Since the transaction was on account basis, the journal entry will be:
debit accounts receivable for $625
credit sales $625
the account title accounts receivable was used because the debtor didn't pay for the merchandise and the sales account was used because the company gain income from that transaction.
Answer:
They are forces of production and social relations of production.
Explanation:
In Marxism and historical materialism the forces of production are a central idea. In the own critique of political economy by Karl Marx and Frederick Engels, it refers to the combination of the means of labor with human labor power.
forces of production is a term used in political economy that refers to the physical means and production techniques to which laborers add value and transform capital into saleable products.
By " relations of production," Marx and Engels meant the total sum of social relationships that people have to enter to survive, produce, and reproduce their means of living...relations can be social ties, economic relationships, or technological relationships.
Answer:
the globalization of production.
Explanation:
Since company ABC, based in Tennessee, sources goods from Southeast Asia to take advantage of labor cost savings. This is an example of the globalization of production.
Globalization of production can be defined as the process of sourcing goods and services from other countries (locations) around the world in order to take advantage of labor cost savings and quality of other factors of production such as land and capital.
Additionally, globalization can be defined as a strategic process which involves the integration of various markets across the world to form a large global marketplace.
<em>Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world</em>.
It is a false statement that a debit is always a negative entry under the double-entry system of accounting,
<h3>What is the double-entry system?</h3>
In accounting, this refers to the system for recording transactions based on recording increases and decreases in accounts so that debits equal credits.
Hence, the double-entry system requires that each transaction must be recorded in at least two different accounts.
Read more about double-entry system
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The cash surrender value<span> is the sum of money an insurance company pays to the policyholder or annuity holder in the event his </span>policy<span> is voluntarily terminated before</span>its<span> maturity or the insured event occurs.</span>
