Answer: True
Explanation: Each partner may withdraw the assets he or she contributed to the partnership at any time. An advantage of the partnership form of business is that each partner's potential loss is limited to that partner's investment in the partnership.
Answer:
debit to Accounts Receivable for $3,500 credit to Sales for $3,430
Explanation:
Merchandise with a sales price of $3,500 is sold on account with terms 2/10, n/60. The journal entry to record the sale would include a debit to Accounts Receivable for $3,500 credit to Sales for $3,430.
Since the goods were sold on account, it means that it was sold on credit and an entry to cash will be a wrong entry. The right Journal entry will be a debit to accounts receivable for the total amount and a credit to sales for the total amount less the proposed discount amount of 2%
Answer:
Correct option is (a)
Explanation:
Adjusting journal entries are passed before financial statements are prepared to so as to confirm if revenue recognition and matching principles are complied with. Adjusting entries are required to be passed if transactions is spread over multiple financial periods. For example, adjusting entry is passed if goods are received this year but payment will be made next year.
Before income statement and balance sheet is prepared, these entries are passed. Thereafter, adjusting trial balance is prepared and finally financial statements are prepared.
The unemployment rate is 16.8%
<h3>What is the unemployment rate?</h3>
The unemployment rate is the ratio of the unemployed to the total labour force. The unemployed is made up of people who do not have a job but are actively searching for employment. The labour force consists of people between 18 to 65 years old.
The unemployment rate = (unemployed / labour force) x 100
(11,000 / 65,400) x 100 = 16.8%
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