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lukranit [14]
3 years ago
12

Paul's Landscaping purchased $500 of office supplies on credit. The company's policy is to initially record prepaid and unearned

items in balance sheet accounts. Which of the following general journal entries will Paul's Landscaping make to record this transaction? 34) A) Debit Office supplies expense, $500; credit Cash, $500. ) Debit Cash, $500; credit Office supplies, $500 C) Debit Office supplies, $500; credit Accounts payable, $500 D) Debit Office supplies, $500; credit Cash, $500 E) Debit Accounts payable, $500; credit Office supplies, $500
Business
1 answer:
lbvjy [14]3 years ago
3 0

Answer:

C) Debit Office supplies, $500; credit Accounts payable, $500

Explanation:

The journal entry is as follows:

Office supplies A/c Dr $500

      To Account payable A/c $500

(Being the office supplies are purchase on credit is recorded)

Since the office supplies are purchased so we debited the office supplies that increase the assets and credited the account payable as it purchase on credit basis plus the liabilities are also increased

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Mohammed works in a marketing department and is working on his Master's Degree in Marketing. His career goal is to become the ma
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Answer:

(D) He should include a timeframe.

Explanation:

A concrete mapping of his goal in a timeframe is all Mohammed needs to make his goal SMART (Specific, Measurable, Achievable, Realistic, and Timely).

Since Mohammed is someone who has a strong educational and professional background regarding his goal, then the goal automatically becomes realistic and achievable. On the other hand, it is also specific, since he clearly states his desired position (he emphasizes the job of marketing department manager instead of simply stating he wants a promotion).

Since his goal is a discrete (not continuous) event, the Measurable characteristic is somewhat irrelevant.

All that is left for him to do is to state by which point in time he wants to achieve that goal (e.g. in five years' time).

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3 years ago
During the past 1000 years, the income per person of the world has
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Answer: Has increased.

Explanation: Income per person has increased over the years because the cost of living and expenses have also increased. As the cost of items go up, income increases to help consumers be able to afford living and purchasing goods and services.

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3 years ago
A rent ceiling is​ _______. A. a price floor in the housing market B. the opportunity cost of renting an apartment C. the mechan
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Answer:

D.

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A rent ceiling is​ a government regulation that makes it illegal to charge a rent higher than a specified level. Meaning that the landlord of a building cannot charge a rent amount higher than the maximum price set forth by the rent ceiling. Landlords that violate this law are usually fined by the government as a consequence.

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3 years ago
Ken consumes two goods, Sprite and potato chips. Sprite costs $1 per can, and he consumes it to the point where the marginal uti
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Answer:

The correct option is c. $8.

Explanation:

Ken will maximize utility where the following equation holds:

MU of Sprite / Price of Sprite = MU of potato chips / Price of potato chips ................. (1)

Where;

MU of Sprite = Marginal utility of Sprite = 3

Price of Sprite = $1 per can

From the table in the question, equation (1) holds at the point where Marginal utility of potato chips is 6 since the Potato chips cost $2 per bag.

Substituting the values into equation (1), we have:

MU of Sprite / Price of Sprite = MU of potato chips / Price of potato chips => 3 / 1 = 6 / 2 = 3

Since when the marginal utility of potato chips that maximizes utility is 6, Ken consumes 4 Bags of Potato chips monthly and pays $2 per bag at this point, the amount he spends on potato chips each month can be calculated as follows:

Amount spent on potato monthly = Number of bags of Potato chips consumed monthly * Cost of potato chips per bag = 4 * $2 = $8

Therefore, the correct option is c. $8.

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3 years ago
What is a product line? Why are they used and how do companies determine what to use and how to adjust what is being used?
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