1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Leno4ka [110]
3 years ago
12

The following errors took place in journalizing and posting transactions:

Business
1 answer:
yuradex [85]3 years ago
6 0

Answer:

<u>Journal 1</u>

Debit : Prepaid Expense $37,600

Credit : Cash $18,800

Credit : Insurance Expense $18,800

<u>Journal 2</u>

Debit : Dividends $18,000

Credit : Wages $18,000

Explanation:

Journal 1

The first error has to be corrected by debiting the Prepaid Expenses by twice the amount paid to cancel the effect of a credit entry made to that account. Cash is credited to show the correct credit entry that was supposed to be made. Insurance expense is credited to cancel the debit entry made to this account in error.

Journal 2

The error made is called error of principle. This is were the transaction is recorded in the wrong class of accounts. Simply, Debit the Dividends and credit the Wages Account to record and reverse the error out of the Wages Account into the Dividends Account.

You might be interested in
A comparison of leadership and management suggests that leadership is about creating a vision, while management is about carryin
umka2103 [35]

Answer:

A. True

Explanation:

Vision refers to what gives the organization a sense of purpose and a set of values that unite workers to achieve a common goal.

Leadership can be defined as the creation of vision for others to follow, establishing corporate values and ethics, and transforming the way an organization does business in order to improve effectiveness and efficiency.

Management on the other hand, can be defined as the process used to accomplish organizational goals through planning, organizing, leading, and controlling organizational resources. Management functions includes planning, controlling, directing, organizing, etc....

4 0
4 years ago
Suppose there an increase in production cost decreases the supply of wheat, such that less wheat is supplied at each price level
pickupchik [31]
Increases. hope this helps
8 0
4 years ago
How long will it take for an investment of $15,000 to grow to $19,100 if the investment earns interest at the rate of 9%/year co
sveticcg [70]
GOOGLE  IT PLSSSS <3 ;D
3 0
4 years ago
Miller’s Dairy produces 960 gallons of milk per day. Each milker at the dairy works 8 hours per day and produces the same number
IrinaK [193]

Answer:

The correct answer is option b.

Explanation:

A dairy is producing 960 gallons of milk per day.

Each milker works 8 hours and produces the same amount of milk.

For per hour of labor the diary produces 12 gallons of milk.

Quantity of milk produced by a labor in 8 hours

= Production\ in\ one\ hour\times No.\ of\ hours

= 12\times 8

= 96 gallons

The number of workers required to produce 960 gallons per day

= \frac{Total\ daily\ Production}{Daily\ production\ by\ each\ labor}

= \frac{960}{96}

= 10 workers

6 0
3 years ago
When you use the AIDA persuasive approach, your first task is to gain the reader's attention (A).
Elanso [62]

Answer:

The correct answer is letter "A": Describe the benefits a product or service offers and make rational or emotional appeals.

Explanation:

The AIDA Model describes the process buyers go through at the moment of purchasing. It has four (4) steps: <em>Awareness, Interest, Desire, </em>and<em> Action</em>. In the Interest stage, companies attract consumers so they start looking for information about their products. <em>The benefits of the good are portrayed relating them to the target audience's emotional appeals. In some other cases, firms display their products as the most rational to choose from compared to competitors.</em>

7 0
3 years ago
Other questions:
  • In one year, the Hotel by the Shore incurred $100,000 in fixed costs. Because the hotel booked 10,000 room nights, its total var
    14·1 answer
  • Which of the following is not an asset utilization ratio?
    15·1 answer
  • Which of the following factors will help the United States regain comparative advantages in industries in which it has lost comp
    6·1 answer
  • Selected financial information for Thornton Company for 2019 follows: Sales $ 2,000,000 Cost of goods sold 1,400,000 Merchandise
    8·2 answers
  • You construct a bear spread by selling a 6-month put option with a $25 strike price for $2.50 and buying a 6-month put option wi
    8·1 answer
  • The Taxpayer First Act does NOT change the electronic filing requirement for which type of exempt organization information retur
    8·1 answer
  • Jessica started her own online company, which specializes in selling items for bachelorette parties, wedding parties, and baby s
    5·1 answer
  • Definition of business by different authors​
    10·2 answers
  • The normal rate of return on equity capital is also known as
    14·1 answer
  • You have been depositing money into an account yearly based on the following investment amounts, rates and times, what is the va
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!