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KIM [24]
3 years ago
10

The accounting cycle starts with a.closing out the periodic accounts. b.recording the transaction based on the information in a

source document. c.preparing the financial statements. d.preparing the adjusting entries.
Business
1 answer:
saul85 [17]3 years ago
6 0

Answer:

letter b, recording the transaction based on the information in a source document

Explanation:

The "Accounting Cycle" follows a series of steps in order to assist the accounting transactions of a company or business. It starts with the "Transaction step" <em>(the first step</em>) where<u> </u><u><em>the source documents have to be examined in order to analyzed transactions.</em></u> This also includes the recording of the transaction in the journal.

This step is followed by <em>Posting the Entries into the Ledger Accounts, Preparing the Unadjusted Trial Balance, Adjusting the Journal Entries, Preparing the Adjusted Trial Balance, Recording Reversing Entries, Preparing Post-Closing Trial Balance, Record Closing of Entries and Preparing Financial Statements.</em>

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5 0
3 years ago
Which scenarios can be considered effects of Sole Sister Shoe Store choosing to sell dress shoes over sneakers? Select two answe
GaryK [48]

Answer:

Option 1 and 2

Explanation:

Complete Question

Which scenarios can be considered effects of Sole Sister Shoe Store choosing to sell dress shoes over sneakers?

CHECK ALL THAT APPLY.

  1. High school athletes stop shopping there.
  2. The inventory of sports socks goes unsold.
  3. Publicity for the store declines.
  4. Profits decline because dress shoes cost less than sneakers

Solution

Sole Sister Shoe Store chooses to sell dress shoes over sneakers because  the customers of sneakers stopped shopping from the store. Sneakers are mainly purchased by the high school athletes over any other footwear. Now, they stopped shopping and hence  Sole Sister Shoe Store started selling dress shoes

Also, sports socks' inventory is unsold indicating the reduction in sale of sneakers and hence the Sole Sister Shoe Store started selling dress shoes

7 0
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2. In second scenario, businesses are prosecuted for contaminating river water, rises in manufacturing prices and vendors will be able to produce worse at the same amount. The output curve then shifts for its left.

3. In third case the output curve will remain the same. That's since the quantities given does not change.

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3 years ago
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