Answer:
B) No change in total assets.
Explanation:
Since it is given that the company accepts a six-month note receivable so that it replaces the account receivable of the customer. Due to which there is an increase in note receivable and a decrease in account receivable.
Since the increase and the decrease is taking place in the assets that reflects there is no change in overall total assets
Answer:
C) the monopoly model
Explanation:
First of all, collusion is illegal, and it is defined as secret cooperation between individuals or organizations that should be competing against each other.
In this case, the oligopolistic firms should be competing against each other trying to earn a larger market share, but since they collude together, they will act as if they were one single large monopoly. Usually collusion leads to higher prices, benefiting the companies but hurting the customers. Since all the competing firms in the market decided to work together, they will set their prices in a similar manner to a monopoly since there is no real competition between them.
Answer:
c) a debit to Petty Cash and a credit to Cash.
Explanation:
According to the golden rule of double of entry that a giver should be credited while a receiver is debited, the cash account is the giver in this case would be credited while the receiver,the petty cash account would be debited on the other hand.
The correct option which corroborates my explain above is option C.
Option A is wrong because the reverse was the case.
I believe your answer is A: Unearned Revenue.
Because, if a business has received cash, in advance of services performed, and credits a liability account, the adjusting entry needed, after the services are performed, will be debit Unearned Revenue and credit Cash.
