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poizon [28]
3 years ago
9

Identify which of the following opening adjusting entries should be used when setting up in QuickBooks an existing company with

opening balances: Multiple Choice
Debit: Capital Stock, Credit: Opening Balance Equity

Debit: Opening Balance Equity, Credit: Capital Stock

Debit: Accounts Receivable, Credit: Capital Stock

Debit: Accounts Payable, Credit: Opening Balance Equity
Business
1 answer:
weeeeeb [17]3 years ago
7 0

Answer:

Option B. Debit: Opening Balance Equity, Credit: Capital Stock

Explanation:

When we are shifting our traditional record keeping work to QuickBooks, the opening entry are the increase in all the balance sheet accounts and this is adjusted against the opening balance equity account. So this means that Capital Stock must be increased which must be credited, Accounts receivables must be debited, cash, bank, etc are adjusted against the opening balance equity.

So the correct double entry would be:

Dr Opening Balance Equity   XX

Cr Capital Stock                              XX

So we can see that the capital stock is adjusted against opening balance equity whereas the option D is incorrect because accounts payables are increased which results in debit entry of opening balance equity.

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Types of Control Systems Controlling is one of the basic functions of management. It is critical to an organization's effectiven
Annette [7]

Answer: Option D

Explanation: In simple words, controlling refers to the function of management in which manager sets the standards of performance, compares the performance with the standards and take corrective actions in case of any discrepancy.

Controlling helps the organisation to achieve its goals by making the employees working towards the same goal determined in the planning stage. Controlling sets the standards of performance for the employees which works as a guide in their job.

Hence the correct option is D.

5 0
3 years ago
Rayna provides a significant amount of information to others across a wide array of products, including durables and nondurables
Nonamiya [84]

Answer:

market maven

Explanation:

Market maven -

The term is associated with the person, who has the complete knowledge of the goods and services and the market , is referred to as a market maven.

A market maven has a lot of connection with various people and is very well - versed on the current state of the market , and has some discreet information which a normal person can never get access to .

The very so famous market maven are - George Soros , John Bogle and Warren Buffett.

Hence , from the given scenario of the question,

The correct answer is market maven .

7 0
3 years ago
Assume the cost of aluminum used by soft-drink companies increases. Which of the following correctly describes the resulting eff
EastWind [94]

Answer:

III. The supply of soft drinks decreases

Explanation:

Changes different from price and quantity supplied or quantity demanded will cause changes in the total supply or demand. In this case, an increase in the cost of the aluminum used by soft-drink companies will increase their cost of production. Because this affects companies which supply canned soft drinks, this increase in the cost of production will affect the total supply. If the cost of production increase, with the same resources, they will produce less but need to compensate this decrease in units by increasing the price. In the demand and supply graph, the supply will shift to the left and this will decrease the equilibrium quantity and increase the equilibrium price.

6 0
3 years ago
What is the correct sequence of the five phases in the sdlc
Mariana [72]

Answer:

the common sequence is

Explanation:

planning, analysis, design, implementation, and maintenance

4 0
3 years ago
Read 2 more answers
Suppose that a decrease in the price of good X results in fewer units of good Y being sold. This implies that X and Y are A. sub
steposvetlana [31]

Answer: Option (A) is correct.

Explanation:

Good X and Good Y are substitute goods. Substitute goods are the goods that can be consumed in place of each other. There is a positive relationship between the price of one good and the demand for its substitute good. For example; tea and coffee. If the price of tea increases then as a result demand for coffee increases, because drinking tea become more expensive for the consumers as compared to the coffee. So, the demand for coffee increases, despite its price remains the same.

6 0
3 years ago
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