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8090 [49]
3 years ago
11

Entries to Correct Errors The following errors took place in journalizing and posting transactions: Insurance of $20,000 paid fo

r the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. Dividends of $17,000 were recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.
Business
1 answer:
raketka [301]3 years ago
8 0

Answer:

A. Dr Prepaid Insurance 40,000

Cr Insurance Expense 20,000

Cr Cash 20,000

Dr Prepaid Insurance 20,000

Cr Insurance Expense 20,000

Dr Prepaid Insurance 20,000

Cr Cash 20,000

b. Dr Dividends 17,000

Cr Wages Expense 17,000

Explanation:

Preparation of the journal entries to correct the errors.

A. Dr Prepaid Insurance 40,000

(20,000+20,000)

Cr Insurance Expense 20,000

Cr Cash 20,000

Dr Prepaid Insurance 20,000

Cr Insurance Expense 20,000

Dr Prepaid Insurance 20,000

Cr Cash 20,000

b. Dr Dividends 17,000

Cr Wages Expense 17,000

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Answer:

To plan effective strategies and specific tactics to accomplish the strategic objectives

Explanation:

Since the company has conducted situational analysis and chosen its marketing goals the next logical step is to plan effective strategies and specific tactics to accomplish the strategic objectives. Both situational analysis and marketing goals are needed in order to understand who to target and what to aim for. Once a company has this, they need to plan a course of action in order to accomplish those goals as effectively as possible.

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2 years ago
A purchase of a new issue of stock takes place Group of answer choices in the primary market. in the secondary and primary marke
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Answer:

in the primary market and usually with the assistance of an investment banker.

Explanation:

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3 years ago
What is a market that runs most efficiently when one large firm supplies all of the output referred to as?
stealth61 [152]

Answer:

a natural monopoly

Explanation:

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A monopolist refers to any individual that deals with the sales of unique products in a monopolistic market.

On a related note, a natural monopoly is a market that runs most efficiently when all of the output is supplied by one large business firm. Thus, a business firm is considered to be a natural monopoly if it's capable of producing the total output of the market at a lower cost than two or more business firms could.

Some examples of natural monopoly are the United States Postal Service, electricity grid, water supply, gas network, sewer services, energy distributors, railway service, etc.

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2 years ago
Think about your own experiences with people from other ethnic groups and with attitudes expressed about relations with other co
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Explanation:

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3 years ago
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Which of the following is true about finding the present value of cash flows? Finding the present value of cash flows in future
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Answer:

The correct answer is A: %70,154

Explanation:

Giving the following information:

True: Finding the present value of cash flows in future years tells you how much you would need to invest today so that it would grow to equal the given future amount.

What is the value today of a $158,000 cash flow expected to be received 12 years from now based on an annual interest rate of 7%?

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PV= FV/(1+i)^n

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