1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
julia-pushkina [17]
3 years ago
12

Merriweather Post Pavillion received a $820 check from a customer for the balance of accounts due. The transaction was erroneous

ly recorded as a debit to Cash 5280 and a credit to Service Revenue $280. The correcting entry is A. debit Cash, $820, credit Accounts Receivable, $820B. debit Cash $540 and Accounts Receivable, $280, credit Service Revenue, $820C. debit Cash $540 and Service Revenue, $280, credit Accounts Receivable, $820 D. debit Accounts Receivable, $820, credit Cash, S$540 and Service Revenue, $280
Business
1 answer:
Andru [333]3 years ago
7 0

Answer:

C) debit Cash $540 and Service Revenue, $280, credit Accounts Receivable, $820

Explanation:

The correct journal entry should have been:

Dr Cash 820

    Cr Accounts receivable 820

But since the transaction was erroneously recorded as:

Dr Cash 280

    Cr Sales revenue 280

an adjusting entry is necessary for the difference:

Dr Cash 540

Dr Sales revenue 280

    Cr Accounts receivable 820

This way cash account will have increased by $280 + $540 = $820, sales revenue will remain unchanged $280 - $280 = $0, and accounts receivable will decrease by $820.

You might be interested in
In perfect competition, each additional unit of output that a firm sells will yield a marginal revenue that is:
il63 [147K]

Answer:

The correct answer is equal to price.

Explanation:

A perfectly competitive firm is a price taker. This is because of the large number of firms, no single firm is able to influence the price. So each firm faces a horizontal demand curve. This horizontal line shows demand, marginal revenue, and average revenue.  

The price level is determined at the point where the marginal cost is equal to price. The marginal revenue is always equal to price because the price is fixed at a point, each output level is supplied at the same price.

4 0
3 years ago
The business cycle affects output and employment in capital and durable goods industries more severely than in industries produc
Virty [35]

Answer:

During a recession business investment in new capital goods and consumer spending on new durable goods can be postponed

Explanation:

The business cycle are simply cycles or series of cycles of economic expansion and contraction.

An Economic expansion is simply defined as an increase in the level of economic activity, goods and services available. It is a period of economic growth usually measured by a rise in real GDP.

Economic growth

Economic growth is an increase in the capacity of an economy to produce goods and services, usuallycompared from one period of time to another time.

The four phases of the business cycle are;

1. Peak

2.Recession

3. Trough

4. Expansion

The length of a complete cycle usually varies from 2-3 years to 15 years.

6 0
2 years ago
The January 28, 2017 (fiscal year 2016) financial statements of Caleres, Inc. reported the following information (in thousands).
creativ13 [48]

Answer:

A. $1,517,648 thousand

Explanation:

The computation of the cost of goods sold using the FIFO method is shown below:

= Cost of goods sold under LIFO - (Ending LIFO reserves - Beginning LIFO reserves)

= $1,517,397 - ($4,345 - $4,094)

= $1,517,648

We simply applied the above formula so that the cost of goods sold using the FIFO method could come

All other information i.e given is not relevant. Hence, ignored it

4 0
3 years ago
Justin and Edwardo were hired by the same network support firm. One year later, Edwardo receives a promotion to team leader. Jus
alexira [117]

Answer:

Team skills

Explanation:

Team skills are the qualities that enable one to work well with colleagues in projects and other collaborations. Having teamwork skills gives one the ability to work amicably with fellow workers, superiors, and clients.

Teamwork involves assisting the team in achieving its objectives quickly and efficiently. Employers favor employees who can lead a well-gelled team. Eduardo got the promotion because he was better with the team.

Some qualities of teamwork skills include.

  1. Communication skills
  2. Support skills
  3. Problem-solving skills
  4. Conflict resolution skill
  5. Listens and feedback skill
7 0
3 years ago
Assume that you purchased 140 shares of Misty Company stock for $78 a share, that you received an annual dividend of $1.60 a sha
sergeinik [125]

Answer:

Return  (%)   = 17.43%

Explanation:

T<em>he return on investment is the sum of the dividends earned and capital gains made during the holding period of the investment.</em>

Dividend is the proportion of the profit made by a company which is paid to shareholders.

Capital gains is another type of the return made on an equity investment as a result of increase in the value of the shares. It is difference between the cost of the share and the value at the time of disposal.

Therefore, we can can compute the return on the investment as follows:

Dividend= ($1.60× 140)= $224

Capital gains= (90-78) × 140= $1680

Total dollar return on Investment = $224+ $1680= $1904

Total return in (%) = Return/ cost of shares × 100

                           = 1904/ (140 × 78) ×  100

                           = 17.43%

7 0
3 years ago
Other questions:
  • Intangible assets are reported on the balance sheet
    7·1 answer
  • What is a real account?
    9·1 answer
  • Zach is very concerned about how others view him. he spends a great deal of time strategically choosing clothing and other produ
    11·1 answer
  • United Aluminum Company of Cincinnati produces three grades (high, medium, and low) of aluminum at two mills. Each mill has a di
    14·1 answer
  • At a price of $4 per unit, Gadgets Inc. is willing to supply 20,000 gadgets, while United Gadgets is willing to supply 10,000 ga
    11·1 answer
  • Operating leverage is easier to control and manage than financial leverage because operating leverage deals with the internal wo
    6·1 answer
  • In the month of November Marigold Corp. wrote checks in the amount of $43300. In December, checks in the amount of $59239 were w
    10·2 answers
  • Why do you think it is important to consider both salary and benefits when applying for a job?
    14·1 answer
  • Ramort Company reports the following cost data for its single product. The company regularly sells 21,500 units of its product a
    15·1 answer
  • The Utah Mining Corporation is set to open a gold mine near Provo, Utah. According to the treasurer, Monty Goldstein, "This is a
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!