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3 years ago

A debit card transaction adds to or removes money from a person’s checking account.

Business

2 answers:

goblinko [34]3 years ago

8 0

Answer:

Yes. The statement is true.

Explanation:

A checking account is the one that allows deposits and withdrawls.

Alex3 years ago

3 0

Answer:

A debit card transaction removes cash from the company’s bank account at the time the transaction occurs. The employee uses a debit card the same way he uses a credit card when making purchases. The bank receives an electronic notice of the transaction and transfers the money to the vendor to pay for the transaction

Explanation:

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On July 1 of the current calendar year, Plum Co. paid $8,900 cash for management services to be performed over a two-year period

Iteru [2.4K]

Answer:

A debit to an expense and a credit to a prepaid expense for $2,225

Explanation:

As plum company paid $8,900 for 2 years contract on July 1, the number of months expired at the end of the December 31 was 6 months (July to December).

When the company paid for that prepaid expense for 2 years (24 months), it recorded -

July 1 Prepaid expense (Debit) $8,900

Cash (Credit) $8,900

As the accounting period ended on December 31, the expense expired for six months

Therefore, 6 months expense = $8,900 ÷ (6 × 24)

6 months expense = $2,225

Whenever the advance expense expired, the expense becomes debit and the asset (Prepaid expanse) will become a credit.

Debit expense $2,225

credit prepaid expense $2,225

Therefore, option A is correct.

7 0

3 years ago

Rogers, Inc., acquires 15% of Procter Corporation on January 1, 2020, for $70,000. During 2020, Procter reported net income of $

ioda

Answer:

a) Investment Value as at December 31, 2020 / Jan 1, 2021 $64,000

b) Value of Equity Investment Dec 31, 2021 $491, 000

Explanation:

First Part is to calculate the January 1, 2021 entry to adjust the Equity account based on additional acquisition on that date

It should be noted that the investment balance as at 31st December 2020, will also be the value of the investment balance for the start of the next year January 1st 2021.

Therefore,

Step 1: Calculate the Investment Balance as at 31st Dec, 2020

Acquisition Cost of 15% Investment (Procter Corporation Jan 1) $70,000

Subtract: The dividend received 31st Dec, 2020 ($40,000 x .15) ($6,000)

Investment Value as at December 31, 2020 $64,000

Step 2: Calculate the Investment Gain (Equity Investment)

The formula= Market value of Equity (year end) - Carrying Value (calculated in step 1)

= $68,000 - $64,000

= $4,000

Step 3: The journal entry to adjust the equity investment account

Date Particulars Debit Credit

Dec, 31, 2020 Equity Investment $4,000

Gain Unrealized on Equity Investment $4,000

being the journal record adjusting equity investment at the time of new acquisition

Part B: Balance of the Equity Investment Account Dec 31, 2021

The value of the Investment as at 31, Dec, 2020 $64,000

Add: The additional investment in Procter (Jan 1, 2021) $310,000

Add: Net Income Share for Rogers (45% x $300,000) $135,000

(45% because the initial 15% and the 30% additional)

Subtract: Dividend received (45% x $40,000) ($18,000)

Value of Equity Investment Dec 31, 2021 $491, 000

7 0

3 years ago

Following a regression analysis, an examination of graphical plots was performed to determine whether the assumptions for ???? a

Olenka [21]

Answer:

Consider the following analysis.

Explanation:

The above regression is a normal probability plot to check the assumption that the errors have a normal distribution.

In normal probability plots, deviations from a straight line suggest departures from normality.

By looking at the plot, we can say that the assumption of Normality is not appropriate with the data.

3 0

3 years ago

In China, suppose GDP per capita grows by 6.0% per year for 27 years . By how many times does this economy grow

astra-53 [7]

Answer: 4.82 times

Explanation:

GDP grows by 6.0% for 27 years. To find out how many times it will grow by, use the following:

= (1 + growth rate) ^ no. of periods

= (1 + 6%)²⁷

= 4.8223

= 4.82 times

3 0

3 years ago

OLAP enables: a. programmers to quickly diagram data relationships. b. users to view both logical and physical views of data. c.

Mars2501 [29]

Answer:

The correct answer is C. users to obtain online answers to ad-hoc questions in a rapid amount of time.

Explanation:

OLAP (Online Analytical Processing) is a computing method that provides analysis of data stored in a database. OLAP is strong technology for data discovery, predictive planning, complex analytical calculations, and capabilities for limitless report viewing. This enables users to easily and selectively extract and query data in order to analyze it from different points of view. OLAP enables users to obtain online answers to ad-hoc questions in a rapid amount of time.

For example, OLAP provides time series and trend analysis views. It is frequently used in data mining.

8 0

4 years ago

Read 2 more answers