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
Aleks04 [339]
3 years ago
13

A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit cate

gorized to an income account. What 2 problems will this cause?
Business
1 answer:
drek231 [11]3 years ago
4 0

Answer:

It will cause a major problem in case the client adds new deposit to an income account instead of receiving a payment.

Explanation:

Account receivables are the record of the invoices for which the client has not made payment yet. If the client adds a new deposit categorized to an income account instead of receiving a payment against the invoice, the first major problem would be that the Accounts Receivable balance of the client will not be accurate. It will create duplicate expenses as there was an entry made for a new deposit.

The second problem will be as a result of the first one that, the income account will show duplicate income and correct the correct income will not be recorded.

You might be interested in
darby writes a check to education loan management inc, that is drawn on darbys account at federal bank. if thr bank does not acc
Aleksandr-060686 [28]
<span>Liability is on Darby because they were the one to write the original check and give it to the education loan management inc. Since the check wasn't accepted they have to take responsibility and liability for the fact that it was not accepted.</span>
5 0
3 years ago
Data below for the year ended December 31, 2021, relates to Houdini Inc. Houdini started business January 1, 2021, and uses the
katrin [286]

Answer:

70.3%

Explanation:

Current period cost-to-retail percentage is:

  • Beginning inventory  $70,000     $107,000
  • Plus: Net Purchases  $302,290  $450,000
  • Plus: Net markups                         $23,000
  • Less: Net markdowns                   ($43,000)

Goods available for sale (excluding beginning inv.) $302,290   $430,000

Goods available for sale (including beginning inv.)  $372,290   $537,000

Cost-to-retail percentage = $302,290 / $430,000 = 70.3%

5 0
3 years ago
Sheridan Company uses job order costing for its brand new line of sewing machines. The cost incurred for production during 2019
gizmo_the_mogwai [7]

Answer:

$1,440 per machine

Explanation:

The computation of the cost per machine is shown below:

= Total cost ÷ number of machine completed

where,

Total cost = Material cost + direct labor cost + manufacturing overhead applied cost + beginning work in process cost - ending work in process cost

= $15,000 + $11,000 + $7,000 + $11,000 - $8,000

= $36,000

And, the number of machine completed is 25

So, the cost per machine is

= $36,000 ÷ 25 machines

= $1,440 per machine

4 0
2 years ago
This is one of the questions I have and I have no idea what they might be
Westkost [7]

Answer:

1) You get what you get and don't throw a fit?

2)Be patient???

I hope this helps TwT

6 0
2 years ago
What did u learn about entrepreneurial activities​
natta225 [31]
Entrepreneurship is a quality that is very attractive to colleges. Admissions committees like to see that you can think outside the box, be creative, and make opportunities for yourself. It’s a skill that’s particularly relevant right now: Many products and services you use came from startups or from companies that began that way.
3 0
3 years ago
Other questions:
  • Pine Street Inc. makes unfinished bookcases that it sells for $59.37. Production costs are $37.59 variable and $9.54 fixed. Beca
    8·1 answer
  • Which of the following can be classified as organizations:
    5·2 answers
  • When Terry Doyle of CommuniCom, Inc. created smaller, more independent maintenance units, he was performing the function of:
    6·2 answers
  • 3. Why are many resources allocated through markets?
    7·1 answer
  • A textile finishing process involves drying a fabric that has been treated with a volatile solvent. The wet fabric entering the
    12·1 answer
  • John bought 1,000 shares of Intel stock on October 18, 2014, for $30 per share plus a $750 commission he paid to his broker. On
    5·1 answer
  • . Which one of the following applies to a general partnership?A. The firm's operations must be controlled by a single partner.B.
    12·1 answer
  • Haven Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $600,000 and cre
    10·1 answer
  • What factors do you think are most important to luxury buyers?
    5·1 answer
  • A difference in quantitative indicators and qualitative indicators is quantitative indicators always consist of numerical amount
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!