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Vaselesa [24]
4 years ago
15

Cash sales rung up by cashiers totaled $120,500. Cash in the drawer was counted and found to be $126,000. The journal entry to r

ecord the day's sales would include a:
Business
2 answers:
Mama L [17]4 years ago
6 0

Answer:

credit to Cash Overage for $5,500.

Explanation:

When sales are made and cash is received, the normal entries to be passed are a debit to cash and a corresponding credit to sales revenue to recognise the revenue earned from sales.

However when there is an overage in cash the excess funds are moved to an overage account pending resolution of the discrepancy. When the error is identified reversal entries are passed to assign finds to correct source. If however the error cannot be detected the amount is considered an income.

The overage in this case is 126,000- 120,500= $5,500

So the entry to be passed is

Credit Cash Overage $5,500

Note Cash Overage is an income account.

blagie [28]4 years ago
3 0

Answer:

Credit to Cash Overage for $5,500

Explanation:

Revenue total is $120,500 so the revenue will be recorded by this amount and the cash is $126,000 so it will also recorded by the same amount. An additional credit entry will be placed to reflect the effect of this transaction.

The journal entry to record the day's sales would include

Debit     Cash                  $126,000

Credit    Cash Overage  $5,500

Credit    Sales                 $120,500

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Accountants include ________ costs as part of a firm's costs, while economists include ________ costs. Group of answer choices i
Goshia [24]

Answer:

Explicit, explicit and implicit

Explanation:

The accounting cost is the cost that generally includes the payment related to the wages, rent, price of the products etc

While on the other hand, the economic cost is the cost that involves both type of cost i.e. explicit and implicit. The implicit cost is generally the opportunity cost

This is the answer but the same is not provided in the given options

8 0
3 years ago
Is college necessary to succeeding in life?
Aneli [31]

Answer:

Yeah it's good in some ways coz it helps in life time but sometimes it's useless coz even if you finish your college sonetimes it's hard to find a job

8 0
2 years ago
In​ 2015, Apple introduced the Apple Watch. Assume that the cost of producing the 38mm Apple Watch Sport was ​$88. The price was
dem82 [27]

Answer:

Apple's price/marginal cost ratio, Lerner index, and the elasticity of demand is 3.76, 2.76 and - 0.36 respectively.

Explanation:

a. The computation of apple's price/ marginal cost ratio is shown below:

Price/ marginal cost ratio = Price ÷ cost

                                          = $331 ÷ $88 = 3.76

b. The computation of Lerner index formula is shown below:

Lerner index = (Price - marginal cost) ÷ price

                        = ($331 - $88) ÷ $88

                        = $243 ÷ $88

                        = 2.76

c. The computation of elasticity of demand is shown below

Elasticity of demand = -  1 ÷ Lerner index

                                  = - 1 ÷ 2.76

                                  = - 0.36

Hence, apple's price/marginal cost ratio, Lerner index, and the elasticity of demand is 3.76, 2.76 and - 0.36 respectively.

7 0
4 years ago
Littleton Books has the following transactions during May.
Kruka [31]

Answer:

May 2 Purchases books on account from Readers Wholesale for $4,100, terms 2/10, n/30.

Dr Merchandise inventory 4,100

    Cr Accounts payable 4,100

May 3 Pays cash for freight costs of $280 on books purchased from Readers.

Dr Merchandise inventory 280

    Cr Cash 280

When you use perpetual inventory all freight costs (and any additional costs related to the purchase) must be included in the inventory account as part of the cost of the merchandise.

May 5 Returns books with a cost of $400 to Readers because part of the order is incorrect.

Dr Accounts payable 400

    Cr Merchandise inventory 400

May 10 Pays the full amount due to Readers.

Dr Accounts payable 3,700

    Cr Cash 3,626 [= ($4,100 - $400) x 98%]

    Cr Purchase discounts 74

Since the payment is done within the discount period, you will pay 2% less. The purchase discount has a credit balance since it reduces costs.

May 30 Sells all books purchased on May 2 (less those returned on May 5) for $4,800 on account.

Dr Accounts receivable 4,800

    Cr Sales revenue 4,800

Dr COGS 3,980

    Cr Merchandise inventory 3,980

6 0
3 years ago
Briefly summarize the works of Maslow, Herzberg, McClelland, McGregor, Ouchi, Thamhain and Wilemon, and Covey. How do their theo
iris [78.8K]

Answer:

Following are the solution to this question:

Explanation:

According to Maslow:

  • He thought that people get a set of incentives related to subconscious and rewarding desires.
  • He stated people are motivated and meet certain criteria. Once the needs are fulfilled, an individual tries to achieve the next one, etc.
  • In each hierarchy of Maslow involves 05 motivating factors, also described in hierarchical levels within a pyramid. It model could be divided through necessities (or shortcomings) (e.g. physiologic, protection, love, and appreciation) and the process produces.

The original five-stage template hierarchy includes:

  • Wind, food, drink, shelter, heat, sexuality, sleep - your anatomical, and physical needs.
  • Security needs – safety, law, laws, restrictions, stability, and safety.
  • Character or love requires - job, family, love, relationship.
  • It needs – self-esteem, achievement, mastery, autonomy, status, domination, reputation, and management responsibility.
  • Requires for self-update – personal capacity development, personality, self-development, or peak knowledge.

According to Herzberg:

He shows which work-related to satisfaction were mostly triggered through different causes and did not simply oppose the very same causes as previously believed.

The overall conclusion of Herzberg was clear and clear, and due to the scope and breadth of Herzberg's study design and analysis, Herzberg's figures can be read in several various ways.

According to McClelland:

A motivational model that attempts to explain how the demand for efficiency, intensity, or affiliate affects the actions of people in such a management sense is created by the psychenist, David McClelland's Request Concept.

  • A desire to master tasks and situations drive people who are motivated by success.
  • A desire to build and sustain personal interactions inspire students via an affiliation. You appreciate participation in a group but want to be loved.

According to Ouchi:

Theory Z was identified first as William Ouchi's special organizational structure. He claimed that perhaps the emerging managerial approach, known as Theory Z, will out any to benefit from the many benefits from both structures.

Sustainable employment

That conventional United states organizations, while the workers are afflicted with shorter-term obligations, can unwittingly facilitate managers with much more conventional leadership viewpoints treat workers simply as interchangeable cogs in profitable machines.

Slow assessment and support

Form A usually distinguished by quick performance assessments as well as the prompt promotion of top achievers.

According to Thamhain and Wilemon:

  • Authority: the legal right to issue command spatially.
  • Task: a presumed ability of the project manager to affect future work tasks for the employee.
  • Budget: The perceived capacity of a project manager and authorize the use of extra money by others.
  • Advancement: the ability to develop the position of the employee.
  • Cash: its opportunity to compensate and benefit the employee.
  • Penalty: that ability of the systems engineer to prosecute.
  • Challenge of work: its opportunity to allocate tasks that is focused on the role of a worker.
  • Expertise: unique expertise perceived by the project manager that others consider important.
  • Friendship: A systems engineer can develop good relations.

According to Convey:

  • These 7 habits can be defined as follows:
  • Be positive.
  • Begin to think about the end.
  • First, put the very first things.
  • Think again and win.
  • Seek to understand first, to then understand.
  • Substantially boost.
  • Shake the sight.

Process improvement theories:

Ideas mostly on software development linked to Maslow's, Herzberg, McClelland, Ouchi, Thamhain, and Wilemon, and Convey. In the area of human funds, Maslow’s hierarchy is of great importance.

3 0
3 years ago
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