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Setler [38]
4 years ago
11

Match the following statements to the appropriate terms. An entry that involves three or more accounts. Transferring journal ent

ries to ledger accounts. The side which increases an account. A list of all the accounts used by a company. A record of increases and decreases in specific assets, liabilities, and stockholdersl items. Left side of an account. An entry that involves only two accounts. A book of original entry. A list of accounts and their balances at a given time. Has a credit normal balance
Business
1 answer:
Evgen [1.6K]4 years ago
3 0

Answer: The answers are given below

Explanation:

• An entry that involves three or more accounts. = Compound entry.

A compound entry is when two or more journal entries are combined together on order to save time.

• Transferring journal entries to ledger accounts. = Posting

• The side which increases an account. = Normal account balance.

• A list of all the accounts used by a company. = Chart of an account.

A chart of accounts (COA) consists of all the financial accounts that are in the company's general ledger. It gives the the details of the financial transactions that is being conducted by a company for a particular accounting period.

• A record of increases and decreases in specific assets, liabilities, and stockholdersl items. = Account

• Left side of an account. = Debit

The debit is an entry used to record the amount that the entity owe and it is always listed on left-hand side of an account.

• An entry that involves only two accounts. = Simple entry

A simple entry is made up of two accounts while a compound entry is made up of more.

• A book of original entry. = Journal

A journal is a record of every financial transactions that a business takes part in.

• A list of accounts and their balances at a given time. = Trial balance

The trial balance consists of a list of all the general ledger accounts that is, both the revenue and capital that are contained in a business ledger.

• Has a credit normal balance = Revenue account

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A company purchases new equipment for $90,000 cash on August 1, 2021. At the time of purchase, the equipment is expected to be u
nikdorinn [45]

Answer:

The accounting entry to record the depreciation expense on December 31, 2021 is:

Depreciation Expense - Equipment            Debit               $ 9,375

Allowance for depreciation Equipment                  Credit                     $ 9,375

Explanation:

The data in the question shows that the equipment is depreciated over the estimated useful life of the asset on an even  basis, this implies that the method of depreciation is straight line method.

The equipment was purchased on August 01 2021 and the adjusting entry is required on December 31, so the depreciation needs to be recorded for 5 months.

The amount shall be computed by multiplying the monthly depreciation amount with the period

$ 1,875 * 5 months = $ 9,375.

The accounting entry is debited to the depreciation expense account and credited to the allowance for depreciation.

The equipment is shown on the balance sheet date at cost less allowance for depreciation.

3 0
3 years ago
Scenario 1 Your deliveries to retail stores have not been on time lately, and neither have the departures of loaded trucks from
Feliz [49]

Answer:

Answer is explained in the explanation section below.

Explanation:

1. What are the root causes of late deliveries, according to you?

To begin, we must assess the current distribution network. The route of delivery (roadway), truck driver skills, poor fleet performance/condition, high unloading time at retailer stores, high truck turnover around time, and a variety of other factors are all factors that contribute to late deliveries.

2. How can you change operations to make things better?

Such options for improving the situation include:

Increasing the network's versatility by incorporating a new fleet of trucks of various sizes.

If there are several fulfilment centers, centralizing inventory (aggregation benefits) or locating new ones closer to the retailer's location are both options.

Improved forecasting approaches so that plans can be planned ahead of time

Examining the most efficient or shortest route or path between the warehouse and the retail stores.

3. What role does the warehouse inventory situation play in the issue of late deliveries?

Taking appropriate pre-cautionary steps at the warehouse level is one of the suggested ways to resolve the concerns about late deliveries.

According to the criteria, use LIFO (Last In, First Out) or FIFO (First In, First Out) inventory mechanisms.

Managing inventory at the retailer's shop by requesting additional shelf space or other storage facilities.

Organizing the products in the warehouse by product variety or in a desired series that is convenient to pick up would reduce truck waiting times.

Reviewing inventory levels and replenishing needed inventory on a regular basis to avoid stock outs and ensure safety stock availability.

7 0
3 years ago
Modern iq tests have a mean of ____ and a standard deviation of ____.​
matrenka [14]
Modern iq tests have a mean of 100 and a standard deviation of 15.

Hope this helped. Have a good day! :D
7 0
3 years ago
A natural monopoly can occur when the average cost of making a good _____ a lot as output increases.
Anon25 [30]
A natural monopoly can occur when the average cost of making a good decreases a lot as output increases. Hopefully the demand goes up as well!
5 0
3 years ago
Read 2 more answers
A company is planning to move to a larger office and is trying to decide if the new office should be owned or leased. Cash flows
skad [1K]

Answer:  13.26%

Explanation:

Year 0 Investment = $385,000

Incremental Cash flow every year = Cashflow if owned - Cashflow if leased

= 164,000 - 133,000

= $31,500

Incremental cashflow in Year 10 = Incremental Cashflow + Cashflow from sale of property

= 31,500 + 750,000

= $781,500

Using Excel and the IRR function, the rate is = 13.26%

5 0
3 years ago
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