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icang [17]
3 years ago
13

The bookkeeper for Jeff Sobol Equipment Repair made a number of errors in journalizing and posting, as described below.

Business
1 answer:
Ber [7]3 years ago
7 0

Answer:

Jeff Sobol Equipment Repair

a. Indication of whether the trial balance will balance with each error:

1. No.

2. Yes.

3. Yes

4. No.

5. No.

6.No.

b. The amount of the difference:

1. $485

2. $0

3. $0

4. $415

5. $225

6. $18

c. Indication of the trial balance column that have the larger total:

1. Debit

2. N/A

3. N/A

4. Credit

5. Debit

6. Credit

Explanation:

a) Data and Calculations:

1. Debit side greater by $485

2. No effect on the trial balance.

3. No effect on the trial balance

4. Credit side greater by $415

5. Debit side greater by $225 ($250 -$25)

6. Credit side greater by $18 ($475 -457)

b) The trial balance shows that the double entry system has been correctly maintained.  It does not reveal some posting errors, e.g. errors of transposition, omission, commission, and compensatory errors.  It only reveals clerical (human) errors and errors of principle (wrong application of accounting principles).

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Explanation: The ABC costing model is a model that is based on the grouping into cost centers that make up a sequence of value of the products and services of the company's productive activity. It focuses its efforts on managerial reasoning in an adequate way the activities that cause costs and that are related through its consumption with the cost of the products. The most important thing is to know the generation of costs to obtain the greatest possible benefit from them, minimizing all the factors that do not add value.

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The payment for environmental services (psa) program in costa rica collects payments from the beneficiaries of ecosystem service
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3 years ago
Alyona recently purchased a car. In her first auto loan statement, she was surprised to find a letter for a life insurance compa
Ad libitum [116K]

Answer:

Credit life Insurance

Explanation:

The scenario describes Credit life insurance

This is a form of insurance policy that that is designed to pay off the balance on a policy holder's outstanding loan in case of death. It is designed for the protection of lender and heirs who are co signers from loss in case of the death of the borrower.

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3 years ago
A severe freeze has damaged the Florida orange crop. The impact on the market for orange juice will be a leftward shift of
EastWind [94]

Group of answer choices.

A. the supply curve, resulting in a lower equilibrium price.

B. the supply curve, resulting in a higher equilibrium price.

C. the demand curve, as consumers try to economize because of the shortage.

D. the demand curve, resulting in a price ceiling in the market.

Answer:

B. the supply curve, resulting in a higher equilibrium price.

Explanation:

In this scenario, a severe freeze has damaged the Florida orange crop. Thus, the impact on the market for orange juice will be a leftward shift of the supply curve, resulting in a higher equilibrium price.

An equilibrium price can be defined as the price at which the quantity of goods demanded is equal to the quantity of goods supplied.

Additionally, the equilibrium price is generally said to be stable because at this price, the quantity of goods or services demanded is equal to the quantity of goods or services supplied to the consumers.

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3 years ago
A market system tends to restrict business risk to owners and investors. This results in which of the following benefits?
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Answer: d)Firms have to pay more to attract inputs, as these inputs have to share the risk.

Explanation: When the market system tries to put restriction on the business risk to owner and other investors , the firms have to give more payment to attract them to market business.

The chances of risk have have to be shared by both the parties so the owners or investors are going to indulge in the business when they gain some benefit e.g.-more payment.

Other options are incorrect because entrepreneurship will not be encouraged through this process. Incomes will not be distributed equally and neither the prudent risk management will be aimed.Thus, the correct option is option(d).

7 0
3 years ago
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