When money is used to express the market value of goods and services it is functioning as a?
Unit of account. A unit of account is defined as the nominal monetary unit of measure for a currency in economics. This measure measures the real value or cost of an economic item such as goods, services, liabilities, assets, income and expenses.
Answer:
: $4,610
Explanation:
The allowance for uncollectible accounts should be 2% of accounts receivable. So first we wil find out the 2% of $268,000.
($268,000 x 2%) = $5,360
Then we will subtract the $750 allowance for uncollectible accounts before any adjustments.
$5,360 - $750 = $4,610
The amount of the adjusting entry for uncollectible accounts would be: $4,610.
Answer:
$64 million
Explanation:
The excess reserves available for the bank to lend if the minimum reserve ratio is 20% is <u>$64 Million.</u>
The most likely result if Fred sues Harry for the $12,000 payment is D. Fred will win because the right to receive payment could be validly assigned.
It should be noted that every contract creates its own rights and duties. Based on the information given, the obligee is Belinda.
The obligee in this case transfers the right to receive payments to a third-party who is Fred. Also, from the information, Belinda gave Fred the right to receive the payment from Harry.
Therefore, based on the above information, Fred has the right to receive payment. Therefore, if Fred sues Harry for the $12,000<em> payment</em>, he'll win.
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