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11111nata11111 [884]
3 years ago
6

The owner of bobcats r us paid his personal mastercard bill using a company check. the correct entry to record the transaction i

s __________.
a. credit cash; debit capital
b. credit cash; debit supplies expense
c. credit cash; debit withdrawals
d. credit cash; debit accounts receivable
Business
2 answers:
Basile [38]3 years ago
8 0
The correct answer is C.
just olya [345]3 years ago
4 0

Answer:

The correct answer is: C

Explanation:

A business owned by one person is known as a sole proprietorship. In such a business, the owner's investment is represented by the value of their capital/equity accounts. Any expenses paid by the business on behalf of the owner, or the owner using cash from the business, are represented in the drawings account. This is not an expense account, rather a contra account for the owner's capital/equity account. It effectively reduces the value of the owner's capital account (at the end of the financial period, this account is closed off /debited against the owner's capital account). To record the drawings from the business, the following journal entry is implemented:

Debit           Drawings/Withdrawals    

         Credit            Cash

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Which of the terms or phrases listed below is more associated with financial statements prepared in accordance with U.S. GAAP th
nekit [7.7K]

Answer:

The answer is Accumulated other comprehensive income

Explanation:

The statement of  accumulated other comprehensive income is specific to U.S GAAP.It is known as statement of comprehensive under International Financial Reporting Standards.

The statement records losses and gains that are unrealized.For instance a company whose investment is in shares,would have to  record the investment at fair value, that is the market price at each year end, any gains or losses arising from such valuation,especially if the shares are held for long term, is posted to the accumulated other comprehensive income or statement of comprehensive income.

The reason is that the shares are still held within the business not yet disposed of,hence the gains or losses are not realized and should not be recognized in profit or loss.

4 0
3 years ago
Without a strong and efficient marketing channel system, merchandise isn't available when customers want it. True False
Andrews [41]

Answer:

TRUE

Explanation:

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  • Channel representatives collect demand and supply information to make the services available on the marketplace.

At a market level, product placement relates to the wide range of products available on the market and presentation of those items in such a manner as to generate curiosity and entice investors to make a buy.

8 0
3 years ago
Select the correct answer.
Lana71 [14]

Answer:

B-section 404

Explanation:

it is registered as 404

6 0
3 years ago
Paul is exchanging a building with a market value of $600,000.00 and an adjusted basis of $450,000. He is exchanging it for an a
alukav5142 [94]

Answer:

Carpenter will have to pay taxes for a recognized gain of $150,000

Explanation:

When you are calculating taxes, you must use the adjusted a¿basis of the buildings.

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Paul's realized loss = $525,000 - $375,000 = $150,000

therefore Carpenter's recognized gain = $150,000

7 0
3 years ago
________is one area of strategic decision making that "considers inventory ordering and holding decisions and how to optimize th
atroni [7]

Answer:

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Explanation:

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Inventory management is important so that suppliers can schedule their operations and consumers can have the goods that satisfy their needs available.

4 0
3 years ago
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