The answer is D. a debit to accounts payable and a credit to notes payable. This is because Cory issued a note to his creditor as a promise that he will pay the creditor. With this, he will be gaining a Notes Payable, or a promissory note stating that he will pay, and will be losing an Accounts Payable. So according to the rules of accounting, if a liability is debited, then it will be lessened from the books of the business. If a liability is credited, however, then it will be added to the records of the business.
Here are a couple of things hope they help
<span>1.) Interest rates
</span><span>2.) Taxes Inflation
</span><span><span>3.) </span>Currency
</span><span>4.) exchange rates
</span><span>5.) Consumer discretionary income
</span><span>6.) Savings rates
</span><span>7.) Consumer confidence levels
</span><span>8.) Unemployment rate
</span><span>9.) Recession
</span><span><span>10.)</span> Depression </span>
Answer:
a. Reversal entry:
Debit Rent expense $4,650
Credit Miscellaneous Expense $4,650
Correct Entry:
Debit Rent expense $4,650
Credit Cash $4,650
b. Reversal entry:
Debit Accounts payable $3,700
Credit Cash $3,700
Correct Entry
Debit Cash $3,700
Credit Accounts Receivable $3,700
Explanation:
Reverse entry is to simply close to zero the original entry that has been made in mistake. Afterwards, record the correct entry to properly account the transaction.
To reverse the previously made entry, we simply debit what is credited and debit what is credited.
a. We need to close the rent expense credited by debiting it and credit the miscellaneous expense that is previously debited to zereod out the mistake recording. Then to record the correct entry, Debit Rent expense and Credit Cash at the amount $4,650
b. Just ike what we did on the previous transaction, we will debit the Accounts payable and credit the cash that has been recorded by mistake to zereod out the balance and then make the correct entry. Debit Cash $3,700 and credit Accounts receivable $3,700.
Here are the options:
A. Check the receiving room for the product to be in the shelves.
B. Let them no the truck comes in on Tuesday.
C. Tell the Customer to check back again later.
D. Show the Customer the other brands of Shampoo that's available on the shelf
Answer:
<u>D. Show the Customer the other brands of Shampoo that's available on the shelf.</u>
Explanation:
This is the option because it provides an opportunity to still make a sale. Remember, the customer only complained of not seeing a particular brand
It therefore, means that if shown other brands of Shampoo that's available on the shelf they may opt-in to buy them.