I would put my answer as A, I'm not sure
Answer: Demand Schedule
Explanation: A schedule is a table that lists quantity and price of a good. Since, here it is given quantity of a good that a person will buy we are referring to a single individual. So, the table which lists quantity for a good demanded by a single individual at different prices is given by an <em>individual demand schedule</em>.
Answer:
A return of merchandise to the vendor results in a (B) credit to Purchases Returns and Allowances.
1. 2. The purchase of supplies on account results in a (A) credit to Accounts Payable.
Explanation:
A return of merchandise to the vendor results in a credit to Purchases Returns and Allowances.
Usually the double entry will be to:
Dr Account Payable or Account Receivable - to net off liability for the purchases now returned (Dr Account Payable) or to show that we are expecting refund for the return of merchandise (Dr Account Receivable)
AND
Cr Purchases Returns and Allowances or Inventory Account, to take account of the reduction in purchases and/or inventory.
1. 2. The purchase of supplies on account results in a (A) credit to Accounts Payable because when goods are purchased on credit we need to show that the amount for the goods are to be paid, so the credit goes to Account Payable rather than cash/bank
Answer:
(B). Partners report their share of profits as personal income.
Explanation:
According to the Internal Revenue Services (IRS), a partnership itself does not pay taxes.
Profits are shared between the partners in the partnership business who report their share of the profits as personal income.
It is the partners who then pay income taxes on their share of the profits.