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Fudgin [204]
3 years ago
9

Which journal entry reflects the following transaction?:

Business
1 answer:
Grace [21]3 years ago
7 0

Answer:

The correct answer is Option A.

Explanation:

The concept of double entry says for every debit entry, there must be a corresponding credit entry. This is necessary for the journal entries to balance, that is, the total of the debit balance must always equal the credit balance.

The building purchased by BOC is an asset. So there is need to debit that account to recognize the asset. Since there was an outflow of cash to the tune of $50,000, we need to credit cash while the remaining balance being financed by mortgage will be credited to recognize the liability.

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Vaselesa [24]

Answer:

How is providing customer information to a law firm different than providing email addresses and symptoms to a pharmaceutical company?

Both are live saving professions, every detailed of their clients must be well documented in order to get the best services as far as life is concerned. A law firm must be sure of every details submitted in order to tackle anything that might affect such clients in court of law while a client must provide a detailed information as regards his/her health in order to get the right prescription for health service

Explanation:

4 0
3 years ago
What is a retail Growth potential?
mr Goodwill [35]

Answer:

decisions related to allocating available resources among different target markets and retail formats

Explanation:

7 0
2 years ago
True or failed sales taxes are the same no mattter where you live
coldgirl [10]

Answer:

false

Explanation:

8 0
3 years ago
Liu Electronics budgeted sales of $400,000.00 for the month of November and cost of goods sold equal to 65 percent of sales. Beg
Leno4ka [110]

Answer:

Purchases= $252,000

Explanation:

Giving the following information:

Sales= $400,000

Cost of goods sold equal to 65 percent of sales.

Beginning inventory= $80,000

Ending inventory= $72,000

To calculate the purchase required, we need to use the following formula:

Purchases= sales + desired ending inventory - beginning inventory

Purchases= (400,000*0.65) + 72,000 - 80,000

Purchases= $252,000

8 0
3 years ago
Which of the following is not true of depreciation accounting?
tekilochka [14]

Answer:

B. Depreciation allocates replacement values as part of the matching of revenues and expenses.

Explanation:

Depreciation allocates replacement values as part of the matching of revenues and expenses is not entirely true about depreciation accounting.

6 0
3 years ago
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