Answer:Money serves several functions: a medium of exchange, a unit of account, a store of value, and a standard of deferred payment.
Explanation:
Answer:
C.) Accounts receivable 7,840 Cash discounts 160 Sales 8,000
Explanation:
Assuming for now that credit customer will avail the cash discount, the following journal entry shall be made on November 10 by Flores mills in respect of credit sales made by it.
Debit Credit
Accounts receivable $7,840
Cash discount $160
(8000*2%)
Sales $8,000
Based on the above discussion, the answer shall C.) Accounts receivable 7,840 Cash discounts 160 Sales 8,000
This answer would be reliability.
Your answer is d.should deduct toe outstanding fees from the refund expected.
The current ratio will remain the same as 1 only
The acid-test ratio will decrease.
- The current ratio will stay the same because there won't be a change in current liabilities, and the change in current assets won't have any net consequences because the asset will grow due to an increase in inventory, but it will also decrease by the same amount due to a decrease in cash, so the current ratio will stay the same.
- The acid-test ratio will decline since the numerator will shrink owing to a cash shortage, and the growth in inventory won't be taken into account because current assets aren't included in this ratio.
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