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Norma-Jean [14]
3 years ago
6

Assume that Jones Company has an unadjusted balance in Merchandise Inventory of $100,000. Due to shrinkage, a physical inventory

shows that Merchandise Inventory is actually $99,000. The journal entry to record the needed adjustment would be:
Business
1 answer:
Liono4ka [1.6K]3 years ago
6 0

The journal entry that is needed to record the needed adjustment is;

Cost of Goods sold: 1,000 debit

Merchandise Inventory: 1,000 credit

When making the journal entry the company needs to adjust for the lower amount of merchandise that they have. Then the cost of the goods that were sold needs to be debited. Lastly, the merchandise inventory is credited.

It is imperative that all companies keep an updated journal. This helps to keep the balances correct. If the company has an audit and the adjustments aren't made correctly they could be fined.

Learn more merchandise inventory at brainly.com/question/13414269

#LearnwithBrainly

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Answer:

Explanation:

Solution-

According to Senator Jones, the elasticity of taxable income is larger, which means that due to a certain percentage rise in taxes, the taxable income rises by a greater percentage. Also, according to Senator Smith, the elasticity of taxable income is small, which means that due to a certain percentage rise in taxes, the taxable income rises by a smaller percentage.

(I) Under Senator Jones assumptions, due to rise in taxes, the taxable income has risen considerably as compared to Senator Smith assumptions. Thus the estimates of additional revenue from the tax increase will be larger under Senator Jones assumptions, compared to Smith's assumptions.

(ii) Since under Senator Jones assumptions, elasticity of taxable income is large. So due to rise in taxes, there is a significant proportional rise in taxable income under Jone's assumptions compared to Senator Smith assumptions. Thus the costs of the tax increase is borne more under Senator Jones assumptions , compared to Smith's assumptions.

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When evaluating a new project, firms should include in the projected cash flows all of the following EXCEPT:
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Answer and Explanation:

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Taylor is negotiating to buy some land. Under the first option, Taylor will give Ella $150,000 and assume her mortgage on the la
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The only real difference is that if Taylor decides to assume the mortgage, he will need a smaller initial cash flow ($150,000).

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A company receives $371, of which $21 is for sales tax. the journal entry to record the sale would include a:________
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A company receives $371, of which $21 is for sales tax. the journal entry to record the sale would include a debit to Cash for $371.

Claim means a reservation against payment made or unpaid. Debit entries are typically created to the left of accounts. So, when a transaction is made in a double-entry bookkeeping system, one account is debited and the other is credited.

A direct debit is a record of money taken from a bank account. For example, when writing a check. The total debits must balance the total credits. Synonyms: Payment, Liability, Payment, Obligation Other synonyms for direct debit.

Debit is a formal bookkeeping and accounting term, derived from the Latin word debate, meaning "borrow". Charges are categorized on the positive side of balance sheet accounts and on the negative side of resulting items.

Learn more about Debit here: brainly.com/question/14279491

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