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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.

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Refer to the Article Summary. Implementing a negative interest rate policy, as is discussed in the article summary, would be des
zubka84 [21]

Answer:

Refer to the Article Summary. Implementing a negative interest rate policy, as is discussed in the article summary, would be designed to ___lower_____ the price level and ___improve_____ real GDP.

Explanation:

The Fed will consider negative interest rates when it wants to increase borrowing and lending during economic recessions.  The effects of a negative interest rate are the reduction of the cost of borrowing economy-wide and the increase of economic activity.  The increased economic activity will be achieved through increased investments and increased consumption spending.  Thus, banks and consumers are encouraged to lend and borrow more money so that the economy can spend its way out of recession.

6 0
3 years ago
You recently sold 100 shares of Microsoft stock to your brother at a family reunion. At the reunion your brother gave you a chec
gregori [183]

Answer:

d. This is an example of a direct transfer of capital.

Explanation:

Direct transfer of stocks or securities refers a to situation whereby a seller of securities or stocks sell them to the buyer direct without involving any financial institution. Under this, seller will directly deliver the security certificate to the buyer who will in turn pay the seller in cash or by check immediately.

Therefore, collecting check from your brother for the Microsoft stock and giving your brother the stock certificate is an example of a direct transfer of capital.

3 0
3 years ago
Successful change requires that organizations be capable of both creating and implementing ideas, which means the organization m
-Dominant- [34]

Ambidextrous
It means utilizing both hands equally fluidly or deftly
Ambidextrous organizations - Exploratory units are separated from their traditional units in ambidextrous organizations, which encourages them to create their own systems, organizations, and cultures. But at the senior management level, they also closely coordinate these new divisions with the already-existing organizations.
Organizations can benefit from ambidexterity in various ways. The most important result of ambidexterity is creativity since innovation requires both exploratory and exploitative characteristics. Ambidexterity is the capacity to maintain a balance between exploratory and exploitative processes.
understandings of the four behaviors at the core of an ambidextrous organisation
a tactical approach to exploring
senior management commitment
separation from the unethical companies
a shared culture across all teams
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3 0
2 years ago
What is the correct entry for a $100 purchase of supplies on credit? A. Debit Cash: $100 & Credit Supplies: $100 B. Debit Ac
Vsevolod [243]

Answer:

c. Debit supplies $100 & Credit Account payable $100

Explanation:

Preparation of Journal entry for for a $100 purchase of supplies on credit

Since we were told that the amount of $100 purchased of supplies was made on credit which means that the correct entry will be :

Dr Supplies 100

Cr Account payable 100

7 0
3 years ago
Suppose annual salaries for sales associates from Hayley's Heirlooms have a bell-shaped distribution with a mean of $32,500 and
Rashid [163]

Answer:

-1.8

Explanation:

Data provided in the question:

Mean = $32,500

Standard deviation = $2,500

Earning, X = $28,000

Now using the formula provided in the question for the calculation of the z - score, we have

z score = ( X - Mean ) ÷ ( Standard deviation )

on substituting the respective values, we get

z score = ( $28,000 - $32,500 ) ÷ ( $2,500 )

or

z score = -4500 ÷ $2,500

or

z - score = -1.8

6 0
3 years ago
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