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3 years ago

What is the key difference between a transaction account (checking) and a time deposit (savings, CD, etc.)?

Business

1 answer:

grin007 [14]3 years ago

8 0

Answer:

A checking account is operated using a cheque book while a time deposit is operated by the use of a pass book

Explanation:

Here, we want to examine the difference between a transaction account and a time deposit account.

While both of these are accounts types used in banks, there are some key differences between them.

For a checking account, it is operated using a cheque book to request for funds inside while bearing a very little amount of interest due to the fact that withdrawals can be effected regularly.

For a time deposit account, although it bears a small difference with normal savings account due to the fact that the interest rate is lower. However, the difference here is that a passbook is used in requesting funds from it and it bears a higher interest rate compared to a checking account

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Words that are designed to get an immediate reaction or incite harm are which of the following

atroni [7]

Answer: Fighting words

Fighting words are words designed to get an immediate reaction or incite harm.
Libel and slander are both cases of abuse of someone's name or reputation, the difference is libel is written while slander is verbal. Clear and present danger is a test devised by Supreme Court to evaluate these abuses.

3 0

3 years ago

At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $ 901,000 Credit sales 30

Anon25 [30]

Answer:

Please find the detailed answer in the explanation section.

Explanation:

A. 4% of credit sales

Bad Debts Expense is 4% of $301,000

0.04 x $301,000

=$12,040

Adjusting entry

Dec. 31

Dr Bad debt expense $12,040

Cr Allowance for Doubtful allowance $12,040.

B. 2% of total sales

Total sales = cash sales + credit sales

$ 901,000 + $ 301,000

=$1,202,000

Bad Debts Expense is 2% of 1,202,000

0.02x $1,202,000

=$24,040

Adjusting entry

Dec. 31

Dr Bad debt expense $24,040

Cr Allowance for Doubtful allowance $24,040.

C. 7% of year-end accounts receivable.

Unadjusted balance is $5,100

Estimated balance = $8,820(7% of $126,000)

Adjusted balance is $13,920($5,100 + $8,820)

Adjusting entry

Dec. 31

Dr Bad debt expense $8,820

Cr Allowance for Doubtful allowance $8,820

5 0

3 years ago

Journalize the following five transactions for Nexium & Associates, Inc. Omit explanations.March 1 - Bills are sent to clien

emmasim [6.3K]

Answer: Please find answers in explanation column

Explanation:

Journal entry for Nexium & Associates

1.Journal to record Services provided in February.

Date Account Debit Credit

March 1 Accounts receivable $800

Service revenue $800

2.Journal to record purchase of furniture and supplies on account.

March 9 Office furniture $1,060

Office supplies $160

Accounts payable $1,220

3.Journal To record payment made to suppliers, Corner Office Inc.

March 15 Accounts payable $1,220

Cash $1,220

4.Journal To record the bill of electricity for march which is not yet due to be paid till April.

March 23 Electricity expense $430

Outstanding Liabilities $430

5.Journal To record the salary payment to employees.

March 31 Salaries expense $850

Cash $850

3 0

4 years ago

81) When a seller advertises an item at a low price but once in store pushes a similar item at a higher price, the seller is par

storchak [24]

Answer:

E) bait and switch

Explanation:

BAIT AND SWITCH can be defined as a way in which a seller use advert of a low price to deceive and attract customers to their shop in which the products or item advert by seller is not available in order to sell similar or separate product to the customer at a higher price instead of selling the same product with a low price advertised by the seller.

Example a seller may advert a quality Italian shoe with a low price of $50 in order to deceive a buyer or customers to their place of business by then selling a similar product of shoe that looks like the one advertise by them to the customer at a higher price of $300.

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3 years ago

Felipe works for an insurance agency with about 50 employees. The HR director recently sent an email requesting information on w

Zinaida [17]

Answer:

C. Most people used the reply all button

Explanation:

This is a problem that can occur in companies due to misuse of e-mail functionalities. What happened in this case was that the employees who responded to the HR director's request email, used the reply button to all contacts forwarded in the director's original email, which ends up creating an email chain unnecessary and can hinder and delay the work of other employees, who need to see emails related to their role.

Therefore, the essential thing is that each employee makes use of the e-mail tool effectively, responding only to the recipient of the e-mail and avoiding sending unnecessary and private messages to contacts not interested in the professional subject addressed in the e-mail.

7 0

3 years ago