A comparison of the subsidiary accounts to the schedules of accounts payable will help the accountant to <u>A. prove the accounts payable accounts at the end of a period.</u>
<h3>What is a Subsidiary Account?</h3>
A subsidiary account tracks the information of certain transactions in detail. Some of the most important subsidiary accounts include accounts receivable and accounts payable.
Thus, by comparing the subsidiary accounts to the schedules of accounts payable, an accountant proves the existence and completeness of the accounts payable balance at the end of a period.
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Answer:
The statement is not an express warranty, because it doesn't involve a negotiation of terms between Salazar and Mitsubishi. It is an employee of the company that imploy Salazar to bring the car should the car gives problem, and didn't involve an agreement between the two parties ( Salazar and Mitsubishi)
Explanation:
What is express warranty?
An express warranty arises from the parties’ negotiations in a sales transaction. Express warranties are often included in the written terms of a contract. An “express” warranty by a seller is created by:
Any statement of fact or promise relating to the goods sold which becomes part of the basis of the bargain between the parties, creating a warranty that the goods will conform to the statement or promise.
Any description of the goods sold which becomes part of the basis of the bargain between the parties, creating a warranty that the goods will conform to the description.
Any sample or model, which becomes part of the basis of the bargain between the parties, creating a warranty that the goods will conform to the sample or model.
An express warranty may be created even if the seller does not use formal words such as “warranty” or “guarantee,” and even if the seller does not have a specific intention to make a warranty. However, an express warranty is not created merely because the seller makes a statement as to the value of the goods, or as to seller’s opinion of the goods. Generally, statements made by a seller during the course of contract negotiations are treated as statements of fact, unless it can be shown that the buyer could only have reasonably considered the statement to be an opinion.
Answer:
The correct answer is letter "A": True.
Explanation:
Central banks are the financial institutions in charge of the monetary policy of their country on behalf of the central government. They regulate the money supply and the interest rates to maintain a country's economy the closest to its equilibrium level. In the United States, the central bank is the Federal Reserve (<em>Fed</em>). Central banks also collect and replace the currency in circulation.
Answer:
The answer is C) $7,970.
Explanation:
We have 04 reconciling items as below:
- Outstanding checks $800: this amount was already recorded in the Cash account of the company once the check was written; thus, the Cash ending balance has already reflected this amount.
- Deposits in transit $700: this amount was already recorded in the Cash or Cash-equivalent account of the company once the deposit was made; thus, the Cash ending balance has already reflected this amount.
- Bank service charge $30: fees paid to banking activities and are deducted without informing to the company. Thus, this deduction in cash is not reflected in the Cash account.
- NSF check $500: this was recorded as the increase in Cash account by the company once the check was written by the person/entity to the company. However, the writer's account balance was not sufficient to honor this check amount to the company; thus Cash Account at the end of the period should reduced by $500. Instead, this $500 may be recorded in Account Receivable account.
Thus, the adjusted cash balance = 8,500 - 30 - 500 = $7,970.
Explanation:
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