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igor_vitrenko [27]
3 years ago
10

The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would be:

Business
1 answer:
Nataly [62]3 years ago
6 0

Answer:

b. Dec. 31

Income Summary 925

Fees Earned 750

Rent Revenue 175

Explanation:

At the end of each accounting period, the elements of the income statements which are the revenues earned and the expenses incurred are usually closed to the income summary account.

The revenue earned which is normally a credit balance is closed by debiting the account and crediting the income summary. The expenses are closed by crediting the account and debiting the income summary.

Hence if Fees Earned, $750, and Rent Revenue, $175,

Total revenue = $750 + $175

= $925

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The actual and standardized budgets will be equal when: 
A. The rate of inflation is zero
B. The economy is at full employment
C
alexira [117]

Answer:

The correct answer to the following question is B) the economy is at full employment.

Explanation:

Standardized budget which is also know as full employment budget , is used to measure the federal budget deficit or surplus , with the given tax rates and government spending. Here the assumption made is that the economy has full employment, and this is one of the major difference between standardized and actual budget . Also standardized budget would reflect any type of adjustment that has to be made in the actual budget. So therefore the only way that actual budget and standardized budget are equal is when they both have full employment present in the economy.

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The sales discounts account is a contra account to the​ ________ account
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The purchases discount account or discounts received account.
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1. Suppose the amount of premium leather decreases from 180 to 150 a. Does the shadow price change? Why or why not? b. If possib
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Answer:

Explanation: A. Shadow price has not changed because Shadow price show value of a commodity without considering final cost.

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C. The optimal solution didn't change because the product price went from it highest profit 180 to it's least cost 150

5 0
3 years ago
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Fast Fine Foods markets some of its products to consumers looking for simple, quick meals. Fast Fine Foods also offers another l
wlad13 [49]

Answer:

<u>Market segmentation.</u>

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scZoUnD [109]

Answer: d. b and c

Your analysis assumes that velocity is constant, and it is not.

Your analysis assumes that you can correctly define the money supply

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Here are the options for the question:

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b. Your analysis assumes that velocity is constant, and it is not.

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d. b and c

e. a, b and c

According to the constant-money-growth-rate rule, the government should target money growth rate in a way that it will be equal to growth rate of the real GDP.

The likely thing that economist Smith, who favors activist monetary policy would say to economist Jones is that Jones is assuming velocity will be constant, and is also correctly defining the money supply which should not.be the case as velocity isn't always constant.

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3 years ago
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