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Alex787 [66]
2 years ago
15

The purchase of office equipment at a cost of $7,600 with an immediate payment of $4,200 and agreement to pay the balance within

60 days is recorded by the purchaser with:_____.
A. A debit of $7,600 to Office Equipment, a credit of $4,200 to Cash, and a credit of $3,400 to Accounts Payable.
B. A debit of $7,600 to Office Equipment, a debit of $4,200 to Accounts Receivable, and a credit of $3,400 to Accounts Payable.
C. A debit of $3,400 to Accounts Receivable, a debit of $4,200 to Cash, and a credit of $7,600 to Office Equipment.
D. A debit of $7,600 to Office Equipment, a credit of $4,200 to Cash, and a credit of $3,400 to Accounts Receivable.
Business
1 answer:
sladkih [1.3K]2 years ago
8 0

Answer:

A. A debit of $7,600 to Office Equipment, a credit of $4,200 to Cash, and a credit of $3,400 to Accounts Payable.

Explanation:

Recognize the Asset - Office Equipment and Accounts Payable Accounts as these are increasing. De-recognize the Cash Account as this account is decreasing.

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Identify each statement as either true or false. In the United States, banks keep the entire value of all customer deposits in t
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Answer:

In the United States, banks keep the entire value of all customer deposits in the bank vault to meet customer withdrawals. FALSE.

Banks keep only a portion of the customer deposits in the bank vault. A small portion is kept with the Fed called the Reserve Requirement.

Banks typically loan out a portion of customer deposits. TRUE.

Banks only loan out the portion of customer deposits that they did not leave with the Fed.

Bank runs occur when many customers attempt to withdraw deposits from a bank at the same time and the bank is unable to pay all customer withdrawals. TRUE.

When too many people try to withdraw from a bank, the bank might not meet these obligations because they loaned out money to people and those people were not yet due to pay back. This is a bank run.

The Federal Deposit Insurance Corporation (FDIC) protects bank depositors from bank failure. TRUE.

The fractional reserve banking system requires all banks to keep the total value of customer deposits in their vaults to prevent bank runs. FALSE.

As explained in the first paragraph, the Fed requires that banks keep a portion of customer deposits with the Fed instead of the total value of customer deposits.

6 0
3 years ago
What role does customer satisfaction play in public relations? Why is it important? Provide two reasons.
snow_tiger [21]

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Trust.

Explanation:

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Luis regularly reminds his team members of the purpose of their work and why they are important to the organization. he also reg
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The possibility of incurring a loss is called?
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Risk or financial loss ...
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3 years ago
Work in process, November 1st Started in production during November Work in process, November 30th Units 16,900 109,000 24,900 T
NemiM [27]

Answer:

Explanation:

Opening units  16900  

Started               109000  

                              125900  

Transffered             101000  

Closing                         24900  

   

    Production and cost table using Weighted average method

Cost    Opening   current    Total    Complete     WIP       Equivalen     Cost

Head    Cost          Cost        Cost       Units         Units        Units      PerUnit    

Mat.   55,460     477,000    532,460   70,000   22,410   92,410   5.76  

Lab.   21,220      191,880     213,100     70,000   7,470   77,470   2.75  

MOH  16,140      400,160    416,300   70,000   7,470   77,470   5.37  

 Complete  70,000   8.51   595,887  

   

Closing Wip    

   

Material  22,410   5.76   129,125  

Labour  7,470   2.75   20,548  

MOH  7,470   5.3737   40,141  

                            189,814  

4 0
3 years ago
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