Answer:
a. Debit to Notes Receivable
Explanation:
Journal entry for selling an asset in return for notes receivable is;
Notes Receivable A/c Dr.
To Asset A/C
In the given case, an aircraft is sold in exchange for a note receivable. The journal entry would be:
12% Notes Receivable A/C Dr. $380,000
To Aircraft $380,000
(Being notes receivable received in exchange for aircraft sold being recorded)
Notes Receivable is an asset for the receiver as it represents amount which is due to be received. Whenever an asset account is debited, it increases their balance.
Aircraft is an asset. When an asset is sold, it is credited. Here the asset being a movable asset.
Answer:
C. Partnership Agreement
Explanation:
It's the legal document that dictates the way a business is run and details the relationship between each partner.
Answer:
Example: A Job Interview
I will endeavor to get to the venue earlier than the set time. I would have prepared myself for the topic of discussion, introduce myself properly, sit appropriately when asked to and make my voice as audible as possible.
Explanation:
Meeting etiquette refers to mode of behavior and conduct when attending a meeting more specially a formal or professional one. Meeting could be a job interview, a business meeting, a sales presentation etc.
There are various codes of conduct to be observed:
<u>Be at the meeting on time:</u> Getting to the meeting venue earlier or at the time agreed is a sign of good behavior.
<u>Be prepared:</u> Familiarizing yourself ahead with the subject matter and topics of discussion.
<u>Make proper introductions:</u> The simple rule to follow is to fist introduce yourself. When introducing others, introduce individual of lesser hierarchy to higher hierarchy.
<u>Sit appropriately:</u> Do not seat and lean on the table. Sit straight on the chair, do not keep a large gap between yourself and the table.
<u>Speak so you can be heard</u>: Its very important that you should be heard, so when necessary speak up so others can hear you.
Answer:
The desired ending inventory for the second quarter is 25,000 bottles.
Explanation:
Since the management feels that an ending inventory of 10% of the subsequent quarter's sales is appropriate, the desired ending inventory for the second quarter can be calculated using the following formula:
Desired ending inventory for the second quarter = Third quarter’s estimated budgeted sales * 10% ............... (1)
Where:
Third quarter’s estimated budgeted sales = 250,000 bottles
Substituting the value into equation (1), we have:
Desired ending inventory for the second quarter = 250,000 * 10% = 25,000 bottles
Therefore, the desired ending inventory for the second quarter is 25,000 bottles.