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elixir [45]
3 years ago
12

A journal entry for a​ $210 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for​ $550

and a credit to Cash for​ $210. Which of the following statements correctly states the effect of the error on the trial​ balance?
A) The sum of the credits will exceed the sum of the debits by $310.

B) The sum of the debits will exceed the sum of the credits by $290.

C) The sum of the debits will exceed the sum of the credits by $310.

D) The sum of the debits will exceed the sum of the credits by $600.
Business
1 answer:
Ludmilka [50]3 years ago
3 0

Answer:

The sum of the debits will exceed the sum of the credits by $340. (None of the options given).

Explanation:

The right posting on the payment of $210 for the purchase office supplies would be;

Debit office supplies account $210

Credit Cash account $210

However since the debit to office supplies was $550 which is 340 (i.e $550 - $210) more than what the amount to have been posted is, it means that the sum of the debits will exceed the sum of the credits by $340.

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Kingbird, Inc. purchased office supplies costing $7980 and debited Supplies for the full amount. At the end of the accounting pe
miskamm [114]

Answer and Explanation:

                    In The books Of (Kingbird Inc.)

                             Journal Entry

<u>Date     Account Title and Explanation        Amount    Amount</u>

            Supplies Expenses       a/c Dr         $5,130

            To Supplies                   a/c                               $5,130

          (Being  adjusted entry held for remain Supplies)

Working Note:

Amount = ($7,980 - $2,850) = $5,130

8 0
3 years ago
A proposal that has significant support among policymakers regardless of political party is the need to modernize the nation's i
ahrayia [7]

Answer:

If the economy is experiencing an expansion, this policy would not be as effective because many of the economy's workers would already be employed in other activities. In other words, the economy would be close to, or at, full employment.

Another reason is that large public investments during an economic expansion tend to raise the interest raise, and crowd out private investment, because a big part of the supply of loanable funds would be taken up by the government. This would actually be detrimental for the economy because private investment would be less.

Finally, there is always the possibility of overheating the economy and causing it to enter an inflationary phase.

8 0
3 years ago
A _____ is a temporary work structure that starts up, produces products or services, and then shuts down.group of answer choices
pentagon [3]

A <u>project</u> is a temporary work structure that starts up, produces products or services, and then shuts down a group of answer choices.

A project is a collection of tasks that must be finished in order to achieve a certain goal. A project may alternatively be described as a collection of inputs and outputs necessary to accomplish a certain objective. Projects can be handled by one person or one hundred, and they can be simple or complicated.

Project objectives are the things you hope to accomplish by the project's conclusion. Deliverables and assets might be included here, as well as more abstract goals like raising motivation or productivity. Your project goals should be measurable outcomes that are time-bound, reachable, and detailed.

To learn more about Project

brainly.com/question/17759033

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5 0
2 years ago
3. Which one of the following statements is correct concerning the NYSE? a.) The publicly traded shares of a NYSE-listed firm mu
Gwar [14]

Answer:

c.) The listing requirements for the NYSE are more stringent than those of NASDAQ.  

Explanation:

The correct statement is c. NASDAQ and NYSE both is American stock exchange where share are traded. NYSE is world’s largest stock exchange in terms of market capitalization of listed companies and NASDAQ is second largest stock exchange. The listing requirements for NYSE are stringent and tough. A firm should have atleast $40 million market value of public shares to be listed on NYSE.

7 0
3 years ago
Read 2 more answers
Which of the following people are structurally unemployed? Select all answer options that apply. Choose one or more: A. A worker
a_sh-v [17]

Answer:

Structural unemployment is present in case of A, B, C, and D.

Explanation:

Structural unemployment refers to the situation when the workers are unemployed because of the mismatch between the skills they possess and the skills the employers are looking for.  

Unemployment caused by drought cannot be classified as structural unemployment. The rest of the examples involves cases of structural unemployment.

8 0
3 years ago
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