The correct answer is market price.
Market price is the price that you normally pay when you want to buy something. This price is usually higher than what the store that is selling it got it from the manufacturer, because it is buying the product in bulks. You as a consumer will have to pay this price when all discounts, allowances, and rebates are subtracted.
Answer:
A) November 30
Explanation:
Based on accrual principle of accounting, revenue is recognized when it is earned and not necessarily when cash is received.
Revenue is said to be earned when the obligation of the delivery of service or goods sold has been met.
As such, where a company accepts a customer's order on November 30 and immediately delivers the goods to the customer, revenue is said to be earned (and will be recognized ) on the day of delivery.
Answer:
Bad Debts Expense 21,550
To Allowance for Doubtful Accounts 21,550
Explanation:
Before passing the adjusting entry, first we have to determine the adjusted amount which is shown below:
= Ending balance of accounts receivable + debit balance of Allowance for Doubtful Accounts
= $21,000 + $550
= $21,550
Now the adjusting entry would be
Bad debt expense A/c Dr $21,550
To Allowance for doubtful debts $21,550
(Being estimated bad debts is recorded)
The government’s budget is balanced when the Revenue and expenditures are sitting on a balance at the same level. Option B is correct.
<h3>What is government budget?</h3>
A government budget is a document created by the government or the other political institution that outlines anticipated tax revenues and proposed expenditure for the new financial year.
The budget is introduced to the legislature in most parliamentary systems, and it typically involves authorization.
Provided that the box dimensions symbolize the lengths of a state's revenues and expenditures, and that the two sizes are equivalent, the budget is called the balanced budget, as Revenue=Expenditure.
If in the second condition, if the two sizes are not equivalent then the budget would be called as the unbalanced budget, and then deficit will occur if the expenditure > revenue and the Surplus will make if revenue > expenditure.
Therefore, option B is correct.
Learn more about the budget, refer to:
