The ability of a government to exert control over a person or corporation is called ____

The petty cash fund of the Brooks Agency is established at $150. At the end of the current period, the fund contained $28 and ha

Digiron [165]

Answer:

(a) Debit Petty cash account for $150; and Credit Bank for $150.

(b) Debit Petty cash account for $122; and Credit Bank for $122.

The correct options are:

a. Fund amount is being reduced.

c. Fund is being eliminated.

Explanation:

(a) Prepare journal entries to record establishment of the fund.

The journal entry will look as follows:

Details Debit ($) Credit ($)

Petty cash account 150

Bank 150

(To record petty cash fund establishment.)

(b) Prepare journal entries to record reimbursement of the fund at the end of the current period.

Since the fund contained $28 at the end of the current period, we have:

Amount to reimburse = entertainment + postage + printing = $70 + $30 + $22 = $122

The journal entry will now look as follows:

Details Debit ($) Credit ($)

Petty cash account 122

Bank 122

(To record petty cash fund reimbursement.)

c. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry.

The correct options are:

a. Fund amount is being reduced.

c. Fund is being eliminated.

This is because they both in indicate outflows from the petty cash fund.

5 0

3 years ago

A bookstore encourages customers to take their time browsing, offers them free muffins and coffee, and encourages them to sit do

Irina-Kira [14]

Answer:

b. Geographical proximity leads to persuasion.

Explanation:

Since in the question it is given that the a book store encourage the customers by providing free muffins and coffee, take the time for their browsing and motivates them to sit down and read a book

So this tactic shows the comfortably of the person that he or she could enjoy themselves, and have a great time and feeling safe . Many companies providing this type of service which results in gaining the trust of the customers

4 0

3 years ago

With only two goods, if the income effect is in the same direction as the substitution effect then the good is ____.

Leya [2.2K]

Answer:

Normal good

Explanation:

Income effect Is change in quantity demanded when the consumers purchasing power change as a result of a change in real income.

Substitution effect is when quantity demanded falls as a result of rise in price of a good which leads consumers to purchase cheaper alternatives.

A normal good is a good whose demand increases as income increases.

If the price of a normal good falls, the real purchasing power of the consumer increases and the consumer buys more of the good. Also, the consumer substituites from more expensive alternative goods to the more cheap normal good. The income and substitution effect both move in the same direction.

7 0

3 years ago

The selling concept is typically practiced with ________.A) industrial productsB) unsought goodsC) specialty productsD) convenie

zvonat [6]

Answer:

B) unsought goods

Explanation:

The selling concept -

The concept of selling tells that the consumers will not buy enough any product of any firm unless and until it undergoes some large - scale selling and promotional efforts .

This concept is used for unsought goods , the goods those which the buyers do not normally think of buying , example insurance .

7 0

3 years ago

At Blossom Company, events and transactions during 2020 included the following. The tax rate for all items is 20%. (1) Depreciat

Arlecino [84]

Answer:

$99,200

Explanation:

Calculation to determine The effect of these events and transactions on 2020 income from continuing operations net of tax would be

Using this formula

Effect income from continuing operations net of tax=Strike loss amount-(Strike loss amount*Tax rate )

Let plug in the formula

Effect income from continuing operations net of tax=$124,000 - ($124,000 × .20)

Effect income from continuing operations net of tax=$124,000-$24,800

Effect income from continuing operations net of tax=$99,200

Therefore The effect of these events and transactions on 2020 income from continuing operations net of tax would be $99,200

5 0

3 years ago

The ability of a government to exert control over a person or corporation is called _____.