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Dafna11 [192]
3 years ago
12

Emerald Jewelery Store had a credit balance in interest payable of $200 at the beginning of the period, and a credit balance of

$50 at the end of the period. Based on this information, the adjustment to net income for the period will be reported as:
Business
1 answer:
Evgesh-ka [11]3 years ago
7 0

Answer:

Net income will be decreased by $150.

Explanation:

Given:

The credit balance of interest payable (Opening) = $200

Credit balance of interest payable (Closing) = $50

Net income will be decreased by $150.

Decreased net income = credit balance of payable (Opening)  - credit balance (Closing)

Decreased net income = $200 - $50

Decreased net income = $150

The interest of $150 was paid which would reduce the net profit.

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Kin based societies, headed by hereditary leaders or priests with the powers such as ceremonial and labor organization, land use
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Answer:

Chiefdoms

Explanation:

Kin based societies, headed by hereditary leaders or priests with the powers such as ceremonial and labor organization, land use supervision, and resource distribution are known as Chiefdoms

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PLEASE HELP! IN A TEST! A salesperson may sell from a distance except when it involves _____.
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Explanation:

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8 0
3 years ago
On March 1, it was discovered that the following errors took place in journalizing and posting transactions:
kaheart [24]

Answer:

a. Reversal entry:

Debit Rent expense $4,650

Credit Miscellaneous Expense $4,650

Correct Entry:

Debit Rent expense $4,650

Credit Cash $4,650

b. Reversal entry:

Debit Accounts payable $3,700

Credit Cash $3,700

Correct Entry

Debit Cash $3,700

Credit Accounts Receivable $3,700

Explanation:

Reverse entry is to simply close to zero the original entry that has been made in mistake. Afterwards, record the correct entry to properly account the transaction.

To reverse the previously made entry, we simply debit what is credited and debit what is credited.

a. We need to close the rent expense credited by debiting it and credit the miscellaneous expense that is previously debited to zereod out the mistake recording. Then to record the correct entry, Debit Rent expense and Credit Cash at the amount $4,650

b. Just ike what we did on the previous transaction, we will debit the Accounts payable and credit the cash that has been recorded by mistake to zereod out the balance and then make the correct entry. Debit Cash $3,700 and credit Accounts receivable $3,700.

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3 years ago
Which of the following scenarios is an example of irrelevant media? A. Graphics that need to be split up and appear on two pages
gogolik [260]
I think the answer is C but don’t quote me on that
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3 years ago
Read 2 more answers
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