Answer:
The explanation and solution of this question is given below in explanation section.
Explanation:
The correct option of this question is :
The broker’s escrow trust account.
This method mostly used in freelancing. Upwork is one of the freelancing websites. It uses escrow trust account where potential buyer deposit the down payment and this deposit payment will be released to a potential client as he completes the contract with the buyer.
Why other options are not correct.
The amount does not directly deposited in the seller's bank account. because it is chances that the seller either will not work or complete the work and take the money away.
A salesperson bank account is also an incorrect option.
The answer is C. analyze your current personal and financial situation
Answer: Intel.
Explanation:
A manufacturer is a company that makes finished or semi-finished goods for sale from raw materials. Intel produces various chips and microprocessors used in making most computers in the market.
Answer:
Dr Seller Account $100
Cr Buyer Account $100
Explanation:
The property sold on 15th of the month by Mr. A to Mr. B and the utility bill received later of this month would be split between Mr. A and Mr. B. The basis for the split of the utility bills would be the share that Mr. A utilized the facilities and in this scenario, it is $100. Hence the buyer Mr. B has receivable of $100 and the seller Mr. A has a liability payable of $100 amount.
Hence the buyer will debit the bill by $100 receivable and the Seller will debit the bill owed to buyer by $100.
Answer:
Adjusting Entry
Cost of goods sold (Dr.) $11,000
Beginning Inventory (Cr.) $6,000
Purchases (Cr.) $5,000
Closing Entry
Ending Inventory (Dr.) $2,000
Income Summary (Cr.) $2,000
Explanation:
The adjusting entry is made by debiting cost of goods sold account which reflects the amount of inventory sold during the month and the entry is credited by beginning inventory of $6,000 and the remaining amount which is $5,000 is credited in purchases account.
The closing entry is made by debiting the ending inventory by the amount of $2,000 and Income Summary account is credited by the same amount to close the inventory account.
