All categories

3 years ago

Identifying type and normal balances of accounts LO C4 For each of the following

Business

1 answer:

timama [110]3 years ago

5 0

Answer with Explanation:

Land, Cash, Prepaid Insurance, Accounts Receivables and Equipment are Asset Account and normal balances are Debit in nature. This means the increase in asset account would be Debited and vice versa.

Legal expense is an Expense account which is Debit in nature which means that increase in expense account would be Debited and vice versa.

The revenues earned which includes License fee revenue and Fees earned in this case are revenue account and is credit in nature which means that increase in it would be credited and vice versa.

The dividends are Drawings account which is debit in nature which means increase in it would be debited and vice versa.

Common stock is equity account which is credit in nature which means increase in it would be credited and vice versa.

Notes Payable and Unearned revenue is liability account and liability is credit in nature, this means that increase in liability would be credited.

You might be interested in

The study of how society chooses to employ resources to produce goods and services and to distribute them for consumption among

natali 33 [55]

Answer:

This statement is FALSE.

Explanation:

This statement is false. For demographics is defined as an area of human sciences whose central objective is the study of a human population, according to statistics, dimensions, structures and distributions. The demographic study is carried out through several factors, such as sex, age, race, and others.

Through demographic data it is possible for governments and institutions to get to know in depth and analyze characteristics of a given population for different purposes, such as market research and policy development.

The definition proposed by the question corresponds to economics and not demographics.

7 0

3 years ago

Samuel started a new job today and was invited to join some of his co-workers out for a drink after work. In an effort to win hi

Ilia_Sergeevich [38]

Answer:

Samuel is using Ingratiation impression management strategy.

Explanation:

What is Impression Management Strategies ?

Impression management is a conscious or subconscious process in which people attempt to influence the perceptions of other people about a person, object or event by regulating and controlling information in social interaction.

There are many different strategies we can use while trying to impact the views of others. The most common impression management strategies include ingratiation, intimidation, supplication, self-promotion and exemplification.

Ingratiation - The term ingratiation refers to behaviors that a person illicitly enacts to make others like him or her or think well of his or her qualities as a person. ... A second strategy is do favors or to help or assist a person.

6 0

3 years ago

Read 2 more answers

Ben and Jerry were currently both producing at point A on their production possibilities frontier and then Ben decided he would

Gnesinka [82]

Answer:

b. 1 pound of ice cream for Ben and 1 pound of cones for Jerry.

Explanation:

Ben and Jerry both produce ice cream. They can have comparative advantage with producing the specialized product. Ben can gain from the trade if it produces more of ice cream and less or no cones. Jerry would gain the comparative advantage if it would produce cones for the ice cream. Both of them can have comparative advantage by selling the specialized products to each other.

6 0

3 years ago

True or False: Suppose that the hypothetical country of Kernaland has a chronic scarcity of corn, its staple grain. This implies

Fed [463]

Answer:

The statement is: True.

Explanation:

Scarcity is the basic economic problem by which individuals have unlimited needs counting only with finite resources to fulfill them. In front of this scenario, individuals must make trade-offs meaning the satisfaction of some needs must be given up in part so other needs can be satisfied simultaneously.

If corn is scarce in Kernaland, the first step its inhabitants must take is to ration corn before its exploitation reduces the corn crops even more.

6 0

3 years ago

Assume the following information pertaining to Cub Company: Prime costs $195,000 Conversion costs 221,000 Direct materials used

LuckyWell [14K]

Answer:

cost of goods manufactured= $323,000

Explanation:

Giving the following information:

Conversion costs 221,000

Direct materials used 85,000

Beginning work in process 98,000

Ending work in process 81,000

To calculate the cost of goods manufactured, we need to use the following formula:

cost of goods manufactured= beginning WIP + direct materials used + direct labor + allocated manufacturing overhead - Ending WIP

Conversion costs= direct labor + allocated overhead

cost of goods manufactured= 98,000 + 85,000 + 221,000 - 81,000

cost of goods manufactured= $323,000

6 0

3 years ago