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3 years ago

The ability to borrow money is called

Business

2 answers:

Olin [163]3 years ago

3 0

Answer: the ability to borrow money is called credit

Explanation:

This ability to borrow money is called having credit. ... The money you owe is called debt. The money you borrow is yours to spend, but remember: when you borrow money, you're taking on a real responsibility to pay the money back! You need to make monthly loan payments and usually have other costs called interest and fees.

sergiy2304 [10]3 years ago

3 0

Answer:

A. Credit

.....

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In a town's general fund operating budget for the year, the amount of its estimated revenues exceeded the amount of its appropri

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This excess should be credited to Budgetary Fund Balance Unassigned.

<h3>What is Fund Balance?</h3>

Any specific fund's fund balance is basically what is left over after the fund's assets are used to pay its liabilities. Both the reserved and unreserved portions of the fund balance must be disclosed.

<h3>What is Unassigned Fund Balance?</h3>

The term "unassigned fund balance" refers to the balance that remains after non-spendable, restricted, committed, and assigned funds have been deducted from the total amount. It contains all spendable monies that are not included in the other classes. That's not a very simple explanation.

Therefore, perhaps the simplest approach to considering the unassigned fund balance is the amount of money available to stop a cash flow problem.

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2 years ago

Ben makes an appointment for a $50 haircut, buys a bike for $250, and agrees to work for Coding Associates for one year for $5,0

algol13

Answer:

Explanation:

Based on the information provided within the question it can be said that in order for it to be enforceable, a writing is required for the employment agreement. This is because the employment requires initial work for a month before receiving payment for the services provided. Unlike the other two purchases, since money is being exchanged directly for a product or service at the exact moment.

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3 years ago

If the production of oranges reduces global warming, then the equilibrium quantity of oranges will be_________the socially optim

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3 years ago

Recording Transactions Using Journal Entries and T-Accounts Receive $40,000 cash in exchange for common stock. Purchase $4,000 o

Paladinen [302]

Answer:

a. See the explanation below for the journal entries.

b. each of the following accounts have an ending balance (in red color) after the recording as follows:

Cash, $27,000;

Common stock, $40,000;

Accounts payable, $4,000;

Accounts receivable, $3,000;

Equipment, $10,000.

However, each of the other accounts will have a zero ending balance.

Explanation:

a. Recording Transactions Using Journal Entries

The journal entries will look as follows:

Accounts Name Dr ($) Cr ($)

Cash 40,000

Common stock 40,000

(To record cash receipts for common stock.)

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Accounts payable 4,000

(To record inventory purchase.)

Account receivable 6,000

Sales 6,000

(To record credit sales.)

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(To record cost of sales.)

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(To cash collected from credit sales.)

Equipment 10,000

Note payable 10,000

(To record purchase of equipment by issuing note.)

Wages 2,000

Cash 2,000

(To record wages paid in cash.)

Note payable 10,000

Cash 10,000

(To record note due paid.)

Dividend 4,000

Cash 4,000

(To record cash dividend paid.)

b. Recording Transactions Using T-Accounts

Note: See the attached excel file for the T-Accounts.

From the attached excel file, each of the following accounts have an ending balance (in red color) after the recording as follows:

Cash, $27,000;

Common stock, $40,000;

Accounts payable, $4,000;

Accounts receivable, $3,000;

Equipment, $10,000.

However, each of the other accounts will have a no or zero ending balance.

Download xlsx

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