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Zepler [3.9K]
3 years ago
11

You have been asked to help King Company make the necessary journal entry to record the purchase of office furniture for a $170

cash down payment and a balance of $540 due in 30 days. What is the correct journal entry?
Business
1 answer:
Marina CMI [18]3 years ago
3 0

Answer:

Debit Office Furniture account    $710

Credit Cash account                    $170

Credit Accounts payable             $710

Being entries to recognize office furniture partly paid for.

Explanation:

When items are purchased using cash, the corresponding credits in such transactions are recorded in the cash account. Where the item is purchased on account (or credit), the credit is posted to accounts payable.

Total worth of the office furniture = $170 + $540 = $710

The total debit for this will be recorded in the office furniture account.

Hence to recognize the transaction,

Debit Office Furniture account    $710

Credit Cash account                    $170

Credit Accounts payable             $710

Being entries to recognize office furniture partly paid for.

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Explanation:

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Vinny asks if he should force Spud to finish the job. Could Oscar get a court order requiring Spud to actually build the display
adell [148]
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3 years ago
Suppose people cannot tell for sure whether they will fall ill in any given year. High-risk people correctly perceive their chan
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The expected annual medical expenses of a high-risk person is $3000 per year while that of a low-risk person is $1000 per year.

The expected annual medical expenses of a high-risk person will be calculated as:

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Read related link on:

brainly.com/question/25405387

5 0
2 years ago
Able, on behalf of Pix Corp., entered into a contract with Sky Corp., by which Sky agreed to sell computer equipment to Pix. Abl
Ludmilka [50]

Answer:

D) Pix must have knowledge of all material facts relating

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If the contract is beneficial for Pix, then they will want to ratify it. Unless Sky is aware that Able was not authorized to sign contracts on behalf of Pix, they probably wouldn't even tell them about what really happened. Although, Pix will want to know all material facts relating to the contract at the time it is ratified in order to verify if it is really good for them.

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3 years ago
GDP is the: a. market value of an economy's production of final goods and services in a one year period. b. sum of coins, bills,
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Answer:

a. market value of an economy's production of final goods and services in a one year period.

Explanation:

GDP is the sum of all final goods and services produced in an economy within a given period which is usually a year.

GDP = Consumption spending + Investment spending + Government Spending + Net Export

GDP doesn't include intermediate goods. Therefore it is not the market value of an economy's production of all goods and services in a one year period.

Total expenditures of the federal government over the period of one year is known as government spending.

I hope my answer helps you

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