Answer:
Part 1. The purchase of supplies for $760 cash was debited to Equipment $200 and credited to Cash $200.
Merchandise $ 760 (debit)
Cash $ 560 (credit)
Equipment $200(credit)
Part 2. A $530 dividend was debited to Salaries and Wages Expense $800 and credited to Cash $800.
Cash $270 (debit)
Dividend $530 (debit)
Salaries and Wages $ 800 (credit)
Part 3. A payment on account of $700 to a creditor was debited to Accounts Payable $230 and credited to Cash $230
Account Payable $470(debit)
Cash $470 (credit)
Explanation:
Part 1. The purchase of supplies for $760 cash was debited to Equipment $200 and credited to Cash $200.
Derecognise the $ 200 Equipment recored in error.The Cash figure was understated, therefore derecognise a further $560 to reflect the outflow of economic benefits. Lastly the Merchandise or Inventory Account must the recognised. This is the correct asset account to the original transaction.
Part 2. A $530 dividend was debited to Salaries and Wages Expense $800 and credited to Cash $800.
Recognise an equity element - Divident. Assets of cash were overstated therefore recognise the overstated amount of $270. Salaries and Wages Account was recognised in error therefore de-recognise this expense account.
Part 3. A payment on account of $700 to a creditor was debited to Accounts Payable $230 and credited to Cash $230
The transactions was recorded in correct accounts for the debit and credit but with wrong or understated amounts. Recognise a further $230 for Accounts Payable and a further 4230 for Cash
Answer: D. The order in which they will be converted into cash or used in operations.
Explanation: Balance sheet is a record used in financial statements or booking keeping,it is used to record the Assets(the resources though which income will be generated by an entity),the liability (the materials or resources that are not intended to generate revenue they include debts), and shareholders Equity.
The Asset section of a balance sheet contains items According to the order in which they will be converted to cash for easy access and reporting.
Harvard College in 1641 conducted the first fundraising effort documented in the U.S., includign the first of countless PR pamphlets and brochures.
<h3>What is fundraising ?</h3>
To be able to carry out their programmes, non-profit making organisations, such as NGOs, foundations, associations, collectives, etc., engage in fundraising, which is the process of obtaining voluntary donations of money or other resources.
The first stage in administering and carrying out an NGO's chosen and anticipated programmes and activities is to raise money. Most often, NGOs are established to raise money for various causes and programmes, for which the organization's founders and members set up, register, and manage the organisation.
You can get additional funding through fundraising, which will help your organization's work and give its members new chances. It may also help a member of your community who requires financial support or your entire community.
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