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poizon [28]
2 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]2 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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If the Federal Reserve is late to recognize a recession and implements an expansionary policy too​ late, the result could be an
kherson [118]

Answer:

A. Procyclical policy.

Explanation:

Procyclical policy is basically is a government approach to increase goverment spending and reduces taxes while government is going through economic expansion.

4 0
3 years ago
Gardening supplies are hot now, but they haven't always been. Why is this true of other businesses, too?
9966 [12]

i think your answer is B

ok

:P

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5 0
2 years ago
PLZ HELP ASAP !! Econ !!
alexandr402 [8]

I'm pretty sure B

Explanation:

I dont knowing I'm correct but give meh a rating if I'm right

7 0
2 years ago
1.
ElenaW [278]

Every Credit user is entitled to a free credit report every 12 months (1 years) from either of Equifax, Experian, or TransUnion.

<h3>What are credit reporting agency?</h3>

These are agency that maintains only an historical credit information on individuals and businesses.

The maintained historical credit information helps in preparation of the credit report and score of all individuals and businesses in United states..

In U.S., the three main credit reporting bureaus includes the Equifax, Experian and TransUnion.

Read more about credit reporting agency

<em>brainly.com/question/9913263</em>

7 0
2 years ago
Consider the following costs of owning and operating a car. A ​$15,000 Fiat 500 Pop financed over 60 months at 10 percent intere
Pie

Answer:

(a) Fixed cost = Monthly payment of buying car and insurance.

Variable cost = Regular - grade gasoline cost and depreciation.

(b) $0.25

(c)  Variable cost

Explanation:

According to the scenario, computation of the given data are as follow:-

a). Fixed cost are include monthly payment of buying car and insurance and variable cost include regular - grade gasoline cost and depreciation.

b). Marginal Cost of a Mile Driven = Cost Per Gallon ÷ Mile Per Gallon + Car Cost Per Mile

= $2.50 ÷ 25 + 0.15

= $0.25

c). Whether to drive from Atlanta to Las Vegas (about 2,000 miles round trip) we will considered variable cost because its change according to the traveled distance.  

3 0
2 years ago
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