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Dmitry_Shevchenko [17]
3 years ago
7

Jax Recording Studio purchased $8,200 in electronic components from Music World. Jax signed a 90-day, 10% promissory note for $8

,200. Music World's journal entry to record the sales transaction is:
A. Debit Notes Receivable $8,405; debit Interest Receivable $205; credit Sales $8,200
B. Debit Notes Receivable $8,405; credit Sales $8,405
C. Debit Accounts Receivable $8,405; credit Sales $8,405
D. Debit Accounts Receivable $8,200; credit Sales $8,200
E. Debit Notes Receivable $8,200; credit Sales $8,200
Business
1 answer:
Brilliant_brown [7]3 years ago
6 0

Answer:

E. Debit Notes Receivable $8,200; credit Sales $8,200

Explanation:

According to the problem, computation of the given data are as follows,

Sales on credit = $8,200

Notes receivable = $8,200

So, journal entries of the sales transaction are as follows,

Notes receivables A/c Dr.       $8,200

      To, Sales A/c.                   $ 8,200

(Being sales of equipment is recorded)

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Why estimated overhead costs (rather than actual overhead costs) are used in the costing process is explained below.

A predetermined cost is an expenditure that a company estimates ahead of time.

This cost is calculated prior to the purpose of production and includes all variable costs that affect production in a manufacturing business.

Actual overhead costs are difficult to calculate for each job, especially in a production environment with a large number of jobs.

As a result, overhead costs are allocated according to some standardized methods, which may link overhead costs to direct labor, machining time, and material used in each job.

Manufacturing overhead in a manufacturing organization refers to indirect costs that are required for production but cannot be traced back to individual products.

Machine depreciation and factory rental are two examples of manufacturing overhead costs.

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2 years ago
In​ Keynes's analysis of the speculative demand for​ money, what will happen to money demand if people suddenly decide that the
Serggg [28]

Answer:

The correct answer is option C.

Explanation:

When the interest rate falls below the normal level, people expect the interest rates to rise in future and bond prices to fall. This causes investors to sell the bonds at present so that they can buy bonds when they are selling at lower prices in future as of result of an increase in interest rates. Money demand will, as a result, will decrease.

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3 years ago
Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, eight million dollars on
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Answer: It has 1 milion dollars in required reserves

Explanation:

Tot. Res = Vault cash + Deposit with Federal Reserve

Tot. Res = 2 million dollars + 8 million dollars = 10 million dollars

Total reserves are the sum of excess reserves and required reserves .

Tot. Res. = Exce. Res. + Req. Res.

10 million dollars = 9 million dollars = Req. Res.

Req. Res. = 10 million dollars- 9 million dollars.

Req. Res. = 1 million dollars.

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The cases filed at The Cross Company related to gender discrimination include one in which a 33-year-old sales representative wa
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Answer:

Title VII of the CRA

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Title VII of the Civil Rights Act (CRA) is a landmark federal law that aims to protect employees against discrimination based on race, colour, sex, nation of origin, or religion.

The act was made law in 1964.

In the given scenario a female sales representative with excellent performance review was not promoted for 8 years, while Jim a male sales representative was promoted in just 18 months.

This is a gender based discrimination and is covered by Title VII of the CRA.

Age discrimination does not apply because it addresses discrimination of employees with minimum age of 40 years.

Equity act requires that employees on the same job role are compensated equally. This does not also apply.

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3 years ago
The sec generally defers to the fasb concerning controversial disclosure and reporting issues.
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This assertion is true. In addition, the SEC has the remaining accountability to make certain that the FASB deals with troubles referred to it by the SEC.

The cooperative effort between the public and personal sectors has given the United States the first-rate economic reporting gadget in the world, and the Commission is intent on making it even better.

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19 The SEC is guilty to Congress as it operates beneath the authority of federal legal guidelines inclusive of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), amongst others.

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6 0
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