The journal entry of a building being purchased will be, a debit in the building account by $60,000; and the cash account and payables account will be credited by $20,000 and $40,000 respectively.
<h3>What is a Journal Entry?</h3>
A method of recording the monetary transactions of a business firm throughout a financial period, in such a way that effects of the same are reflected in the financial statements, is known as recording of journal entries.
Hence, the effect of the journal entry has been given above, and an image is also provided for better understanding of the concept for the readers.
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Answer:
<u>Definition:</u> Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society, including economic, social, and environmental.
To engage in CSR means that, in the ordinary course of business, a company is operating in ways that enhance society and the environment, instead of contributing negatively to them.
<u>Example:</u> Starbucks has long been known for its keen sense of corporate social responsibility and commitment to sustainability and community welfare. According to the company, Starbucks has achieved many of its CSR milestones since it opened its doors. According to its 2019 Global Social Impact Report, these milestones include reaching 99% of ethically sourced coffee, creating a global network of farmers, pioneering green building throughout its stores, contributing millions of hours of community service, and creating a groundbreaking college program for its partner/employees.
Starbucks' goals for 2020 and beyond include hiring 10,000 refugees, reducing the environmental impact of its cups, and engaging its employees in environmental leadership. Today there are many socially responsible companies whose brands are known for their CSR programs, such as Ben & Jerry's ice cream and Everlane, a clothing retailer.
Explanation:
A sociologist might say that this is an example of how economic action is <u>embedded in</u> social relationships.
<u>Explanation:</u>
Answer:
Debit : Cash $22,950
Credit : Common Stock $22,950
Explanation:
When shares were held sorely for investment, on date of sale, we simply record the cash proceeds and no gain on sale of shares is recognized.
Therefore, Cash Proceeds = $51 x 450 shares = $22,950
