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2 years ago

Name the accounts debited and credited for each of the following transactions.

Business

1 answer:

kumpel [21]2 years ago

6 0

Answer:

Explanation:

In this the golden rules of accounting applies, debit the receiver, and credit the giver, debit all expenses and credit all incomes and gains.

1. The journal entry is

Accounts Receivable A/c Dr

To Revenue

(Being work performed is recorded)

2. The journal entry is

Cash A/c Dr

To Accounts Receivable

(Being cash received from customer is recorded)

3.The journal entry is

Office supplies A/c Dr

To accounts payable

(Being office supplies purchased on credit )

4.The journal entry is

Gasoline A/c Dr

To Cash

(Being purchase of gasoline is recorded)

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If a firm offers a service that is valuable, rare, and costly to imitate, but a substitute exists for the service, the firm will

Shalnov [3]

Answer:

c. have a temporary competitive advantage

Explanation:

In this case, it is correct to say that the company has a temporary competitive advantage, as there is a substitute for its valuable, rare and expensive service to imitate.

The company gained a competitive advantage in the market for being the only one to offer that service, which by the attributes confer barriers of entry for new competitors, but when there is a substitute for the service and that have the same characteristics, it is correct to say that the company it will lose its competitive advantage in a matter of time, because with more competitors in the market it is common for there to be some loss of market share, so in this case it is ideal for the company to adapt and seek new attributes to innovate, generate more value for consumers and so seek a differential that will guarantee you a higher position in the market.

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2 years ago

On January 1, 2021, Canseco Plumbing Fixtures purchased equipment for $40,000. Residual value at the end of an estimated 7 year

Degger [83]

Answer:

Part a

2021 = $7,000

2022 = $6,000

Part b

2021 = $5,250

Explanation:

Sum of the year`s digit method provide for higher depreciation in early life of the asset with lower depreciation in later years.

Step 1

Some of digits calculation :

Year Digits

2021 7

2022 6

2023 5

2024 4

2025 3

2026 2

2027 1

Total 28

Step 2

Determine the depreciable amount

Depreciable amount = Cost - Residual value

= $40,000 - $12,000

= $28,000

Step 3

Depreciation expense calculations

2021 = 7 / 28 x $28,000 = $7,000

2022 = 6/ 28 x $28,000 = $6,000

assuming the equipment was purchased on March 31, 2021

2021 = $7,000 x 9/12 = $5,250

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3 years ago

The refusal of the US Senate to ratify the ITO's charter "doomed" the International Trade Organization (ITO).

alex41 [277]

Im not sure i think it may be false tho

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3 years ago

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zloy xaker [14]

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2 years ago

True or false: The allowance method of accounting for bad debts records the loss from an uncollectible account receivable when i

PSYCHO15rus [73]

Answer:

false

Explanation:

The allowance procedure estimates bad debt expense before an uncollectible account receivable has been purposed to be uncollectible.

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3 years ago