Answer:
a. Reversal entry:
Debit Rent expense $4,650
Credit Miscellaneous Expense $4,650
Correct Entry:
Debit Rent expense $4,650
Credit Cash $4,650
b. Reversal entry:
Debit Accounts payable $3,700
Credit Cash $3,700
Correct Entry
Debit Cash $3,700
Credit Accounts Receivable $3,700
Explanation:
Reverse entry is to simply close to zero the original entry that has been made in mistake. Afterwards, record the correct entry to properly account the transaction.
To reverse the previously made entry, we simply debit what is credited and debit what is credited.
a. We need to close the rent expense credited by debiting it and credit the miscellaneous expense that is previously debited to zereod out the mistake recording. Then to record the correct entry, Debit Rent expense and Credit Cash at the amount $4,650
b. Just ike what we did on the previous transaction, we will debit the Accounts payable and credit the cash that has been recorded by mistake to zereod out the balance and then make the correct entry. Debit Cash $3,700 and credit Accounts receivable $3,700.
Answer:
d. contracts for the sale of goods.
Explanation:
Common law governs all the contracts that are related to employment, services, real estate or construction, insurance, etc
But it does not govern that contract who are related to the Uniform Commerical code (UGC) or by regulations agencies who operates in administrative services
Like the sale or leasing of goods covered under the Uniform Commerical code (UGC) so the same does not come under the common law
hence, the correct option is d
Answer:
The P/E ratio is 12.8.
Explanation:
The price earnings ratio or P/E ratio is a ratio that estimates the amount of money that investors are willing to invest in a company for every $1 of that company's earnings. The Price-earnings ratio is calculated by dividing the price per share by the earnings per share and is also used in the valuation of a company and its stock.
The P/E ratio is = Price per share / Earnings per share
P/E ratio = 126.72 / 9.9 = 12.8 times
