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3 years ago

What is the double entry system?

2 answers:

5 0

Answer: Double-entry bookkeeping, in accounting, is a system of book keeping where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry system has two equal and corresponding sides known as debit and credit. Double entry, a fundamental concept underlying present-day bookkeeping and accounting, states that every financial transaction has equal and opposite effects in at least two different accounts. It is used to satisfy the accounting equation,

Aliun [14]3 years ago

5 0

Double-entry bookkeeping, in accounting, is a system of book keeping where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry system has two equal and corresponding sides known as debit and credit. The left-hand side is debit and the right-hand side is credit. In a normally debited account, such as an asset account or an expense account, a debit increases the total quantity of money or financial value, and a credit decreases the amount or value. On the other hand, for an account that is normally credited, such as a liability account or a revenue account, credits increase the account's value and debits decrease that value

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Discounts from the list price offered to intermediaries are called ____ discounts. a cash b wholesale c quantity d trade e prefe

Gnoma [55]

Answer:

Trade

Explanation:

Trade discounts are discounts from the list price of intermediaries such as middlemen for the role they play in distributing commodities.

5 0

3 years ago

Read 2 more answers

Wilson Tech’s production cost data for the current period is: Beginning work in process inventory: 19,000 units Units transferre

tatiyna

Answer:

the equivalent units of production for conversion costs is 12,280.

Explanation:

<u>Calculation of the equivalent units of production for conversion costs.</u>

Units transferred out (9,800 × 100 %) = 9,800

Units of ending work in process (6,200 × 40%) = 2,480

Equivalent units of production for conversion costs =12,280

8 0

3 years ago

A truck that cost $72,000 and on which $60,000 of accumulated depreciation has been recorded was disposed of for $18,000 cash. T

Mekhanik [1.2K]

Answer:

Gain of $6,000.

Explanation:

Calculation to determine what The entry to record this event would include

Using this formula

Gain=(Accumulated depreciation+Cash)-Cost

Let plug in the formula

Gain=($60,000+$18,000)-$72,000

Gain=$78,000-$72,000

Gain=$6,000

Therefore The entry to record this event would include a gain of $6,000

4 0

3 years ago

Can an opinion be wrong? Isn’t everyone entitled to an opinion?

attashe74 [19]

Answer:

Yes

Explanation:

An opinion can indeed be wrong unless you based if of scientific facts and have evidence to back up your opinion. Everyone is indeed entitled to an opinion but not everyone listens to everyone’s opinion that is not backed up with facts.

3 0

1 year ago

If these are the only four sellers in the market, then when the price decreases from $4 to $2, the market quantity supplied

inn [45]

Answer:

Decreases by 50 percent

Explanation:

The law of supply asserts that other things remaining constant, the quantity of goods and services supplied increases as price rises. Therefore, the price and quantity supplied are directly related. Should the price fall, the quantity supplied will also decrease. Producers will prefer to supply more when the price is high to make more revenue.

The supply curve is upward sloping indicating how quantity supplied changes at different price levels. In the case, the price has decreased from $4 to $2, which represents a 50 percent drop. The quantities supplied will decrease as per the law of supply. A 50 percent decrease may result in a similar decrease in quantity supplied as the supply curve is upward sloping.

4 0

3 years ago

What is the double entry system?​

What is the double entry system?