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vampirchik [111]
3 years ago
12

In November 2019, Yammy Fun Inc. purchased advertising for $1,000 that ran in the local November news paper. All purchases and s

ervices are made on credit. The bookkeeper, Patrick Fitz, recorded the advertising by crediting Supplies Inventory (asset) and debiting accounts payable. In 2020 (the following year), the new bookkeeper, Tua, saw this entry and asked you to help him analyze the entry. What is the correcting entry for 2020? Group of answer choices
Business
1 answer:
Setler79 [48]3 years ago
5 0

Answer:

debit advertising expense for 1,000, debit supplies inventory for 1,000, and credit accounts payable for 2,000

Explanation:

The correcting entry is

Advertising expense Dr$1,000  

Supplies inventory Dr $1,000  

            To Accounts payable $2,000

(being the correct entry is recorded)

here the advertising expense and inventory is debited as it increased the expenses & assets and credited the account payable as it also increased the liabilities

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Managerial accounting differs from financial accounting in that managerial accounting A. is required by Generally Accepted Accou
snow_tiger [21]

Answer:

The correct option is (b)

Explanation:

Managerial accounting is for internal purpose for the managers for decision making. It is not mandatory as per GAAP, unlike financial accounting. Transactions are recorded as per the understanding of managers and not as per specific standards,

Managerial accounting focuses on data being relevant and not necessarily objective. Since, it caters to internal users, it is customized as per their requirement. Financial accounting, on the other hand needs to be highly objective as it caters to a wider audience who need transparent and reliable financial information.

Therefore, managerial accounting focuses on data relevance over data objectivity.

4 0
3 years ago
Which of these is a private sector consumer-advocacy group?
victus00 [196]
D. Consider reports
5 0
3 years ago
Haynes, Inc. obtained 100 percent of Turner Company's common stock on January 1, 2017, by issuing 10,000 shares of $10 par value
saveliy_v [14]

Answer:

a. $848,000

b. No

Explanation:

a. The calculation of consolidated equipment balance as of December 31, 2018 is shown below:-

Consolidated equipment balance = Equipment balance of Haynes + Equipment balance of Turner + Allocation based on fair value - Depreciation

= $500,000 + $300,000 + $5,000 - (($5,000 ÷ 5 × 2)

= $500,000 + $300,000 + $5,000 - $2,000

= $848,000

2. No it will not affect by the investment method applied by the parent.

6 0
3 years ago
Which response core capability involves ensuring the capacity for timely communications in support of security, situational awar
xeze [42]

<span>On-scene security, Protection, and Law Enforcement</span>

On-scene security, Protection, and Law Enforcement entails conducting appropriate measures to ensure the protection of the health and safety of the public and workers, as well as the environment, from all hazards in support of the responder operations and the affected community

7 0
3 years ago
Read 2 more answers
Open-end mutual funds Group of answer choices All of these. calculate the NAV based on the total value of assets held divided by
lesya [120]

Answer:

calculate the NAV based on the total value of assets held divided by the number of fund shares outstanding and may experience fluctuations in the number of shares outstanding on a daily basis

Explanation:

In the Open-end mutual funds it does not limit the no of shares what they are offering, purchase and sold on demand. In the case when the investor buy the shares in the opne-end fund so in this the fund is issued and at the time when the shares are sold by someone so they would be bought back from the fund

It should be determined the NAV depend upon the total amount of assets divided by the number of fund oustanding shares and might be experience fluctations

8 0
3 years ago
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