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bearhunter [10]
2 years ago
8

Your review of the ledger reveals that each account has a normal balance. You also discover the following errors. 1. The totals

of the debit sides of Prepaid Insurance, Accounts Payable, and Utilities Expense were each understated $100. 2. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were $2,570 and $8,960, respectively. 3. A debit posting to Salaries and Wages Expense of $200 was omitted. 4. A $1,600 cash dividend was debited to Common Stock for $1,600 and credited to Cash for $1,600. 5. A $450 purchase of supplies on account was debited to Equipment for $450 and credited to Cash for $450. 6. A cash payment of $530 for advertising was debited to Advertising Expense for $53 and credited to Cash for $53. 7. A collection from a customer for $540 was debited to Cash for $540 and credited to Accounts Payable for $540. Prepare a correct trial balance. (Hint: It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made.)
Business
1 answer:
Oksi-84 [34.3K]2 years ago
6 0

Answer:

Debit side $29,660

Credit side $29,660

Explanation:

Preparation of a correct trial balance

DOMINIC COMPANY

Corrected Trial Balance May 31, 2015

DEBIT SIDE

Cash $5,023

($5,050 +$450 - $477)

($530-$53=$477)

Accounts Receivable $2,030

($2,570 - $540)

Prepaid Insurance $930

($830 + $100)

Supplies $450

Equipment $12,750

($13,200 - $450)

Salaries and Wages Expense $4,530

($4,330 + $200)

Advertising Expense $1,447

($970 + $477)

($530-$53=$477)

Utilities Expense $900

($800 + $100)

Dividends $1,600

TOTAL $29,660

CREDIT SIDE

Accounts Payable $5,510

($5,700 - $100 + $450 - $540)

Unearned Service Revenue $690

Common Stock $14,500

($12,900 + $1,600)

Service Revenue $8,960

TOTAL $29,660

Therefore the CORRECTED TRIAL BALANCE will be:

Debit side $29,660

Credit side $29,660

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The staffing policy that seeks the best people for key jobs throughout the organization, regardless of nationality, is called
Juli2301 [7.4K]

The question is incomplete:

The staffing policy that seeks the best people for key jobs throughout the organization, regardless of nationality, is called:

a. Ethnocentric staffing policy

b. Polycentric staffing policy

c. Geocentric staffing policy

d. None of the above

Answer:

Geocentric

Explanation:

-Ethnocentric staffing policy is when a business that has global operations seeks the people for key positions from the home country.

-Polycentric staffing policy is when a company seeks employees in the home country for positions in the headquarters and people from other places for the other offices abroad.

-Geocentric staffing policy is when a company seeks the best person for each position without considering the nationality or culture.

According to this, the answer is that the staffing policy that seeks the best people for key jobs throughout the organization, regardless of nationality, is called geocentric staffing policy because the company only focuses on the person that best fits the position without considering the nationality.

6 0
3 years ago
An oligopolistic market structure is distinguished by several characteristics, one of which is either similar or identical produ
Diano4ka-milaya [45]

Answer:

Difficult entry, Mutual interdependence, Market is control by a few large firms.

Explanation:

An Oligopolistic market very few organisations control a particular market share. Likewise, when another organisation attempts to enter the market, there are obstructions set up by the current organisations. Similarly, if one organisation changes or alter a commodity, it affects all other firms and organisations. So there is mutual interdependence in the oligopolistic market. There is high mutual interdependence because firms produce identical or the same goods and services.

6 0
3 years ago
In 2019, George and Martha are married and file a joint tax return claiming their two children, ages 10 and 8 as dependents. Ass
Tresset [83]

Answer:

The answer is option (b)$4,000

Explanation:

Solution

Given that:

Now

The income of George and Martha is =$119.650

For year 2019 child tax credit is $2,000 per dependent child subject to a minimum income of $2,500.

The Income limit for Married Jointly Filed is= $400,000.

Thus

They are eligible for $2,000 tax credit per child.

So,

Tax Credit = $2,000 * 2

= $4,000

Note: The AGI limit phaseout begins at $400000 for joint tax filers

8 0
3 years ago
Which of the following is indicative of supervisory leadership?A. Conflict is containedB. Individual performance is developedC.
gulaghasi [49]

Answer:

B. Individual performance is developed.

Explanation:

Supervisors and leaders are closely related as both influence an audience, to grow and motivates them to attain goals.

Further, when supervisory leadership is done, it clearly helps individuals grow, and act motivated in all the aspects of the performance.

This, is clearly depicted from the results of outcomes as the performance is above the expected standards and then, the individual level of performing the job also get boosted.

Therefore, correct option is

Statement B

5 0
3 years ago
Marginal revenue product is the: a. change in total output resulting from a unit change in the quantity of a variable input. b.
VMariaS [17]

Answer:

An apple, potato, and onion all taste the same if you eat them with your nose plugged

Explanation:

6 0
3 years ago
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