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RSB [31]
3 years ago
15

Select the correct answer.

Business
1 answer:
Maslowich3 years ago
7 0

Answer:

a it could be sea but I'm pretty sure it's a but I don't take business so you might not want to trust me

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The accounting cycle starts with a.closing out the periodic accounts. b.recording the transaction based on the information in a
saul85 [17]

Answer:

letter b, recording the transaction based on the information in a source document

Explanation:

The "Accounting Cycle" follows a series of steps in order to assist the accounting transactions of a company or business. It starts with the "Transaction step" <em>(the first step</em>) where<u> </u><u><em>the source documents have to be examined in order to analyzed transactions.</em></u> This also includes the recording of the transaction in the journal.

This step is followed by <em>Posting the Entries into the Ledger Accounts, Preparing the Unadjusted Trial Balance, Adjusting the Journal Entries, Preparing the Adjusted Trial Balance, Recording Reversing Entries, Preparing Post-Closing Trial Balance, Record Closing of Entries and Preparing Financial Statements.</em>

6 0
3 years ago
In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. What is another way to
Degger [83]

Answer: There has been a drop in demand.

Explanation:

The strength and sustainability of a business is the demand in the market, it would be painful and a loss making so many productions and there is little or nothing for demand at the moment. So the target is way to make sure there is a demand on the long run which will match up the production.

3 0
3 years ago
At year-end (December 31), Chan Company estimates its bad debts as 0.70% of its annual credit sales of $862,000. Chan records it
KiRa [710]

Answer: Please see the required journals below:

December 31:

Debit Bad debt expense                                $6,034

Credit Allowance for doubtful accounts       $6,034

February 1:

Debit Allowance for doubtful accounts              $431

Credit Accounts receivables                               $431

June 5:

Debit Cash                                                            $431

Credit Bad debt recovery (income statement)   $431

Explanation: The company estimates its bad debt expense as percentage of sales. In this case 0.7% of its annual sales of $862,000 was deemed as uncollectible, that is, 0.7% x $862,000 = $6,034. The required journals to recognize this bad debt expense is provided above. However, since there was an existing provision, which resides in the allowance account, a write-off would definitely hit that account in order to extinguish the accounts receivable portion. Upon recovery of the write-off, we cannot reinstate the receivable since it was already extinguished but we need to recognize the recovery as a gain.

3 0
3 years ago
Read 2 more answers
When the value of the dollar declines in relation to other currencies, it benefits u.s. marketers who?
horsena [70]
All the rest of the counties since when they do currency exchange their value of monewy is higher and they have to pay less

6 0
3 years ago
Tobit Financing offers short-term financing plans to other companies. It buys the accounts of other companies at a discount and
NARA [144]

Answer:

C) Factoring

Explanation:

In factoring, the Companies shall sell the accounts receivables to Tobit Financing at a discounted rate when they are apprehensive about receiving the same from their debtors in time. Once received by Tobit Financing, it shall recover the dues from those accounts at the full rate. The difference shall be the earning of Tobit Financing. This may also be true when such Companies are in urgent need of cash and this option seems to be the most viable.

3 0
3 years ago
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