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3 years ago

Incurring an expense for advertising on account would be recorded by:

Business

1 answer:

Roman55 [17]3 years ago

5 0

Complete Question:

Incurring an expense for advertising on account would be recorded by:

Group of answer choices

A) Debiting a liability account.

B) Crediting an asset account.

C) Debiting an expense account.

D) Debiting an asset account.

Answer:

C) Debiting an expense account.

Explanation:

Incurring an expense for advertising on account would be recorded by debiting an expense account.

This ultimately implies that, when a business firm incurs an expense such as on advertising its goods or services, the appropriate account on the balance sheet to record this will be to debit the advertising expense account and then credit the account payable.

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2 years ago

Splish Company purchased a computer for $9,920 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life an

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Explanation:

The following steps would be taken to determine the answer

1. Calculate depreciation expense given the initial information

2. calculate the accumulated depreciation by the second year. Accumulated depreciation is sum of depreciation expense

3. subtract the accumulated depreciation from the cost price of the asset. This would give the book value

4. calculate the depreciation expense using the new information and the book value

Straight line depreciation expense = (Cost of asset - Salvage value) / useful life

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3 years ago

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3 years ago

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3 years ago

Read 2 more answers

Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produ

Elan Coil [88]

Answer: Higher; Comparative advantage

Explanation:

A country or a firm has a comparative advantage in producing a commodity if the opportunity cost of producing that commodity in terms of other commodities is lower than the other country or firm.

Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.

If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.

Therefore,

United states's Opportunity cost of producing a pair of shoes = $\frac{100}{20}$

= 5 apples have to be foregone for producing a pair of shoes

Canada's Opportunity cost of producing a pair of shoes = $\frac{20}{10}$

= 2 apples have to be foregone for producing a pair of shoes

Hence, Canada has a comparative advantage in producing pairs of shoes because Canada's opportunity cost of producing a pair of shoes is lower than United states opportunity cost.

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3 years ago