Solution:
Date General Journal Debit Credit
July 04 Accounts receivable 5,620
Sales 5,620
July 04 Cost of goods sold 3,597
Merchandise inventory 3,597
July 09 Cash 19,200
Factoring fee expense 800
Accounts receivable 20,000
July 17 Cash $3,091
Accounts receivable $3,091
July 27 Cash 10,960
Notes payable 10,960
July 27 No journal entry required
Answer:
A
Explanation:
Amy's team with 100 shares of Delta Airlines, 80 shares of Peabody Energy, and 70
shares of Papa John's Pizza
Answer:
Option (B).
Explanation:
According to the scenario, computation of the given data are as follows:
Doctor's bill = $4,200
Deductible amount = $250
Insurance company pays = 80%
Veronica pays = 20%
So, we can calculate the total amount veronica pay by using following formula:
Veronica Pay amount = [( Doctor's bill - Deductible amount ) × Veronica pays%] + Deductible amount
= [($4,200 - $250) × 20%] + $250
= $790 + $250
= $1,040
Answer:
See explanation section.
Explanation:
Income summary Debit = $49,800
Expenses Credit = $49,800
To record the closing entry for expenses. We have to close expenses because it is a temporary account. So when we close any debit entries such as expense accounts, we have to credit those expense accounts so that the accounts have zero(0) balance.
Answer:
C. They produce most available goods and services.
Explanation:
In A free market economy, the production of goods and services is done by the private sector. The government's participation in economic activities is limited. The private sector owns and controls the majority of the factors of production. The private sector owns factories, manufacturing, and other businesses in the economy.
In the free market economy, profits are the primary motivating factors to engage in business. The private sector produces goods and services that will generate profits for the businesses.