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LuckyWell [14K]
3 years ago
15

A reversing entry is ________. Group of answer choices a journal entry used to close the temporary accounts after preparation of

financial statements a special journal entry used to make the adjustments that took place after preparing the trial balance a special journal entry that eases the burden of accounting for transactions in the next period a journal entry prepared at the end of an accounting period to match assets with liabilities
Business
1 answer:
quester [9]3 years ago
3 0

Answer:

The correct answer is the third option: a special journal entry that eases the burden of accounting for transactions in the next period.

Explanation:

To begin with, a <em>reversing entry </em>is the name given to a special journal entry in the accounting areas that focus on the action of reversing selected entries made in the inmediately preceding period in order to correct common human mistakes. Therefore that this type of entry has the intention of easing the burden of accounting for transactions in the next period by just noticing that is being used in the journal.  

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Arthur, age 19, is a full-time student at Gordon College and is a candidate for a bachelor's degree. During 2020, he received th
den301095 [7]

Answer:

$500

Explanation:

Calculation to determine the adjusted gross income for 2020

Ordinary cash dividend $200

Add Cash prize awarded from a contest $300

Adjusted gross income $500

($200+$300)

Therefore the adjusted gross income for 2020 will be $500

4 0
3 years ago
True or False: The Law of One Price states that in competitive markets free of transportation costs and barriers to trade (such
sukhopar [10]

Answer:

It is False

The law of one price (LOOP) states that in the absence of trade frictions (such as transport costs and tariffs), and under conditions of free competition and price flexibility (where no individual sellers or buyers have power to manipulate prices and prices can freely adjust), identical goods sold in different.

4 0
3 years ago
Read 2 more answers
The Comil Corporation recently purchased a new machine for its factory operations at a cost of $328,325. The investment is expec
Solnce55 [7]

Answer: 15%

Explanation:

IRR is the discount rate that makes the NPV equal zero. Required rates of return that are less than the IRR will therefore result in a positive NPV and those that are higher will result in a negative NPV.

Use Excel to find the IRR.

= IRR(-328325,115000,115000,115000,115000)

= 15%

As the required rate of 13% is less than the IRR of 15%, the new machine will have a positive NPV.

6 0
2 years ago
Cushman Company had $846,000 in sales, sales discounts of $12,690, sales returns and allowances of $19,035, cost of goods sold o
Inessa [10]

Answer:

Explanation:

I'm pretty sure that gross profit is simply just sales-Cost of goods sold

846,000-401,850= 444,150

5 0
3 years ago
7. Preparing Additional Employment Documents Although the résumé and cover message are the major tasks during your employment se
Bogdan [553]

Answer:

A list of graduation dates

A list of beginning and ending dates of employment

A card with any vital statistics that are not on your résumé

Explanation:

When providing additional information in the recruitment process, accurate and relevant information shows you are professional and have good communication skills. Making your chances of landing the job better.

Relevant information includes accurate dates of graduation and previous employment. Ensure these records are consistent accross all documents presented. Disparity will be perceived as lack of transparency.

Also a card with vital statistics not on your resume should be prepared. These can include achievements in past job roles. For example: I introduced a software that automated inquiry process and reduced cost by 30%.

3 0
3 years ago
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