The class of plants that has vascular tissue and reproduces with spores is the

Lapping is best described as the process of________.

Mamont248 [21]

Answer:

b. applying cash receipts to a different customer's account in an attempt to conceal previous thefts of cash receipts is the correct answer.

Explanation:

Lapping is best described as the process of applying cash receipts to a different customer's account in an attempt to conceal previous thefts of cash receipts.

Lapping is an illegal mode of allotting one consumer's cash to another consumer's account.

Lapping usually occurs in smaller businesses where a single person manages payment receipts and consumer billing.

Companies can stop and check lapping through conducting regular inspections of payment receipts and also by dividing cashier and billing tasks.

5 0

3 years ago

This information relates to Cheyenne Real Estate Agency.

gregori [183]

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Dr, $31,770

To Common stock $31,770

(Being issuance of shares for cash is recorded)

2. No Journal Entry is required

3. Office furniture Dr, $3,740

To Accounts payable $3,740

(Being purchase of office furniture on credit is recorded)

4. Accounts receivable $10,430

To service revenue $10,430

(Being customer billed for service is recorded)

5. Cash $185

To credit revenue $185

(Being cash received for service is recorded)

6. Accounts payable $800

To cash $800

(Being cash paid for office furniture purchased is recorded)

7. Salaries expense Dr, $3560

To cash $3560

(Being salary paid is recorded)

5 0

3 years ago

What would happen in the market for loanable funds if the government were to increase the tax on interest income?

nalin [4]

Answer:

Interest rates would rise.

Explanation:

There would be a decrease in the amount of loanable funds borrowed.

if the government were to increase the tax on interest income, a reduction in the amount of funds borrowed would happen because the cost of borrowing would then become higher and people would have to pay more than they would have paid for every amount borrowed

5 0

2 years ago

Sally is in the business of purchasing accounts receivable. Last year, Sally purchased an account receivable with a face value o

marusya05 [52]

Answer:

Sally’s basis in the Account Receivable is $60,000

She has a bad debt deduction of $0. There is no Bad debt deduction for Sally. Rather she made a profit on the transaction.

Explanation:

The Account Receivable can be defined as a Debt Instruments. Debt instruments in accounting are valued at Lower of Cost or Net Realizable Value.

Cost is the amount of cash or its equivalent that was expended to obtain an asset. The cost of this Account Receivable therefore is 60,000

Net realizable value (NRV) is the value that can be realized from the sale of an asset. Net Realizable value of the Account Receivable therefore is 80,000.

Therefore the value to be utilized as the value of the Account Receivable 60,000.

Below is the accounting entries to record the transaction and recognized profit.

For the Face Value of the Debt

Debit: Account Receivable Account(Debtors) 60,000.00

Credit: Account Receivable Purchase Account 60,000.00

For the payment of the A/R

Debit: Account Receivable Purchase Account 60,000.00

Credit: Bank 60,000.00

For the settlement received on the A/R

Debit: Bank 65,000.00

Credit: Account Receivable Account(Debtors) 60,000.00

Credit: Profit & Loss 5,000.00

8 0

3 years ago

Which of the following is an example of electronic banking?

Vedmedyk [2.9K]

Answer:

B. Wiring funds from one account to another

Explanation:

electronic banking can be defined as a process through which money is being transferred through electronic signal exchange rather than the traditional way of money exchange throug cheque or documents.

Electronic banking facilities that uses electronic equipment are;

ATM
point of sale banking(POS)
fund transfer service
Mobile Banking,etc.

3 0

2 years ago

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