Answer:
C. DEBIT TO SALES RETURNS
D. CREDIT TO ACCOUNTS RECEIVABLE
Explanation:
The journal entry to record the May 15 transaction is shown below:
Sales return and allowance A/c Dr $40,000
To Accounts receivable $40,000
(Being sales return is recorded)
For recording the given transaction we debited the sales return and credited the account receivable. Both are recorded for $40,000
Answer:
It should be greater than $36
Explanation:
The opportunity cost of working is the amount of money sacrificed or could have earned if the individual was not working. In this case, Claire has decided to go with her friend which means that the opportunity cost of not working is less than the benefits receives from going out. Because she is not working it means that the opportunity cost of working is more than 36 dollars, which is the income she could have earned in 3 hours.
Answer:
A. Landscape lawns produce positive externality.
B. Sports vehicle generates a positive externality
C. Walk to work creates positive externality.
D. Cigarettes create a negative externality.
Explanation:
Positive externality occurs when society gets benefit from a persons act. Susan has created lawns near her house and there are beautiful flowers in the lawn. This will be relaxing for those who pass near by the lawns. There will be fresh air coming from the lawn and society will look pleasant.
Negative externality is one in which society is harmed by the act of a person. This happens when Anita smokes at a bus stop. There are other travelers who will be present at the bus stop might be harmed from the smoke which arises from the cigarette.
Answer:
He should not contribute the property to the partnership.
Explanation:
There is an ensuing loss if the partner contributes the property to the partnership instead of a gain. Partnerships recognize the basis of contributed capital. They usually compare the fair market value with the book value to determine if a loss has been incurred or a gain made. However, the tax consequences of the contributed property will be allocated to the partner making the property contribution.
Answer:
manufacturing organization
Explanation:
This is an example of a manufacturing organization. This is an organization that focuses on gathering all of the necessary ingredients, which are then placed in a specific process to which combines them to make a unique product. This product is then sold to other companies or individual customers to generate profit for the company. This is exactly what Black Diamond does in order to produce outdoor equipment.
