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2 years ago

3 true statements about recording journal entries in Quickbooks

Business

1 answer:

Allushta [10]2 years ago

3 0

Answer:

Explanation:

Journal entries allow you to correct inaccurate information in your accounting records or add transactions that you cannot add in other sections of the software, such as tax adjustments or depreciation expenses.

What are the 3 golden rules?

Golden Rules of Accounting

Debit the receiver, credit the giver.

Debit what comes in, credit what goes out.

Debit all expenses and losses and credit all incomes and gains.

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At the beginning of 2021, Artichoke Academy reported a balance in common stock of $164,000 and a balance in retained earnings of

daser333 [38]

Answer:

Artichoke Academy

Statement of Stockholders’ Equity

For the Year Ended December 31, 2021

Beginning balance Common Stock $164,000

Beginning balance retained earnings $64,000

Subtotal $228,000

Common Stock issued $54,000

Earned net income $44,000

Distributed dividends ($11,400)

Ending balance Common Stock $218,000

Ending balance retained earnings $96.600

Total Stockholders' Equity December 31, 2021: $314,600

Artichoke Academy

Balance Sheet

For the Year Ended December 31, 2021

Assets:

Cash $54,000

Prepaid rent $31,000

Supplies $12,300

Land $270,000

Total assets: $367,300

Liabilities and stockholders' equity:

Accounts payable $13,600

Utilities payable $5,200

Salaries payable $4,900

Notes payable $29,000

Common stock $218,000

Retained earnings $96,600

Total liabilities and stockholders' equity: $367,300

7 0

3 years ago

What is the difference between classical economics and behavioral economics?

Nostrana [21]

3. Classical economics assumes people are rational and logical while behavioral economics adds psychology to the mix.

A major theory in classical economics is that human beings are rational and, given the necessary information they will make rational decisions and act rationally, however, Behavioral economics assumes that people are irrational players.

7 0

3 years ago

If a business person wants to get information about a special product to a wide variety people across a large geographic range,

Westkost [7]

Answer: Internet.

Explanation:

The internet is the fastest way a business can advertise it's products to a global audience. The internet is a wireless interconnection of computers across the Earth, where communication is made easier and information is shared.

4 0

3 years ago

An auto insurance company is implementing a new bonus system. In each month, if a policyholder does not have an accident, they w

andrey2020 [161]

Answer:

50,400

Explanation:

Using application of total expectation, E;

N= Number of policy holders who have zero accidents in one month

P= Probability

N|Low = 400

N|High=600

P|Low=0.9

P|High=0.8

Therefore E = (N|Low*P|Low)+(N|High*P|High)

E=(400*0.9)+(600*0.8)

E=360+480

E=840

Then Total bonus for the year B

B= E*12*5

B=840*12*5

B=50,400

7 0

3 years ago

Calloway department store buys jackets for $19.75 each and sells them for $37.88 each. what is the markup rate based on cost?

Svet_ta [14]

Answer : The markup rate based on cost is 91.79747%.

We have

Selling price per jacket = $37.88

Cost per jacket = $19.75

$Markup rate =[\frac{Selling Price - Cost}{Cost}] * 100$

Substituting the values in the formula above we get,

$Markup rate = [\frac{37.88-19.75}{19.75}] *100$

$Markup rate = [\frac{18.13}{19.75}] *100$

$Markup rate = 91.79746835$ %

8 0

3 years ago