Answer: a. The account is closed to fund balance-unassigned at the end of the year.
Explanation:
The Unassigned fund balance is the amount left in the Government's general fund that was not assigned to any undertaking or funds during the year. This balance is as well not restricted or committed to any undertaking.
It will therefore be debited to close off the account at the end of the period not unlike a balance carried down in a ledger account that is used to close off the account and is then sent forward to the next period.
Non price competition is competing against others when price isn't the driving force of differentiation. If a local restaurant repairs a new recipe for it's lunch menu it is using the physical characteristic form of non price competition. The restaurant is hoping to differentiate based on the quality and taste of their new lunch item compared with another restaurants.
Answer:
Debit Accounts Payable $200; credit Merchandise Inventory $200
Explanation:
The journal entry is shown below:
Account payable A/c Dr $200
To Merchandise Inventory A/c $200
(Being the returned inventory is recorded)
For recording this journal entry we debited the account payable as it reduced the liabilities and at the same time it also reduced the asset so that the proper posting could be done
