Answer:
Debit cash for $100,000
Credit cash for $100,000
Explanation:
It should be noted that on September 1, the only transaction that occurred is the receipt of cash by Vicario, Inc. from First National Bank and no interest expenses has been accrued.
Based on this therefore, the journal entry for Vicario on September 1 will appear as follows:
<u>Date Name of Accounts DR ($) CR ($) </u>
Sept. 1 Cash 100,000
Notes payable 100,000
<u><em> (To record borrowing from First National Bank.) </em></u>
I think it’s true
(Not sure)
Answer: income statement and the statement of cash flows
Explanation:
Answer:
Resources are scarce and All costs are opportunity costs.
Explanation:
The scarce resource in this case is time. Because resources are scarce, then people have to take choices strategically. If time was infinite, then Raphael would dedicate more time to train.
The sentence could also illustrate that all costs are opportunity costs. The cost of doing something else, is not training. For example, the cost of the time that he dedicates to study, is the time that he could spent training. But here we are also talking about time, then it could be option A or option B, but for me, A and B are correct.
Because resources are scarce, all of what we decide to do have an opportunity cost.
Answer:
store of value, medium of exchange, unit of account
Explanation:
Money can be defined as any asset used by an individual or business entity to make purchases of goods and services at a specific period of time.
Simply stated, money refers to any asset which can be used to purchase goods and services by customers.
This ultimately implies that, money is any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.
Additionally, the rate at which an asset can be used to purchase any goods or services refers to its liquidity. Thus, liquidity is a quality or characteristics of money as a medium of exchange. Therefore, money is a generally accepted medium of exchange around the world.
In economics or financial accounting, a correct listing of money's functions are;
I. Store of value.
II. Medium of exchange.
III. Unit of account.
