Answer:
C. Debit Cost of goods Sold $5,000;
Credit Inventory $5,000
Explanation:
Preparation of the necessary adjusting entry to record inventory shrinkage
Since we assumed that the physical count of inventory showed $158,000 of inventory on hand and the inventory records reported $163,000 the first step to do is to find the difference between the two amount which is ($163,000-$58,000) given us a different of $5,000 which will now be recorded as:
Debit Cost of goods Sold $5,000
(163,000-158,000)
Credit Inventory $5,000
Answer:
B) The law of demand
Explanation:
The law of demand states that the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
Ceteris paribus means all things being equal.
Says law says supply creates its own demand.
I hope my answer helps you
Decrease assets, decrease liabilities. Accounts payable are what the business owes (liabilities). By paying off accounts payable, the liabilities are decreasing (they owe less) and the assets are also decreasing (because they use assets/cash to pay off the liabilities, so they have less now).
Hope that helps
Answer:
b. False
Explanation:
The above is false because sales people are supposed to build and maintain long term relationships with their customers by listening to and assessing their needs and not teaching their customers. Sales people create a concerted effort towards solving those needs experienced by their customers.
A salesperson represent the image of the company he or she is selling for, hence must be professional and well trained because the company gets profit through his interactions with the customers. This means that before the company gets profit, customers must be satisfied because these salespeople act as critical link between the company and its customers.
