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Y_Kistochka [10]
3 years ago
11

Question 9 On September 28, 2017, Out to Get You, Corp. sold inventory, originally costing $6,900, for $7,500 on credit. The acc

ountant for Out to Get You, Corp. forgot to record all entries related to this transaction. What is the effect of not recording these entries?
Business
1 answer:
Margaret [11]3 years ago
8 0

Answer:

The Cost of Goods Sold will be understated by $6,900 and the Sales Revenue will be understated by $2,500.

Explanation:

The sale of goods on credit will affect the Cost of sales and the Sales Revenue. The Cost of Goods Sold will be understated by $6,900 and the Sales Revenue will be understated by $2,500.

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If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sa
Helen [10]

There will be inadequate liabilities.

What Does Sales Revenue Mean?

Sales revenue is the money a business makes from selling products or offering services. Sales and revenue can, and frequently are, used interchangeably to refer to the same thing in accounting. It is significant to remember that revenue does not always equate to money received. One part of sales revenue may be paid in cash, and the other part may be paid on credit using methods like accounts receivable.

Either the gross revenue total or the net revenue amount can be used to represent sales revenue on the income statement. All deductions for product returns, the potential for undelivered items, and the cost of bad debt are all included in net revenue.

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8 0
2 years ago
LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2016. In payment for the $25.0
deff fn [24]

Answer:

We will use the following equations for this problem

a. (Initial cost  Estimated output) × Actual yearly output

b. (Depreciable cost  Yearly output) × Estimated output

c. Depreciable cost  Yearly output

d. (Depreciable cost  Estimated output) × Actual yearly output

8 0
3 years ago
The marketing manager at Home Depot works with Hunt Advertising to coordinate all promotional messages for a product or a servic
nlexa [21]

Answer:

The answer is "Choice d"

Explanation:

The Advertising Mix is the integration of publicity, personal selling, advertising, and marketing. To maintain a sustainable mix of those promotional resources, advertisers need to look only at the following questions. It really is the company's promotional software. With the assistance of the marketing manager and a 3rd parties advertiser, they sell the offering.

7 0
3 years ago
Team members get to know each other in the:
Andrews [41]

Answer:

Explanation:

Team members get to know each other in the forming stage of group development. It is the period of orientation and when team members become acquainted with each other. However it just the first stage in the long process and people view each other as strangers.

7 0
3 years ago
Read 2 more answers
Bob writes a check to cash for $1000 to pay a bill from Acme. He then finds out that Acme breached the contract so he decides he
Blizzard [7]

Answer:

Holder in due course

Explanation:

A holder in due course arise when someone accepted the negotiable instrument for exchange in the value without any kind of reason. In this, there is a right for claim the value of an instrument that oppose to the orginator and the intermediate holders

So as per the given situation, Lary is holder in due case as he is holding the check in the good faith also he is not aware of the last theft

6 0
3 years ago
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