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Juli2301 [7.4K]
3 years ago
7

An allowance received from a creditor will __________ column of the creditor's account. Multiple Choice increase the creditor's

account balance and be posted to the debit increase the creditor's account balance and be posted to the credit decrease the creditor's account balance and be posted to the debit decrease the creditor's account balance and be posted to the credit
Business
1 answer:
Talja [164]3 years ago
8 0

Answer: decrease the creditor's account balance and be posted to the debit

Explanation:

Allowances are reductions in the money owed to creditors and they include things like sales returns or sales discounts. When recorded, they should therefore reduce the amount in the creditor's account to show that less cash is owed to the creditor.

As Creditor accounts are liabilities, they are credited when they increase and debited when they decrease. They will therefore have to be debited in this instance.

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On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July.
rodikova [14]

Answer:

1.

Cash + Supplies = Accounts Payable + Pat Glen Capital - drawings + sales commission - Salaries Expense - Rent expense - automobile expense - supplies expense - misc expense

$25,000 + $1,850 = $1,850 - $1,200 + $25,000 - $4,000 + $41,500 - $5,000 - $3,600 - $3,050 - $900 - $1,600  

Explanation:

Income Statement :

Sales Commission $41,500

Rent expense $3,050

Misc Expense $1,600

Supplies expense $900

Salaries Expense $5,000

automobile expense $3,600

Expense Total $14,150

Net income $27,350

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4 years ago
Which of the following are good choices for your appearance in an interview?
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Answer:

a suit pant suit

Explanation:

it shows that you care for yourself and what you look like the people who interveiwing you wants to see that you put work into stuff and the way you look tells

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A company should use process costing, rather than job order costing, if:
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Answer:

The product is composed of mass produced homogenous units.

Explanation:

Process costing is utilized when there is a large production of products that have similar features. In process costing the cost of each product produces is equivalent to the cost of other products. Example of products that undergo process costing include:chemicals, processed foods, textiles, paper, oil refinery, soap.

In process costing, the finished product gotten from each stage becomes the raw material of the next stage till the last stage of completion.

The production of product in process costing is continuous and the final product derived from the production process is as a result of a sequence of processes.

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3 years ago
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