Answer: The correct answer is "(A) Debit Accounts Receivable and credit Cash for $560".
Explanation: The non-existent 560 must be adjusted in the cash account, and the 560 receivable must be added to the third party that issued the check in the "accounts receivable" account.
The entry would be:
--------------------------------- . ------------------------------------------
Accounts Receivable 560
Cash 560
--------------------------------- . --------------------------------------------
Answer:
the average collection period for accounts receivables is 41.2 days
Explanation:
Average Collection Period measures the amount of time it takes to collect credit from accounts owing.
Average Collection Period = Average Accounts Receivables / (Sales/365)
=(($27600+ $56400)/2) / ( $372000/365)
= $42,000/1019.178082
= 41.20967742
= 41.2 days
Please the remaining part of the question below :
1.Amount a business earns after paying all expenses and costs associated with its sales and revenues.
2.An examination of an organization’s accounting system and records that adds credibility to financial statements.
3.Principles that determine whether an action is right or wrong.
4.Accounting professionals who provide services to many clients.
5.An accounting area that includes planning future transactions to minimize taxes paid.
Answer:
1.Amount a business earns after paying all expenses and costs associated with its sales and revenues.
- Net income (G)
2.An examination of an organization’s accounting system and records that adds credibility to financial statements.
- Audit (A)
3.Principles that determine whether an action is right or wrong.
- Ethics (C)
4.Accounting professionals who provide services to many clients.- Public accountants (F)
5.An accounting area that includes planning future transactions to minimize taxes paid- Tax accounting (D)
Explanation:
The given statement " If the price level doubled in a 23-year period, we can conclude that the average annual rate of inflation over that period was about 3 percent " is TRUE
Explanation:
Though prices doubled during the 23 years, the average annual inflation rate during that time could be inferred by approximately 3 percent.
The average inflation rate in the USA has been 3% over the last 100 years. That said, in measuring shorter periods starting in the 1950s, the average rates are much higher.
Many financial experts working with pending pensioners emphasize the importance of contributing to pension scheming an average inflation rate. Since inflation will reduce the value of savings considerably, it is important to determine how and when this powerful economic phenomenon will affect the savings.
<span>Molly's car is no longer fully in the shade due to the sun's movement throughout the day. As the day progresses, the sun will recede into the sky and the car will no longer be entirely in the shade.</span>
