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ira [324]
3 years ago
12

Flavor Ice Cream received a payment of $7,800 from a credit customer within the discount period. Identify the journal the transa

ction would be recorded in:
Business
1 answer:
artcher [175]3 years ago
5 0

Answer:

Cash receipts journal

Explanation:

The cash receipt journal is an accounting journal system which keeps the track of all the transactions i.e the sales and cash credited.

Here in the given question the payment is received by the credit customer.

Hence, for the sales transaction the payment is credited in the account of the company.

Thus,

it will be recorded in the Cash receipts journal

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True or false: the term economic investment includes purchasing stocks, bonds, and real estate.
Lapatulllka [165]
False because it doesnt invest the stocks
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3 years ago
Which statements indicate that Rick’s company is a limited liability company? Rick Douglas is a bright and passionate lighting d
uranmaximum [27]

The statements are:

Because Dazzle is not a separate tax entity, all the owners declare revenue earned through the company on their personal federal tax returns.

The $5 million dollar villa is protected from business liabilities unless the liability is incurred through wrongful acts.

4 0
3 years ago
Which of the following statements is true? Question 8 options: Always shake hands in an interview as it is the polite thing to d
SVETLANKA909090 [29]
I think the answer would be A. It definitely would not be B or C and D seems kind of rude so I think that A. would be the most courteous and kind. Hope this is helpful for you! :)
7 0
3 years ago
Read 2 more answers
J. M. Keyes put all his money in one stock, and the stock doubled in value in a matter of months. He did this three times in a r
adell [148]

Answer:

Lucky event

Explanation:

In the investments market a true measure of market efficiency is to get a track record of positive outcome from investors over time.

The lucky event problem occurs when an investor makes a profit on investment not because of how efficient a market is or by a logical procedure, but rather by chance.

In the given scenario Keyes put all his money in one stock that doubled in 3 months.

However this was not replicated among other investors who made similar vets on other stocks and lost.

This is an exams of lucky event problem in determining market efficiency.

5 0
3 years ago
The following situations suggest a strength or a weakness in internal control. Identify each as a strength or weakness​, and giv
Mkey [24]

Answer: Options A and C are strengths while options B and D are weaknesses. See explanation below.

Explanation:

a. All employees must take at least five consecutive days off each year.

This is a strength in internal control. This would help to maintain stability in operational process and ensure leave days are effectively utilized. It also prevents staff from taking the leave days in piecemeal and sporadic manner thereby disrupting the operational process and causing team instability. It is also used to ensure leave days are promptly utilised and well accounted for.

b. The accounting department orders merchandise and approves invoices for payment.

This is a weakness in internal control. There should be a check and balance in this regard. In some organizations, proper scrutiny of the vendor and invoice is done by the Procurement Unit and the Expense Control Unit respectively. Even within the accounting department, there is approval hierarchy. Also, the unit within accounting department that is making the order should not be the one to approve the transaction.

c. Cash received over the counter is controlled by the sales​ clerk, who rings up the sale and places the cash in the register. The daily sales are recorded in the accounting records by the accounting department.

This is a strength in internal control as it ensures checks and balances. Fraud and error can be detected through this means. The accounting department should verify the transactions to the relevant supporting document before recording the transaction in the system.

d. The officer who signs checks need not examine the payment packet because he is confident the amounts are correct.

This is a weakness in internal control in the sense that checks signed by the officer is binding in the court of law. The officer cannot claim ignorance if anything goes wrong. There is therefore a need for proper scrutiny and relevant questions asked before checks are signed.

7 0
3 years ago
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