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solong [7]
3 years ago
8

Which item will appear on the credit side of ledger account?

Business
1 answer:
sashaice [31]3 years ago
4 0

I just looked it up and I think that it is a

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Scott Bennett is preparing his balance sheet and income and expense statement for the year ending June 30, 2016. He is having di
dybincka [34]

Answer:

a. Expense

b. Expense and Liability

c. Assets and Liability

d. Expense and Liability

e. Expense and Asset

f. Assets

Explanation:

Assets are resources held or controlled by the entity as a results of a past event, for which future economic benefits are expected to flow to the entity, liabilities are present obligations of an entity as a result of a past event for which future economic benefits would flow out of the entity. Income and expense are elements of the income statements while the assets and liabilities are elements of balance sheet along with equities. Considering the lines

a. Scott rents a house for $1,350 a month - This is an expense except for when paid for in advance then it becomes an asset.

b. On June 21, 2016, Scott bought diamond earrings for his wife and charged them using his MasterCard. The earrings cost $900, but he hasn’t yet received the bill. - This represents both expense and a liability as he is yet to receive the bill.

c. Scott borrowed $3,500 from his parents last fall, but so far, he has made no payments to them. - This is an asset (cash) and a liability since he is yet to pay.

d. Scott makes monthly payments of $225 on an installment loan; about half of it is interest, and the balance is repayment of principal. He has 20 payments left, totaling $4,500 -  The interest element is an expense while the amount left is a liability

e. Scott paid $3,800 in taxes during the year and is due a tax refund of $650, which he hasn’t yet received. - The  amount paid in taxes is an expense while the amount to be received back is an asset

f. Scott invested $2,300 in some common stock  - This is an assets

5 0
3 years ago
The role of management in the success of a business?
Kaylis [27]

Effective management theories can be the basis of a success in a business. ... It is thus the duty of managers to plan, organize, lead and control the various functional areas with the aim of ensuring that the entire organization moves towards the same organization

Mark me as brainliest

3 0
3 years ago
why would materials such as iron ore, steel, lumber, and coal be transported via ships from the united states to japan,rather th
BARSIC [14]
Idk so you need to ask somebody else because I’m really dumb and I don’t have the answer for u
7 0
3 years ago
Goods with many close substitutes tend to have a. more elastic demands. b. less elastic demands. c. price elasticities of demand
Aleksandr-060686 [28]

Answer:

The correct answer is (A)

Explanation:

Normally, goods which close substitutes tend to have more elastic demand as it is easier to switch from one brand to another because they are close substitutes. For example, if the price of Pepsi increases the consumers will easily shift towards Coca-Cola. So, close substitutes are price sensitive and they have high elastic demand compared to other goods.

4 0
3 years ago
How much would Keith have in his account after three years if he started with $200 and earns 2 percent interest, compounding ann
padilas [110]
212.24 would be your answer.  12.24 is just how much he makes off interest, not the total amount.  200 is what he started with.  And 400 is just way to high of a number.
3 0
3 years ago
Read 2 more answers
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