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Over [174]
3 years ago
8

Mullis company sold merchandise on account to a customer for $625, terms n/30. the journal entry to record the collection on acc

ount would be:
Business
1 answer:
SOVA2 [1]3 years ago
4 0
Since the transaction was on account basis, the journal entry will be:

debit accounts receivable for $625
credit sales $625

the account title accounts receivable was used because the debtor didn't pay for the merchandise and the sales account was used because the company gain income from that transaction.
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Explain the difference between a depository institution and a non-depository institution.
WINSTONCH [101]

Explanation:

First, Depository institution

Institution that collect money from people and pay interest . You may can deposit your cash and withdraw it anytime . If you put longer they pay interest. Interest may be fixed or variable. On other words, from that institution you can send your money to other people ,can get credit or debit card to withdraw or shopping. They gave you loans. Such institution are:

Commercial bank , Saving institution,credit union and so on.

In last remember that those who pay you interest ,give loan facilities, business transaction and collect your money they are Depository. They have 3 types of account for people who want to deposit their money. 1. Current account 2. Saving Account 3. Fixed

Non Depository institution

Where you cannot put your money and withdraw it . You would not get interest. They are intermediary between borrowers and saver. They are:

Mutual funds: where you buy scheme in units. It like investment . Then they pay you bonus and even you can sales it on market. Don't confuse mutual funds collect money from public invest it on market and share their profit.

Insurance companies: they insure your belonginess. They pay when your things goes beyond the normal level. Like. Car theft,goods damage.

Pension fund:

Security firms: investment companies ,broker house.

8 0
3 years ago
Which type of technology is best for laying out financial projections?
lina2011 [118]

Answer: Spreadsheets

Explanation: Spreadsheets allow you to

foresee and edit data, while also seeing

the past data to help towards ones

future business goals.

5 0
2 years ago
When working with compressed air what psi should you reduce to if using the compressed air for cleaning?
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The correct answer should be 30 because you don't want too much pressure .
4 0
3 years ago
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Which is the best way to prepare yourself for a job in the sports industry
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Are there any answer options? I know the answer if you have options
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You are planning an AD implementation for a company that currently has Sales, Accounting, and Marketing departments. Each depart
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Answer:

Delegation of control

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2 years ago
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