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Testee should make entry of Debit Cash.
<h3><u>
What is debit?</u></h3>
- A debit is an accounting entry that affects a company's balance sheet by increasing assets or decreasing liabilities.
- In basic accounting, credits that operate in the inverse direction of debits balance each other out.
- For instance, depending on the loan's terms, if a company takes out a loan to buy equipment, it will simultaneously debit fixed assets and credit a liabilities account. Sometimes "dr," the acronym for "debtor," is used to refer to debit.
Every double-entry accounting system has a debit option. The polar opposite of credits is a debit. Credits indicate money coming into an account, whereas debits represent money leaving it. As Debit Service Charge, Expense (3% of the revenue--$200) Credit Sales Revenue.
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Answer:
the cost of goods sold under the periodic system is $690,320
Explanation:
The computation of the cost of goods sold under the periodic system is as follows:
Cost of goods sold = Beginning inventory + Purchases - Purchases discount - Purchase return and allowance + Freight in - Ending inventory
= $41,000 + $705,020 - $11,900 - $13,100 + $16,900 - $47,600
= $690,320
Hence, the cost of goods sold under the periodic system is $690,320
This is the answer but the same is not provided in the given options
Answer: Yes they will.
Explanation:
With high interest rates, the company will be able to make better returns if they invested the money and took advantage of those interest rates instead of spending the money on their project.
Assets like bonds will be better to go into because they will offer a return based on the higher interest rates which will bring in good returns.
The company is free to use those funds to invest in projects if these projects will lead to a better return than could be gotten from holding bonds but if that is not the case, they should simply buy bonds and hold them for superior returns.
The net income for the year 2022 is: c. $88,000.
<h3>Net income for the year 2022</h3>
Using this formula
Net income=Revenues - Expenses
Let plug in the formula
Net income=$735,000-$647,000
Net income=$88,000
Therefore the correct option is c.
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