a) Issue stock for $1,500 cash
(b) Purchase inventory for $750 cash
(c) Sell inventory from (b) for $3,000 on credit
(d) Record $750 for cost of inventory sold in (c)
(e) Receive $3,000 cash on receivable from (c) Totals
Business
1 answer:
Marianna [84]3 years ago
3 0

Answer:

since there is not enough room here, I prepared an excel spreadsheet

Explanation:

 

Download pdf
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Cambridge Co. uses the allowance method. During January 2019, Cambridge writes off a $640 customer account balance when it becom
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Answer:

The correct answer is option (a).

Explanation:

According to the scenario, computation of the given data are as follows:

Allowance method shows that, if account is written off, then Accounts receivable account gets credited and Allowance accounts gets debited.

Here, both accounts are or balance sheet items.

So, it will not affect any expenses account.

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3 years ago
The general ledger shows a balance of $ 66 comma 200 in the Merchandise Inventory account at the end of the period. The physical
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Answer:

The adjusting entry includes a debit to Cost of Goods Sold and a credit to Merchandise Inventory for $3,200

Explanation:

Perpetual inventory is a method of accounting for inventory that records the sale or purchase of inventory immediately

The adjusting entry is calculated by subtracting the physical inventory account from the merchandise inventory account

Given

Physical Inventory Account= $63,000

Merchandise Inventory Account= $66200

Adjusting Entry = Merchandise Inventory Account - Physical Inventory Account

Adjusting Entry = $66,200 - $63,000

Adjusting Entry = $3200

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3 years ago
During the sales presentation, the prospect interrupted the salesperson’s presentation and said, "Wait a minute.  This looks lik
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Answer: Postpone

Explanation:

In marketing, one of the ways to handle an objection is to postpone it until the end of the presentation. In the course of the presentation, the client may think that the project has a certain cost and it will not work or another reason, in this case, postponing it is one of how a person can present their idea until the end, to convince the potential client.

In this case, the seller handled himself well by telling him that the program is cheap and that he will explain the price in a moment, allowing him to express everything related to his program, giving him a chance for prospects they can know the program in its entirety.

3 0
3 years ago
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What conflict of interest information must be made available by institutions on a public website or within five business days up
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Answer:

The financial conflicts of interest of senior or key personnel on PHS-funded projects.

Explanation:

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Hence, the right answer is The financial conflicts of interest of senior or key personnel on PHS-funded projects.

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