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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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Rory is the CFO of McIlroy Golf Designs Inc. MGDI earned $13 million last year and maintains a 30% dividend payout ratio. The co
BaLLatris [955]

Answer:

<u>Price per share of MGDI's stock is $78</u>

Explanation:

Earnings per share=Total earnings/Shares of common stock outstanding

=(13/2)=$6.5

PE ratio=Stock price/Earnings per share

Stock price=$6.5*12

=$78.

5 0
3 years ago
Grandma's Bakery wants to begin selling gluten-free products and vegan products. The C-Suite executives have made the decision a
8_murik_8 [283]

Answer:

The correct answer is letter "B": functional managers.

Explanation:

Functional managers are those in charge of carrying out the operations of a business. These types of executives receive orders from the company's owners -stakeholders- after an analysis of what course the firm should take according to current market conditions so the managers can implement the plan in the organization's activities.

6 0
4 years ago
Each country must answer three economic questions.<br>Define and describe each economic question
Alex787 [66]

Answer:

The three economic questions that every society must answer are as follows: "What to produce?" "How to produce?" and "For whom to produce?"

"What to produce": The quantity in which a commodity is to be produced is set at that level where demand equals supply. If quality produced is more or less, then there will be dis equilibrium in the market and price will fluctuate. Hence, to maintain stable equilibrium price it becomes necessary to make demand and supply equal.

"How to Produce": There are two types of techniques. A labor-intensive technique would employ relatively more labor and less capital. On the other hand, capital- intensive technique means more capital and less labor.  The choice of technique depends on the prices of the factors of production. That is, if labor is cheap and capital is expensive, a labor-intensive technique would be considered and vice-versa.

"For whom to produce": The solution of this problem is very simple commodity can be consumed only by people who have more purchasing power. Price mechanism determines the income of the workers, i.e.; purchasing power. The purchasing power of the owner of capital is determined in the same way. Thus, when the price of every commodity and every factor of production are determined, the third problem will be solved

7 0
3 years ago
If the federal funds rate were above the level the Federal Reserve had targeted, the Fed could move the rate back towards its ta
Dmitriy789 [7]

Answer:

The correct answer is option b.

Explanation:

If the federal fund's rates were above the targeted rate, the Fed would need to move it towards the targeted rate. To move the interest rate towards the targeted rate, the government would need to increase the money supply. This can be done by buying bonds. When the Fed buys bonds they pay for it, this causes the money supply to increase. As the supply curve shifts to the right, the interest rate will fall down.

4 0
3 years ago
Moon Lee received her bank statement on September 8, showing a balance of $2,009.32. The balance shown in her checkbook was $2,4
Ivenika [448]

Answer:

Reconciled balance for both bank and cheque book statement is $2,572.51

Explanation:

To find the reconciled balance, we start of with reconciling the bank statement with cheque book statement

Bank statement

Balance as per bank statement

$2009.32

Add: deposits in transits

$1,197.87

Less: outstanding checks

($310.18 + $324.50)

Reconciled balance

$2,572.51

Cheque book

Balance as per cheque book

$2,469.31

Add: interest earned

$109.20

Less: service charge

($6)

Reconciled balance

$2,572.51.

8 0
3 years ago
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