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True [87]
3 years ago
5

In calculating the daily balance, cash advances are

Business
2 answers:
Marizza181 [45]3 years ago
8 0
A. Sometimes adding in.
Alex73 [517]3 years ago
5 0

Answer:

B. Always added in

Explanation:

While calculating the daily advance, the cash advances are always added because there is a security that the company would receive the cash in a specified period of time. Plus, it does not create any liability.  

And, since advance cash is received which result in an increase in cash balance so it would be added in the daily balance computation part

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Presented below is information for Marin Company.
hram777 [196]

Answer:

Debit Accounts Receivable for $104,700; and Credit Sales Revenue for $104,700.

Debit Cash for $85,400; and Credit Accounts Receivable for $85,400.

Explanation:

The (summary) journal entries to record the items noted will look as follows:

<u>Particulars                                   Debit ($)             Credit ($)        </u>

Accounts Receivable                  104,700

Sales Revenue                                                         104,700

<u><em>(To record net sales (all on account) for the year.)                        </em></u>

Cash                                             85,400

Accounts Receivable                                               85,400

<u>(Collections on accounts receivable during the year.)                 </u>

3 0
2 years ago
There are four closing entries: The first one is to close ___________________. The second one is to close __________________. Th
arlik [135]

Answer:

Revenues, expenses, income summary, dividend or withdraws account

Explanation:

The closing entries for the following accounts are presented below:

1. Service Revenue A/c Dr XXXXX

                To Income Summary XXXXX

(Being revenue account closed)

2. Income summary A/c Dr XXXXX

           To Expense A/c XXXXX

(Being expenses accounts are closed)

3. Income summary A/c Dr XXXXX

               To Retained earning XXXXX

(Being the difference is credited to retained earning that reflected as a profit)

4. Retained earnings A/c Dr XXXXX

      To Dividend A/c XXXXX

(Being dividend account is closed)

8 0
3 years ago
Zhang Industries budgets production of 220 units in June and 230 units in July. Each unit requires 1.5 hours of direct labor. Th
Vaselesa [24]

Answer:

Budgeted direct labor cost for July = $4,278

Explanation:

Given:

Production in July = 230 units

Hours of direct labor  = 1.5 hours per unit

Direct Labor rate = $12.40 per hour

Indirect labor rate = $19.40 per hour.

Find:

Budgeted direct labor cost for July

Computation:

Budgeted direct labor cost for July = (Production in July)( Hours of direct labor)( Direct Labor rate)

Budgeted direct labor cost for July = (230)(1.5)(12.4)

Budgeted direct labor cost for July = $4,278

8 0
3 years ago
Jamison's gross tax liability is $7,200. Jamison had $2,625 of available credits and he had $4,400 of taxes withheld by his empl
mina [271]

Answer:

The answer is: Jamison has $175 in taxes due.

Explanation:

To determine the amount of taxes that Jamison still has to pay, we can use the following formula:

Taxes due = tax liability - (taxes withheld by employer + tax credits)

Taxes due = $7,200 - ($4,400 + $2,625) = $7,200 - $7,025 = $175

Jamison has $175 in taxes due.

7 0
3 years ago
Defend or critique the following statement, using supporting evidence: “Getting to work early on your first day at a new job is
VashaNatasha [74]

Answer:

Dressing well, being prepared, having a positive attitude, arriving early for work and asking good questions.

Explanation:

4 0
3 years ago
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