To the nearest dollar, it would cost $3,564
Answer:
1. Debit Revenue: $600
Credit Account receivable: $600
2. Debit Merchandise: $350
Credit Cost of good sold: $350
Explanation:
On March 12, when sold merchandise to Babson Company, Klien Company must record their revenue and cost of the marchandise by 2 entries:
1. Debit Account receivable: $7,800
Credit Revenue: $7,800
2. Debit Cost of good sold: $4,500
Credit Merchandise: $4,500
On March 15, when received return marchandise, Klein must record to reduce their revenue and cost of good sale by 2 entries as the answer. This is matching concept in accounting.
The answer would be A) True.
Answer:
d. The income effect must have been bigger than the substitution effect since we observe Emily buying less ice cream.
Explanation:
Since in the given situation it is mentioned that the ice cream is increased and she adjust her optimal consumption so that she purchased less ice cream and more chocolate so here the income effect would be high as compared with the subsitution effect as the high price of the ice cream decrease the real income with the actual income left and it would lead to purchase less
Answer:
a. Bonds payable Liability account
b. Equipment Asset account
c. Accounts payable Liability account
d. Salaries payable Liability account
e. Common stock Equity account
f. Retained earnings Equity account
g. Cash Asset account
h. Accounts receivable Asset account
i. Sales revenue Equity account
j. Inventory Asset account
Explanation:
All the assets account is debit in nature, so the equipment, cash, account receivable and Inventory accounts are debit in nature and these are classified as asset.
All the account with credit nature is either classified as Liability or Equity accounts. Equity accounts are common stock, retained earning and sales revenue. Liabilities accounts are bond payable, account payable and salaries payable.
