Answer:
Debit Inventory for $1490000, debit Estimated Liability on Purchase Commitments for $290000 and credit Cash for $1780000.
Explanation:
Double entry accounting requires accounting entries to have two legs. The debit where the receiver is debited, and the credit leg where the giver is credited.
In this case Cullumber Corp made a payment of $1.78 million cash, so cash is credited for this amount.
Actual value of raw materials is $1.49 million, so as it is recieved we debit inventory for $1.49 million.
The balance which is a loss is debited from Estimated liability on purchase commitments.
The balance to be debited from this account is 1.78 million - 1.49 million= $290,000
Answer: (B) Demand for products
Explanation:
The demand for the products is basically refers to the process in which the amount of the specific products are get purchased for the particular price so that the one business organization increase their productivity and the other business meets its specific requirement.
There are basically five factors which determine the demand of products function in an organization are as follows:
- Income of the buyer
- Price
- Customer choice
- The actual price of the related other products
- Future supply expectations
Therefore, Option (B) is correct.
Answer: Vertical hierarchy shows who reports to whom and horizontal specialization shows the different jobs
Answer:
Journal entry on February 8 :
Debit : Cash $2,673
Debit : Discount received $27
Credit : Account Receivable $2,700
Explanation:
The journal entry that Smart makes on February should show the Cash payment net of cash discount, a decrease in Total Account Receivable balance and recognition of an expense discount allowed up to 1 %.
The sector that lost more jobs due to technological change is the Banking sector.
Technological improvement entails the advancement of technology in carrying out business activities supposed to be performed by employees.
The increase in use of software technology means that industries and jobs that relies on employees effort will now rely on computers.
Therefore, the sector which lost more job due to the technological changes is the Banking sector because more software technology are now used, thus resulting to lay-off of bank workers.
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