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Ulleksa [173]
3 years ago
5

Every adjustment entry affects:

Business
1 answer:
Troyanec [42]3 years ago
8 0

Answer:

one permanent account and one temporary account.

Explanation:

The adjustment is made to a permanent account, using a temporary account

For example:

insurance expense   debit (T)

prepaid insurance credit (P)

to record expired insurance for the period

depreciation expense debit (T)

accumulated depreciation equipment credit (P)

to record depreciation for the period

unearned revenue debit (P)

service fee revenue credot (T)

to record accrued revenue

supplies expense debit (T)

supplies credit (P)

In this example, all have in common a permanent account (Asset, Liability or equity)

and a temporary account (expense or revenue)

The goal of the adjustment entries is to represent the past of time.

We will have accrued expenses or accrued revenues.

Remember that, temporary account are those which  the accoutning closes at the end of the period. (revenue and expenses)

While permanent account stay, assets, liability and equity.

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Journalize the following merchandise transactions. The company uses the perpetual inventory system.
aliya0001 [1]

Answer:

a.

Accounts Receivable $17,300 (debit)

Cost of Goods Sold $12,600 (debit)

Sales Revenue $17,300 (credit)

Inventory $12,600 (credit)

b.

Cash $15,916 (debit)

Accounts Receivable $15,916 (credit)

Explanation:

The Perpetual Inventory system records the cost of inventory after every sale.

a. Sale of Sold merchandise on account

Recognize the Revenue and Cost of Sale as follows :

J1

Accounts Receivable $17,300 (debit)

Sales Revenue $17,300 (credit)

J2

Cost of Sales $12,600 (debit)

Merchandise $12,600 (credit)

b.Received payment within the discount period

Recognize the Cash receipts  to the extend of amount paid less cash discount of 2%

Cash $15,916 (debit)

Accounts Receivable $15,916 (credit)

Cash Receipt = $17,300 × 92% = $15,916

5 0
2 years ago
Parker Corp. owns 80% of Smith Inc.'s common stock. During Year 1, Parker sold Smith $250,000 of inventory on the same terms as
IrinaVladis [17]

Answer:

c. $500,000

Explanation:

Given that :

Parker Corp. owns 80% of Smith Inc.'s common stock

During Year 1, Parker sold Smith $250,000 of inventory

Therefore; adjusted for inter Corp. sales = $250,000

The following information pertains to Smith and Parker's sales for Year 1:

                         Parker                     Smith

Sales                 $ 1,000,000            $ 700,000

Cost of Sales    $400,000                $ 350,000

Total                   $ 600,000              $ 350,000

For the Unadjusted Cost of Sales of Parker and Smith = $400,000+$ 350,000

= $750,000

The amount that Parker should report as cost of sales in its Year 1 consolidated income statement = Unadjusted Cost of Sales - adjusted for inter Corp. sales

= $750,000 -  $250,000

= $500,000

7 0
3 years ago
A marketing researcher is most likely to serve as a _____ in a new product development team. functional representative process m
dedylja [7]

Answer:

The correct answer is letter "A": functional representative.

Explanation:

Market Research is the process a company uses to assess the viability of a new product or service. It reveals the details of a company's target market and what consumers think about a product before it is widely released. <em>Researchers are the key functional characters in this process</em> because thanks to them the information needed to know consumers' preferences and behaviors is unveiled by them.

4 0
3 years ago
Why banks exist as financial intermediaries.
omeli [17]

Answer:

Banks act as financial intermediaries because they stand between savers and borrowers. Savers place deposits with banks, and then receive interest payments and withdraw money. Borrowers receive loans from banks and repay the loans with interest.

Explanation:

;)

4 0
2 years ago
The essential processes required to transition arriving personnel, equipment, and materiel in theater into forces capable of mee
lawyer [7]

This process of moving personnel, equipment, and materials to meet operational requirements is known as:

  • Joint reception,
  • staging,
  • onward movement,
  • Integration

<h3>What is Personnel Management?</h3>

This refers to the handling and administrative functions of making workers or personnel in an organization.

Hence, we can note that based on this essential process of moving personnel, equipment, and materiel in theater into forces capable of meeting operational requirements are collectively known as Joint reception, staging, onward movement and Integration

Read more about personnel management here:
brainly.com/question/10583893

8 0
1 year ago
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