1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alona [7]
3 years ago
5

A journal entry for a $75 payment for Rent expense was posted as a debit to Salary expense and a credit to Cash. This error will

cause which of the following conditions on the trial balance?
A. The sum of the credits will equal the sum of the debits.

B. The sum of the debits will exceed the sum of the credits by $75.

C. The sum of the credits will exceed the sum of the debits by $150.

D. The sum of the debits will exceed the sum of the credits by $150.
Business
1 answer:
Illusion [34]3 years ago
3 0

Answer: The correct answer is a). The sum of the debits will equal the sum of the credits.

Explanation: When a journal entry is posted as same amount to both the debit and credit it balances up in the trial balance.

In the same vein, irrespective of the error in the ledger raised and posted in the trial balance, the sum will be equal on both the debit side and the credit side.

You might be interested in
Jaden has a degree is marketing. She would like to run her department. She is going back to school to get a degree in:
Masteriza [31]

Answer:

Business Management

Explanation:

With Her <em>Marketing Degree</em> she is able to sell and get the right Customers paying the right price. To run her department she needs knowledge of business operations in Human Resource, IT, Finance , Purchase and Supply and Accounting. The <em>Business Management</em> degree provides these disciplines as minimal.

4 0
3 years ago
A master budget​ ________. A. is the initial plan of what the company intends to accomplish in the period and evolves from both
yaroslaw [1]

Answer:

The correct answer is option D) A Master Budget is is a substitute for the management functions of planning and coordination.

Explanation:

A master budget is not the initial budget a company makes, It is the final budget that incorporates all other specific budgets such as financial budget, operational budget, production budget, marketing budget and ore.

It serves a central  planning tool that a management team uses to direct the activities of a company, set targets and execution strategy.

It also provides a framework to judge performance for respective departments.

4 0
3 years ago
Read 2 more answers
A firm uses exponential smoothing method to forecast demand. In period 10, the forecast was 90 and the actual demand was 100. If
drek231 [11]

Answer:

c. 99

Explanation:

Calculation to determine the forecast for period 11

Using this formula

Forecast for period 11=Forecast *Smoothing constant*Period 11 Forecast

Let plug in the formula

Forecast for period 11=90*.10*11

Forecast for period 11=99

Therefore the forecast for period 11 is 99

8 0
3 years ago
On December 31, 2020, Wayne, Inc. sold $4,000,000 (face value) of bonds. The bonds are dated December 30, 2020, pay interest ann
Andreas93 [3]

Answer:

Wayne, Inc.

1. The stated interest rate for this bond issue is:

= 8%.

2. The market interest rate for this bond issue is:

= 9%.

3. The selling price of the bonds as a percentage of the face value is 97.5% ($3,900,000/$4,000,000 * 100)

4. Journal Entry to record the sale of the bond issue on December 31, 2020:

December 31, 2020:

Debit Cash $3,900,000

Debit Bonds Discounts $100,000

Credit Bonds Payable $4,000,000

To record the bonds proceeds, discounts, and liability.

5. December 31, 2021:

Debit Bonds Interest Expense $351,000

Credit Bonds Amortization $31,000

Credit Cash $320,000

To record the first payment of interest and amortization.

Explanation:

a) Data and Calculations:

Face value of bonds = $4,000,000

Bonds price = $3,900,000

Discount =   $100,000

December 31, 2021:

Interest expense = $351,000

Market interest rate = $351,000/$3,900,000 * 100 = 9%

Cash payment =     $320,000

Coupon interest rate = $320,000/$4,000,000 * 100 = 8%

7 0
3 years ago
You establish a straddle on Fincorp using September call and put options with a strike price of $80. The call premium is $7.00 a
Nina [5.8K]

Answer: $15.50

Explanation:

From the question, we are informed that someone establish a straddle on Fincorp using September call and put options with a strike price of $80 and that the call premium is $7.00 and the put premium is $8.50.

The most that can be lose on this position will be the addition of the call premium and the put premium. This will be:

= $7.00 + $8.50

= $15.50

6 0
3 years ago
Other questions:
  • ______ power results from one's specialized information.
    7·1 answer
  • Which type of account typically has low liquidity? AMoney Market Account BCertificate of Deposit (CD) CChecking Account DSavings
    6·1 answer
  • Ayan, the newly appointed team manager of the sales team, practices autocratic leadership in his team. However, his team members
    6·1 answer
  • A corporation issues $100,000, 8%, 5-year bonds on January 1, 2007, for $104,200. Interest is paid annually on January 1. If the
    5·2 answers
  • Suppose the chester company expands to other markets with good designs, high awareness and easy accessibility, what strategy wou
    11·1 answer
  • What accurately describes a​ company's efforts to engage​ customers, persuasively communicate customer​ value, and build custome
    11·1 answer
  • Recently Kaden switched jobs from a large firm to a medium-sized firm. As one of four project managers at the new firm, Kaden re
    12·1 answer
  • 5. In war time conditions, cigarettes have been used as money. What disadvantage do cigarettes have for trading compared with no
    15·1 answer
  • Select all correct answers
    8·1 answer
  • The customer told you that being competitive in their market is a moving target. They asked you to add
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!