Answer:
June 3
Account Receivable $7,000 (debit)
Service Revenue $7,000 (credit)
June 8
Cash $4,500 (debit)
Discount allowed $500 (debit)
Accounts Receivables $5,000 (credit)
November 15
Bad Debt $1,500 (debit)
Accounts Receivables $1,500 (credit)
Explanation
The above transactions must be adjusted as they affect our transactions at the reporting date. Remember to grant the cash discount on early settlement of the payment made on June 8. The policy of sales on account is on the terms of 2% cash discount on payments made within 10 days.
Cross sectional analysis involves the comparison of different firms' financial ratios at the same point in time.
Explanation:
Cross sectional analysis is that analysis where the comparison is done between different firms' financial ratios. Cross analysis is important in business because it does various research so that data can be collected based on many variables at a particular point of time.
Cross sectional analysis is mainly preformed in industries as well as performed during marketing research to verify the truth or false related to various assumptions. Cross sectional analysis is mainly quantitative or it can be mixed method.
True hope this is correct
Answer:
See complete solution in the picture attachment.
Explanation:
