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Varvara68 [4.7K]
3 years ago
11

When reconciling a 6 column worksheet for a closing - after totaling up the debits and credits, the closing agent needed to add

a $30,000 Debit to the Seller Debit column to make it equal to the Seller Credit column. What does this Seller Debit represent?
Business
1 answer:
enyata [817]3 years ago
5 0

Answer:

A $30,000 payment the seller will receive from this closing.

Explanation:

The debit column represents the money the seller is receiving from this sale (seller's proceeds).

All the debit's correspond to money received by the seller (e.g. earnest money), while the credits correspond to payments carried out by the seller (e.g. any fees paid by the seller).

So if there is some amount that need to be debited at the end, it can only be money that the seller should receive.

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2 years ago
The kitchen workers at Joe's Coffee Shop and Bakery report directly to Sue, the kitchen manager. Sue is a ________ manager.
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Answer:

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Explanation:

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5 0
2 years ago
What can occur as a result of not having an innovation and planning iteration?
butalik [34]

There will be no time to plan, demo, and improve together if there is no invention and planned iteration.

The Innovation and Planning (IP) Iteration happens at the end of each Program Increment (PI) and fulfils several functions. It serves as a buffer for fulfilling PI Objectives and allocates time for innovation, continuous education, PI Planning, and Inspect and Adapt (I&A) activities. Every iteration is important, and the teams are largely focused on producing short-term benefit. The Solution gets closer to market with each iteration. The focus on solution delivery is high and unwavering.

Iteration Planning is a meeting when all team members decide how much of the Team Backlog they will deliver during the upcoming Iteration. The effort is summarized by  team as a set of committed Iteration Goals.

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8 0
1 year ago
Cybernet Systems is a​ start-up company that makes connectors for​ high-speed Internet connections. The company has budgeted
Sophie [7]

Answer:

$10,950 Unfavorable

Explanation:

For computation of flexible budget variance for total costs first we need to find out the standard cost which is shown below:-

Standard cost = (Sold connectors × budgeted variable costs) + Fixed costs per month

= (77 × $150) + $5,500

= $11,550 + $5,500

= $17,050

Flexible budget variance for total costs = Actual cost - Standard cost

= $28,000 - $17,050

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8 0
3 years ago
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kvv77 [185]

Answer:

Asset exchange transaction

Explanation:

Prepaid rent is an asset exchange transaction because cash (asset) is credited while prepaid rent (also an asset) is debited.

Rent paid in advance is recorded as follows:

Dr Prepaid rent

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As the months go by, the prepaid rent is credited and rent expenses is debited.

Dr Rent expense month 1

    Cr Prepaid rent month 1

4 0
3 years ago
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