Now the supply chain flexibility is based make to order strategy, low volumes, low switching costs and low stocks.
Answer:
a. Reversal entry:
Debit Rent expense $4,650
Credit Miscellaneous Expense $4,650
Correct Entry:
Debit Rent expense $4,650
Credit Cash $4,650
b. Reversal entry:
Debit Accounts payable $3,700
Credit Cash $3,700
Correct Entry
Debit Cash $3,700
Credit Accounts Receivable $3,700
Explanation:
Reverse entry is to simply close to zero the original entry that has been made in mistake. Afterwards, record the correct entry to properly account the transaction.
To reverse the previously made entry, we simply debit what is credited and debit what is credited.
a. We need to close the rent expense credited by debiting it and credit the miscellaneous expense that is previously debited to zereod out the mistake recording. Then to record the correct entry, Debit Rent expense and Credit Cash at the amount $4,650
b. Just ike what we did on the previous transaction, we will debit the Accounts payable and credit the cash that has been recorded by mistake to zereod out the balance and then make the correct entry. Debit Cash $3,700 and credit Accounts receivable $3,700.
Answer:
The answer is: Longer lead times and they can be inventoried.
Explanation:
Physical goods or products usually have longer lead times than services (although not necessarily) but the main difference between them is that they can be inventoried.
For example, a company that produces chairs can produce chairs during the week and then store them in a warehouse. But if a hotel only rents 30 of its 50 available rooms today, it cannot rent 80 rooms tomorrow, only 50. A service by definition cannot be inventoried, or stored for later use.
Your answer to this question is increased by $1000
Answer:
The ratio of the percent change in quantity demanded to the percent change in price.
Explanation:
Price elasticity of demand measures how responsive quantity demand is to changes in price.
The formula is given by
Price elasticity of demand= Percetage change in demand/ Percentage change in price
Usually the price elasticity bis negative. Goods that don't obey the law of demand have positive elasticity.
