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worty [1.4K]
3 years ago
11

Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000 of unpaid and unrecord

ed salaries. The next payday is January 3, at which time $30,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.
Business
1 answer:
mamaluj [8]3 years ago
3 0

Answer:

The journal entry for the following is shown below:

Explanation:

The journal entry for the salary which is paid on January 3 is as:

January 3

Salaries expense A/c..........................Dr     $30,000

             Cash A/c..............................................Cr    $30,000

As the salary is paid worth $30,000, so the salary expense is decreasing and any decrease in expense is debited. Therefore, the salary expense account is debited. And it paid against the cash and the cash is going out of the business and any decrease in cash will be credited. Therefore, the cash account is credited.

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A moderately-priced jewelry store is trying to differentiate itself from other jewelry stores. The store prices products somewha
AlekseyPX

Answer:

The correct answer is: monopolistic competition.

Explanation:

There is monopolistic competition in markets that have many companies offering similar products or services. Restaurants, grocery stores, and clothing stores, for example. Such similar products and services are not ideal substitutes for each other. In these industries the barrier to entry and exit is low.

8 0
3 years ago
During a certain six-year period, the consumer price index (CPI) increased by 50%, but during the next sis-year period, it incre
liberstina [14]

Answer:

D. Deflation

Explanation:

"Consumer Price Index" <em>(CPI)</em> measures the changes in the weighted average of prices of a market basket (consisting of consumer goods and services). It tells the<u> cost of living for every consumer. </u>

"Inflation" refers to the sustained increase of prices of goods and services while "deflation" refers to the sustained decrease of prices of goods and services.

In the situation above, the CPI is considered lower than before, thus <u>deflation</u> must have occurred during the second six-year period. It shows a <u>negative inflation rate.</u>

So, this explains the answer.

7 0
3 years ago
Suppose the price of a pound of flax seed in west virginia is currently $1.00. the law of one price suggests that because the pr
Reptile [31]

Answer:

It will be between $1.00 and $ 1,20

Explanation:

Solution

Given:

From the given question, the price of a flax seed in west Virginia is presently at $1.00

From the law of one price states that since the price of a pound of flax seed is $1.20 in Kentucky,

Then,

The price of a flax seed pound will be between 1.20 and 1.00

Therefore, the price of the flax seed in Kentucky as compared to that of west Virginia will be placed in between  prices of $1.20 and $1.00 after the supply by sellers in both market has been adjusted or raised.

6 0
3 years ago
Seller Vincent decided to let the listing agreement he had with broker Bob expire and sell the property himself. Prospective buy
ZanzabumX [31]

Yes, Bob does retain interest in this transaction as he registered under safeguard terms. because the protection clause suggest:-

A former agent is additionally obligated to the buyer registered under the protection provision in the listing agreement if the seller is shown the property by an agent within the listing term as the listing expires. The seller will still be required to pay the agent's fee if a protected buyer tries to make a direct purchase from them while the protection period is still in effect.

<h3><u>What is the purpose of a protection clause?</u></h3>
  • A safety protection provision is intended to guarantee that a broker gets paid fairly for their services and to prohibit buyers' and sellers' collusion.
  • A contingency known as a broker protection clause, sometimes known as a safety clause or extension clause, is present in listing agent contracts. This provision states that in some circumstances, even if the house sells after their listing has expired, the seller will pay the listing agent commission fees.

To know more about protection clause, check the given links.

brainly.com/question/25079139

brainly.com/question/2252772

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7 0
2 years ago
Venture capital (VC) firms are pools of private capital that typically invest in small, fast-growing companies that can't raise
sergey [27]

Answera dnd Explanation:

A. The incentive conflict in principal-agent relationship as it concerns venture capitalism is conflict between venture capitalists who are the principals and the managers of the business investment who are the agents. The conflict is that venture capitalists are put to increase value of their investment and make profit while salaried managers are only out to feel their pockets through their managerial role in the company as they do not have an interest in the company and are unaffected by the loss or failure of the company. This is known as the principal agent moral hazard issue in venture capitalism

B. By managers maintaining some ownership in the company, there us reduced conflict as managers now see a reason to make sure company succeeds since they have an interest

Venture capitalists aim to have a seat in the board to make sure managers do not take bad decisions since they are able to veto such decisions

4 0
3 years ago
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