Answer:
The journal entry which is to be recorded for the dishonored note is shown below:
Explanation:
The journal entry which is to be recorded for the dishonored note is as follows:
Accounts Receivable A/c..............................Dr $2,075
Notes Receivable A/c...................................Cr $2,000
Interest Revenue A/c......................................Cr $75
Being the note which is received got dishonored
As the note got dishonored so the accounts receivable account will be debited against the notes receivable account and the account of interest revenue is also credited.
Working Note:
Interest revenue = Amount of notes receivable × Rate × Months / Total number of months
= $2,000 ×5% × 9/12
= $75
Answer:
B. Strategic alliance
Explanation:
Strategic alliance is the agreement between two or more players (companies) to share resources or knowledge in such a way that it benefits all parties involved.
It is an agreement for cooperation among two or more independent firms to work together to achieve a common goal which is usually profit making. The example asked in the question is a form of strategic outsourcing relationship where the Soccer to the masses shared their products with the Japanese company in exchange for the Japanese company offering manufacturing and wilder distribution of the products.
All parties involved hopes for a synergy where everyone benefits more from the alliance rather than if they stood alone.
Answer:
d. Work in Process 150,000 DEBIT
Wages Payable 150,000 CREDIT
Explanation:
The direct labor will the wages accrued for production orders. The general factory use will be part of the actual factory overhead. It should not be considered as direct labor. It is indirec tlabor, a component of manufactring overhead.
We debit work in process as it represent an assets, these units will be finished, sell and collected; completing the conversion cycle of assets.
While the wages are credited as thy represent an obligation to pay (liabilties)
Answer:
c. is a financial statement that summarizes a firm’s revenues and expenses over a period of time
Explanation:
The balance sheet is a financial statement that shows the firm’s financial position at a particular point in time. It details the firm’s assets and liabilities at a point in time.
I hope my answer helps you
Answer:
c as price increases, quantity demanded decreases.
Explanation:
The law of demand states that the higher the price of an item, the lower the quantity demanded of that good. While the lower the price, the higher the quantity demanded.
This shows an inverse relationship. As the price of a commodity increases from a former price to a new price, the consumers of that commodity would purchase less of it. But if the reverse is the case, that is price is lowered, consumers would purchase more quantity of the commodity.
