1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
timofeeve [1]
3 years ago
6

On March 1, it was discovered that the following errors took place in journalizing and posting transactions: a. The receipt of $

8,400 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. b. The purchase of supplies of $2,500 on account was recorded as a debit to Office Equipment and a credit to Supplies. Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (b). (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
Kitty [74]3 years ago
7 0

Explanation:

The Journal Entry is given below:-

a. Cash Dr,                   8400  

           Accounts receivable        8400

(Being the Cash received)

 

b. Supplies Dr,                2500  

           Office equipment         2500

(Being the reserve entry is recorded)

Supplies Dr,                             2500  

            Accounts payable           2500

(Being the supply is purchased)

You might be interested in
Which statement best summarizes the law of demand?
labwork [276]

Answer: I believe it’s D.

Explanation: as the price of a good increases, quantity demanded decreases; conversely, as the price of a good decreases, quantity demanded increases

8 0
3 years ago
The following is correct statement related to the activity-based costing and traditional costing system, except:
kati45 [8]
The answer is D. Please don't discriminate if I'm wrong.
<span />
4 0
3 years ago
Sam and Talib are reselling their home. If they’re the typical sellers, how much should they expect to pay in transaction costs
iren2701 [21]

6000 to 14000 dollars is the amount that te should both expect to be the transaction cost of selling their home.

<h3>What is the cost of selling a home?</h3>

Several costs usually arises due to the fact that a person wants to sell the home that they own.

One of the costs is the commission fees that these sellers usually pay. The commission fees is usually 5 to 6 percent of the cost of sale.

Read more on commission fees here:

brainly.com/question/24951536

7 0
3 years ago
Which pricing objective de-emphasizes price and can lead to a climate of nonprice competition in an industry?
d1i1m1o1n [39]

Status quo pricing objective de-emphasizes price and can lead to a climate of nonprice competition in an industry. Status quo—seeks to maintain a consistent level of profit made from a certain product by keeping your product pricing comparable to those of the same or similar items sold by your competitors in order to avoid beginning a price war.

The soft drink industry is an often used illustration of status quo pricing. Be it a Pepsi or a Coca-Cola product, the cost of a bottle of soda tends to be quite constant. Coca-Cola and Pepsi often represent the status quo in terms of pricing.

To learn more about quo pricing, click here.

brainly.com/question/15064402

#SPJ4

7 0
1 year ago
What does the graph show about the relationship between a product and its price?
polet [3.4K]

Answer:

The correct answer is: As the interest in a product goes up, the price goes up.

Explanation:

Increasing interest and thus increasing demand leads to increased demand for a particular good or service. In this respect, as production remains constant, the increased demand for goods or services pressures the supply of this good or service, culminating in its price increase.

8 0
3 years ago
Read 2 more answers
Other questions:
  • In the ________ process, raw materials, subcomponents, and accessories are procured based on forecasts, but actual manufacturing
    12·1 answer
  • NanoTech is ready to begin production of its exciting new technology. The company is evaluating three methods of production: (A)
    9·1 answer
  • If we are replacing an old vehicle with a newer model, the cost of the old vehicle is:_______.
    8·1 answer
  • The Japan-based multinational Sony engaged in __________ when it partnered with Shanghai Oriental Pearl Group. Together, the two
    14·1 answer
  • a. The owner invested $18,000 cash in the company in exchange for its common stock. b. The company purchased supplies for $1,250
    9·1 answer
  • Logano Driving School’s 2017 balance sheet showed net fixed assets of $4.6 million, and the 2018 balance sheet showed net fixed
    9·1 answer
  • Bella Bags is a British company that sells luxury leather purses manufactured in London. Currently, its products are carried at
    15·1 answer
  • What is our planet called?
    7·2 answers
  • Give away points and i will also rank you as a brainliest if your first to answer​
    7·2 answers
  • January 12, purchased supplies for cash, to be used all year, $3,850; December 31, physical count of remaining supplies, $850
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!