Answer:
The journal entries are made below;
Explanation:
May 1. Account Receivable-Beijing Palace Co. Dr.$18,900
Sales Revenue Cr.$18,900
Cost of Goods Sold Dr.$11,200
Inventory Stock Cr.$11,200
Aug 30. Cash Dr.$8,000
Bad Debt Expense Dr.$10,900
A/R-Beijing Palace Co. Cr.$18,900
Dec 8. A/R Beijing Palace Dr.$10,900
Bad Debt Expense Cr.$10,900
Cash Dr.$10,900
A/R Beijing Palace Co. Cr.$10,900
Answer:
Decrease (debit) in equity, Cash Dividends Payable (credit, liability account)
Explanation:
The journal entry to record the declaration of the cash dividends involves a decrease (debit) to Retained Earnings (a stockholders' equity account) and an increase (credit) to Cash Dividends Payable (a liability account).
(opentextbc.ca)
A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the <u>Time period principle.</u>
The time period principle- Financial results and other material business activities should be reported over a consistent time period, such as a month, week, day, etc., in accordance with the time period concept. Depending on the frequency of the chosen time period, the firm must then adhere to a distinct set of regulations for each financial statement in accordance with US Generally Accepted Accounting Principles.
Any company's financial statements can be thought of as a snapshot in time that reveals both the company's history and its current status. That's why it's crucial to disclose to readers the time frame in which the financial statements were generated in accordance with the time period concept.
In its broadest sense, the time period principle holds that any enterprise may conveniently categorize its financial operations into discrete time intervals. That is to say, all cash inflows and outflows may be neatly categorised into separate and sequential accounting periods.
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<span>Intense competition!!!I hope this helped!!</span>
If a person is highly risk averse, the higher marginal utility associated with a negative outcome outweighs the lower marginal utility from a positive outcome.
<h3>What is marginal utility?</h3>
The extra satisfaction which a consumer receives from possessing one more unit of an item or service is known as marginal utility.
The concept of marginal utility is helps in describing how customers make decisions to get the most out of their limited budgets. In general, until the marginal utility exceeds the marginal cost, consumers will keep buying more of a good.
There are three types of Marginal utility:
- Positive Marginal Utility: When having more of something provides you more happiness, you have positive marginal utility. Assume you regularly eat a piece of cake, however a second piece would bring you even more joy. Then the marginal utility from cake consumption is positive.
- Zero Marginal Utility: It occurs when using more of an item provides no additional measure of satisfaction. For instance, you might feel reasonably full after 2 pieces of cake but not significantly better after a third slice. Your marginal utility on eating cake is 0 in this situation.
- Negative Marginal Utility: It occurs when you have an abundance of an item, and ingesting more is really hazardous. After eating three slices of cake, the fourth piece of cake may potentially make you sick.
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