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
Lady bird [3.3K]
3 years ago
9

Juan Foods pays off a long-term debt in full. Which one of the following statements best describes the appropriate book-keeping

for this transaction?
a. Debit cash; credit long-term debt
b. Debit long-term debt; credit owners' equity
c. Debit owners' equity; credit long-term debt
d. Debit long-term debt; credit cash
Business
1 answer:
tankabanditka [31]3 years ago
7 0

Answer:

Debit long-term debt; Credit cash.

Explanation:

The Journal Entry is shown below:-

Long term Dr, XXXXXXXX

To Cash

(being long term is recorded)

Long-term debt is a liability which usually has a credit balance. Therefore, until the long-term debt is entirely repaid, the long-term debt account has to be debited to pay it off entirely from the account books. In another hand, the cash account has to be paid, because there is a cash outflow.

You might be interested in
Take it and go don't wast my time
BartSMP [9]

Answer:

thanks man

Explanation:

7 0
3 years ago
Read 2 more answers
Negative externalities are created when
katrin2010 [14]

Answer:

The correct answer is (C)

Explanation:

Negative externalities occur when an individual or firm making a choice negatively affect other parties.  A driver who recklessly drives a car on a busy highway is a negative externality because the amusement of the driver is negatively affecting other people. A negative externality arises when the benefit of a decision is less than the negative outcomes of that decision.

3 0
3 years ago
Colin and Natalie orally agreed with Medical Center X for an in vitro fertilization procedure that would not result in the birth
Nadusha1986 [10]

Answer:

c. The medical center will prevail based upon the written contract

Explanation:

Since they later signed a written contract where it is stated in paper and has their signature that the medical center could not assure nor take any responsibilities for the birth of a kid without any medical, mental or physical defects the medical center has the upperhand on the court, as well as they did in Scalisi et al. v. New York University Medical Center that promised a perfect designed baby, the Scalsi decided for invitro fertilization because of the wife´s family medical history and tendency to autism, and they ended up with a baby with autism, so they sue the New York University Medical center, but the court sided with the NYUMC because of the written contract where it stated that they couldn´t assure the baby to be born without any medica, mental or physical defects.

5 0
3 years ago
Imagine your client would like to complete a tax inversion, acquiring a foreign company in Switzerland and moving the domicile o
otez555 [7]

Answer:

b

Explanation:

4 0
3 years ago
Casassa, a merchant in San Francisco, under the terms of a nonshipment contract, agrees to sell 50 cases of packaged macaroni to
Ugo [173]

Answer:

Fresno

Explanation:

A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.

There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.

The uniform commercial code (UCC) is a set of standardized business laws which are put in place for the regulation of financial contracts and commercial transactions used across different states in the United States of America. There are special rules known as the special business standards that are set up by UCC governing merchants and the sales of goods in Article 2 of the Uniform Commercial Code.

Under Article 2 of the Uniform Commercial Code, a shipment contract between two parties (buyer and seller) states that a buyer bears the risk of loss and is typically responsible for the costs of goods in the event of any damage or loss incurred during transportation and prior to receiving the goods.

In this scenario, the transaction is a nonshipment contract and the place for delivery is not specified in the agreement.

However, on the basis of the facts that both parties are aware that the 50 cases of packaged macaroni are in a warehouse in Fresno, the place for delivery is Fresno.

8 0
3 years ago
Other questions:
  • One of the primary causes of non-conforming supplier quality involves inconsistent communication and the resultant mis-understan
    13·1 answer
  • J Corp. common stock is priced at $36.50 per share. The company just paid its $0.50 quarterly dividend. Interest rates are 6.0%.
    13·1 answer
  • Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.(a) Indicate the missing amoun
    6·1 answer
  • The lack of women and minorities in senior management positions can be explained by
    10·1 answer
  • In a perfectly competitive market, all producers sell (perfectly identical/different) goods or services. Additionally, there are
    7·1 answer
  • make your own meme for points! But I swear if there is no good memes brainly sucks now because their used to be amaaaaaaaaaazing
    15·2 answers
  • The risk-free rate is 2.4% and the market expected return is 12.1%. What is the expected return of a stock that has a beta of .8
    12·1 answer
  • A company purchased a machine for $8,000, the estimated value of the equipment at the end of its 6-year useful life is $600. Com
    8·2 answers
  • What is the anser to -2+1=
    8·2 answers
  • If a buyer makes a 20% down payment and obtains a $95,000 mortgage, what is the sales price of the property?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!