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3 years ago

What account is a affected when goods are sold on credit

Business

1 answer:

katovenus [111]3 years ago

7 0

Answer: account receivable account

Explanation:

The accounts receivable account simply refers to an asset account on the balance sheet which represents the money that is due to a business in the short term. It should be noted that the accounts receivables are created when goods are bought on credit by the buyer.

In such case, when the goods are sold on credit to the buyer, this will lead to a debit on the account receivable account and this will bring about an increase to the company's assets.

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The Armstrong Corporation developed a flexible budget for its production process. Armstrong budgeted to use 10 comma 000 pounds

KIM [24]

Answer:

$192,000 unfavorable

Explanation:

The computation of the material price variance is shown below:

= Actual Quantity × (Standard Price - Actual Price)

= 24,000 pounds × ($15 per pound - $23 per pound)

= 24,000 pounds × $8 per pound

= $192,000 unfavorable

Simply we take the difference between the standard price and the actual price and then multiplied it by the actual quantity so that the accurate price variance could come

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3 years ago

Question 8 of 10

kirill115 [55]

Answer:

A. A balance sheet shows the total assets, liabilities, and owner's

equity at the end of the period

Explanation:

As we know that

The income statement recognized only the income earned and expenses incurred of an organization

While on the other hand the balance sheet shows the financial position, profitability of the company. It involves assets, liabilities and stockholder equity

So according to the given options, the option A is correct

hence, the rest of the options would be incorrect

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3 years ago

A $50,000 note payable is retired at its $50,000 carrying (book) value in exchange for cash. The only changes affecting retained

Andre45 [30]

Answer:

Increase in Cash is $3,500

Net cash flow from operations $143,310

Net cash flow from investing activities $4,500

Net cash flow from Financing activities -$135,310

Explanation:

Please refer to the attached for detailed prssentation

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3 years ago

After a business transaction has been analyzed and entered in a journal, the next step in the recording process is to transfer t

Jlenok [28]

After recording the transaction in journal you must record it on General Ledger.

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3 years ago

Fifteen married couples are at a dance lesson, but now only five men and five women are selected at random, then randomly paired

Tresset [83]

Answer:

( ¹⁵C₂ )² × 5! = 1082161080

Explanation:

Data provided in the question:

Number of married couples = 15

Therefore,

Number of males = 15

Number of females = 15

Now,

The number of possible dancing arrangements

= Probability of selecting males × Probability of selecting males × ways of arranging 5 pairs

= ¹⁵C₂ × ¹⁵C₂ × 5!

= ( ¹⁵C₂ )² × 5!

= $[\frac{15!}{5!\times(15-5)!}]^2$ × ( 5 × 4 × 3 × 2 × 1 )

= $[\frac{15\times14\times13\times12\times11\times10!}{5\times4\times3\times2\times1\times10!}]^2$ × ( 5 × 4 × 3 × 2 × 1 )

= $[\frac{360360}{120}]^2$ × 120

= 1082161080

6 0

4 years ago

What account is a affected when goods are sold on credit ​

What account is a affected when goods are sold on credit