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love history [14]
3 years ago
7

According to the basic double entry principle of accounting, we

Business
1 answer:
Vlad1618 [11]3 years ago
8 0

Answer:

D. Any of the above, depending on the transactions​

Explanation:

The double entry principle simply means that any accounting transaction has two records: one credit, and one debit, and it depends on the nature of the transaction, and of the accounts involved which specific value is credited and which one is debited.

For example, if a firm purchases 100$ of office supplies with cash, the credited account is cash, because cash is reduced by $100, while the office supplies account is debited by the same value.

If a firm sells 100$ of office supplies instead, the office supplies inventory is credited for this value, while the same amount of cash is debited for this same amount.

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The Peridot Company purchased machinery on January 2, 2019, for $800,000. A five-year life was estimated and no residual value w
Umnica [9.8K]

Answer:

1.- Without Retrospective effect

2.- No as it comes from a change in estimations not an accounting error.

3.- yes. It will give a full explanation about the reasons to extend the useful life.

4.- Depreciation expense for 2021: 60,000

Explanation:

1.- The change in the useful life does not represent an accounting error. It comes from the estimation process.

800,000 - 160,000 x 2 = 480,000 book value at beginning 2021

480,000 / 8 new useful life = 60,000 depreciation per year.

5 0
3 years ago
Which of the following are risks that Banks must prepare for select 3 answers <br><br>​
n200080 [17]

Answer:

I think one is borrowers who don't pay back

Then I think that interest rates falling is also one

These are the only ones I can think of. hope they help

7 0
2 years ago
Pete offered Liz a job at his new law firm. In anticipation, Liz quit her job at Mega Firm, bought a new computer and invested i
MissTica

Alcohol hand sanitizer

6 0
3 years ago
For each of the following items, calculate the cash sources or cash uses that should be recognized on the statement of cash flow
Serhud [2]

Answer:

$784,700

Explanation:

Data provided

Revenue from sales = $762,000

Decrease in accounts receivables = $22,700

The computation of cash received from customers is shown below:-

Cash receipts from customers = Revenue from sales + Decrease in accounts receivables

= $762,000 + $22,700

= $784,700

Therefore for computing the cash received from customers we simply applied the above formula.

5 0
3 years ago
Net sales revenue is $720,000. Beginning and ending net accounts receivable are $62,000 and $58,000, respectively. Calculate the
neonofarm [45]

Based on the sales revenue and the net accounts receivable, the receivables turnover ratio is 12 times .

<h3>What is the receivables turnover ratio?</h3>

This can be found as:

= Net sales revenue / Average accounts receivable

Solving give:

= 720,000 / (62,000 + 58,000) / 2

= 720,000 / 60,000

= 12 times

Find out more on receivables turnover ratio at brainly.com/question/27523896.

#SPJ1

5 0
1 year ago
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