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MAXImum [283]
3 years ago
10

The following errors took place in journalizing and posting transactions:

Business
1 answer:
kirill115 [55]3 years ago
6 0

Answer: See explanation

Explanation:

The journal entry to correct the errors is given below:

a. Dr Cash $8400

Cr Account receivable $8400

b. Dr Supplies $2500

Cr Office equipment $2500

Dr Supplies $2500

Cr Account Payable $2500

Note that the first entry that's given in (b) above reverses the incorrect entry. On the other hand, the second entry simply records the correct entry.

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Education is the basic requirement for profession.Explain this statement​
True [87]

Answer:

The answer is below

Explanation:

Education is considered the basic requirement for the profession because, through education, people get to learn the basic knowledge required to perform a profession.

For example, a medical doctor or physician profession requires education in core biological science subjects such as microbiology, human anatomy, medical rehabilitation, dentistry, etc.

Education gives the professional the knowledge to anticipate, predict, and carry out the right solution to any problem that needs to be solved under his or her profession.

For example, a civil engineer needs education in architectural and engineering drawing to translates the drawing into reality or an actual project.

5 0
2 years ago
Some spending and taxes increase or decrease with the business cycle. This event often has an effect on the economy that is simi
spayn [35]

Answer: Automatic stabilizers

Explanation:

 The automatic stabilizers are one of the type of fiscal policy that which are design for the economical fluctuation. It is mainly authorized by the government and also by the policy makers.

The automatic stabilizer is also known as the economical policy and the activity is done without any government intervention. In this system, the income and taxes are get decreased or increased in the business cycle.

Therefore, Automatic stabilizers is the correct answer.

6 0
3 years ago
Lauren is the owner of a bakery that earns 0 (zero) economic profit. Last year, her total revenue was $145,000, her rent was $12
kow [346]

Answer: The correct answer is " a. $92,000.".

Explanation: The explicit costs are observable, that is, those that we can easily take into account and decrease our operating result (salaries paid to employees, material costs, taxes, etc.)

So her total explicit cost were: $12 000 + $65 000 + $15 000 = $92 000.

6 0
3 years ago
True or False: The LIFO Conformity Rule states that if the LIFO method is used for income tax purposes, it can not be used for f
elena-s [515]

Answer:

FALSE

Explanation:

The LIFO conformity rule requires taxpayers that elect to use LIFO for tax purposes to use <u>no method other than LIFO to ascertain the income, profit, or loss for the purpose of a report or statement to shareholders, partners, or other proprietors, or to beneficiaries, or for credit purposes</u>.

Hence the IRS requires that the same method for income tax purpose be used for financial statement purpose

6 0
3 years ago
All of the following factors should be assessed to determine an organization’s ability to perform projects EXCEPT: ​ a. Do we mo
wolverine [178]

Answer:

C.

Explanation:

Do teams and individuals follow instructions well?

All the projects in an organization are based in team work, and need to be thinking as a team that reacts to a external environment.  So, this exclude answers A, B and D.

4 0
3 years ago
Read 2 more answers
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