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hichkok12 [17]
3 years ago
13

Extra pairs of shoes and music downloads are examples of

Business
2 answers:
s344n2d4d5 [400]3 years ago
6 0

Answer:

These are examples of <u><em>WANTS!</em></u>

Explanation:

natka813 [3]3 years ago
5 0

Answer:

Wants

Explanation:

Wants can be defined as something you wish or desire to have. It may not necessarily be a pressing need so wanting to own extra pairs of shoes and music downloads are examples of wants.

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When Fisher-Price comes up with an idea for a new toy, it needs to ensure that the children who play with the toy will not choke
Dmitriy789 [7]

Answer:

The correct answer is Product Development Stage.

Explanation:

If any of the changes are required to be incorporated in a design, the best point of attempting these changes is in the product design phase such that the considerations are included from the initial stage and the design effort is not wasted.

6 0
3 years ago
Rutgers Racquet Club adjusts its accounts monthly. Club members pay their annual dues in advance by January 15. The entire amoun
SOVA2 [1]

Answer:

1. Salaries earned by club employees that have not yet been recorded or paid amount to $3,700.

Dr wages expense 3,700

    Cr wages payable 3,700

2. A local VFW sponsored a tournament at Rutgers Racquet Club that took place on December 22, 20x5 of the current year. At December 31, the $1,200 owed by the VFW for court rentals on December 22 had not yet been recorded or billed.

Dr accounts receivable 1,200

    Cr rental fees 1,200

3. A one-year fire and flood insurance policy had been purchased on May 31. The entire premium of $7,200 was initially recorded as Prepaid Insurance.

Dr insurance expense 4,200

    Cr prepaid insurance 4,200

4. Rutgers Racquet Club was built in 20x1. The cost of the building and equipment was $320,000. Depreciation of the club's building and equipment is based on an estimated life of 20 years and a salvage value of $80,000. The straight-line method of depreciation is used.

Dr depreciation expense 12,000

    Cr accumulated depreciation, building 12,000

5. A 36-month bank loan in the amount of $108,000 had been obtained by Rutgers Racquet Club on December 1, 20x5. Interest is computed at an annual rate of 9%. The entire $108,000, plus all of the interest accrued over the 36-month life of the loan, is due in full on December 1, 20x8.

Dr interest expense 810

    Cr interest payable 810

6. Membership dues earned in December, 20x5 for collections received at January 15, 20x5 amounts to $52,000.

Dr unearned membership dues 52,000

    Cr membership dues earned 52,000

7. Unrecorded Income Taxes Expense accrued in December amounts to $16,000. This amount will not be paid until January 15, 20x6.

Dr income tax expense 16,000

    Cr income tax payable 16,000

4 0
3 years ago
Specter Consulting purchased $8,900 of supplies and paid cash immediately. What general journal entries will Specter Consulting
sergiy2304 [10]

Answer:

Debit Supplies $8,900; Credit Cash $8,900

Explanation:

Based on the information given the general journal entries that Specter Consulting will make to record this transaction assuming the companyâs policy is to initially record prepaid and unearned items in balance sheet accounts will be :

Debit Supplies $8,900

Credit Cash $8,900

7 0
3 years ago
Explain errors are not detected by a trial balance ​
Paha777 [63]

Answer:

Errors not detected by a trial balance ​ are:

1. Posting to Wrong Account

2. Error of Amounts in Original Book

3. Compensating Errors

4. Errors of Principle

5. Errors of Omission

Explanation:

The Trial Balance does not provide absolute assurance of ledger account accuracy. It is just an evidence of the postings' arithmetical accuracy. Even though the amount of debits equals the amount of credits, there may be inaccuracies.

A trial balance will not reveal such errors, and they are:

1. Posting to Wrong Account: IF accidentally posted something to the wrong account, but it was on the right side, the Trial Balance agreement will not be affected. For example, if a $200 purchase from John was credited to Joshua instead of John. As a result, Trial Balance will miss such an error.

2. Error of Amounts in Original Book: The Trial Balance will come out appropriately if an invoice for $632 is filed in Sales Book as $623, because the debit and credit have been recorded as $623. The arithmetical precision is there, yet there is a flaw.

3. Compensating Errors: This occurs one mistake is offset by a similar mistake on the other side. These errors are cancelled if one account in the ledger is debited $500 less and another account in the ledger is credited $500 less.

4. Errors of Principle:  An errors of Principle is one that breaches the foundations of bookkeeping. Purchases of furniture, for example, are debited to the Purchase Account rather than the Furniture Account; wages paid for the erection of plant are debited to the Wages Account rather than the Plant Account; and the amount spent on a building extension is debited to the Repairs Account rather than the Building Account, and so on. These kind of errors do not alter the total debits and credits, but they do impair the bookkeeping principle.

5. Errors of Omission: There will be no effect on the Trial Balance if a transaction is completely omitted. An error of omission occurs when a transaction is fully unreported in both aspects, or when a transaction is documented in the books of primary entry but never entered in the ledger. For example, if a credit purchase is not recorded in the Purchase Day Book, it will not be posted to both the Purchase Account and the Supplier's Account. This error, on the other hand, will not cause Trial Balance to disagree.

7 0
3 years ago
The chance of losing time, money, reputation, etc. is known as __________.
elena55 [62]
The answer to this question is: Risk
In most cases, something that give the potential reward of time, money, and reputation will also possess the risk of losing that same thing at the same degree. This principle will often used by investors to choose which portofolio that they want to pursue with their capital.

7 0
3 years ago
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