The transactions take place in the clothing store at the payment counter of the store. The purchaser act as the user of the product bought from the store.
<h3>What is a transaction?</h3>
A transaction is an event where a person buys or sells the product for which he/she makes or gets the payment in return.
When an individual buys a product from a clothing store, then he/she goes to the payment counter for paying the bill. This shows a transaction at the where he/she got the product and the clothing store got the money for it. The individual who buys the clothing product act as a user of a product because he/she takes it for his/her personal use.
Therefore, after paying the bill for the product at the counter, the transaction initiates and the purchaser becomes the user of the product.
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a. that expenses be ignored if their effect on the financial statements is unimportant to users' business decisions.
Matching principle is where expenses are said to be reported accordingly within a certain period.
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Capital budgeting is the process in which a business determines and evaluates potential expenses or investments that are large in nature. These expenditures and investments include projects such as building a new plant or investing in a long-term venture. Often times, a prospective project's lifetime cash inflows and outflows are assessed in order to determine whether the potential returns generated meet a sufficient target benchmark, also known as "investment appraisal
Explanation:
I would leave out the part about the people you currently work with and just state that you are a team player and the you love to be around people who are outgoing and you are very sociable and a quick learner
Answer:
Option D Allowance for noncollectable Accounts.
Explanation:
The bad debt recovery recording is a two step process.
Step 1 Reverse the entry of bad debt with the amount received
Dr Trade Receivable $40,000
Cr Bad debts $40,000
Step 2 Now record the receipt of amount as a reduction in trade receivable and increase in cash asset.
Dr Cash $40,000
Cr Trade Receivables $40,000
The only account unconsidered here was Allowance for the noncollectable account.
