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3 years ago

An account that would be increased by a debit is

2 answers:

6 0

An account that would be increased by a debit is A. cash.
Cash account is the only account among these up there which would be increased by a debit. Credit is the type of money which you take from your account; on the other hand, debit is the money that you pay into your account, so obviously you will have more money in your cash account if you pay money into it.

cestrela7 [59]3 years ago

5 0

Answer:

INCORRECT ANSWER A. cash is INCORRECT

Explanation:

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3 years ago

If Joel earns a 7 percent after-tax rate of return, $27,000 received in two years is worth how much today

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Answer: $23571

Explanation:

For this question, we have to calculate the present value of $27,000 with the given rate and the time that have already been given in the question to know the worth tiday. This will then be:

= $27,000 x PVIF (7%, 2)

= $27,000 x 0.873

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3 years ago

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3 years ago

Beachside Coffee Shop, in an effort to streamline its accounting system, has decided to utilize a cash receipts journal in its o

Kisachek [45]

Answer:

the available options for the question are,

A. Cash Cr. $18, Food Revenue Dr. $18,

B. Cash Dr. $18, Food Revenue Dr. $18

C.Cash Dr. $18, Food Revenue Cr. $18

D. Cash Cr. $18, Food Revenue Cr. $18

and the correct answer is C.Cash Dr. $18, Food Revenue Cr. $18

Explanation:

the answer is simple. once they implement the accounting system, all the transaction will have at least a double entry.

when a cash sale is made for $18, this is a revenue stream for the business, while the cash balance of the business increases as well. Revenue account is an income and an increase in income is treated as increase in credit while the cash balance is an asset, and the increase of the asset is treated as a debit.

if you look at options A, B and D, all of these transactions are either mixed up or have both credits or debits which is wrong, because of this, only the answer C is correct.

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3 years ago

Prist Co. had not provided a warranty on its products, but competitive pressures forced management to add this feature at the be

Naddika [18.5K]

Answer:

Event 1:

Debit Warranty expense for $8.416.

Credit Warranty liability $8,416.

Event 2:

Debit Warranty liability for $8,416.

Debit Warranty expenses for $11,484.

Credit Cash for $19,900.

Explanation:

Estimated warranty liability = $4,208,000 * 0.2% = $8,416.

Excess of actual and over extimated warranty liability = $19,900 - $8,416 = $11,484

The journal entries will look as follows:

Details Dr ($) Cr ($)

Warranty expense 8.416

Warranty liability 8,416

(To record the estimated warranty liability).

Warranty liability 8,416

Warranty expenses 11,484

Cash 19,900

(To record actual warranty cost).

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3 years ago