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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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Next year's pro forma statement is based on an annual increase in sales of four percent. The firm is currently operating at 85 p

ELEN [110]

Answer: a) total assets will increase by less than four percent

Explanation:

Since the tax rate and the dividend payout ratio are fixed, and you have net working capital and all costs varying directly with sales, the total assets will increase by a value that is less than the annual increase in sales.

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3 years ago

A company sold merchandise with a cost of $217 for $390 on account. The seller uses the perpetual inventory system. The entry

Elden [556K]

Answer:a debit to Cost of Goods Sold and a credit to Merchandise Inventory for $217

( The answer Is not in the options given)

Explanation:

The Perpetual inventory is a method of accounting for inventory which immediately records when an inventory is sold or purchased using the available point-of-sale software systems of the particular business.

In that regard , the entry to record cost of merchandise sold

Account titles Debit Credit

Cost of goods (Merchandise sold) $217

Merchandise Inventory $217

7 0

2 years ago

If the company budgets to need 4000 units to sell for a month, has a beginning inventory of 1000 units and a desired ending inve

Alecsey [184]

Answer:

5,500 units

Explanation:

The computation is shown below:

Given that

Need to sell the units in a month = 4,000 units

Beginning inventory = 1,000 units

Desired ending inventory = 2,500 units

So, by considering the above information, the units to be produced is

= Desired ending inventory + need to sell the units in a month - beginning inventory

= 2,500 units + 4,000 units - 1,000 units

= 5,500 units

5 0

2 years ago

Provide 8 factors that impede business ability of Africans

Sloan [31]

The factors that impede business ability of African can be liken to trade barriers experienced in African region.

Many potential entrepreneur have been discouraged from starting their enterprises because of various business impediment.

The factors that impede the business ability includes:

Lack of good road route to deliver goods.
High tax rate for local produced goods.
Very high rate of import duties.
Corruptions among officers with key position
Lack of support for Small & medium enterprises (SME)
Inaccessibility to finance for the business such as loan.
Unfavorable government policy or regulation on business corporation