1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vesna [10]
2 years ago
15

A company paid $200 cash for supplies that were purchased last month. However, the company recorded a debit to Accounts Payable

of $200 and a credit to Cash of $20. This company's accounting records are ______.
Business
1 answer:
hjlf2 years ago
3 0

This company's accounting records are: Incorrect because debits side  do no equal credits side.

<h3>Accounting record</h3>

Based on the information given their is an error when recording the journal entry reason  been that we are supposed to credit cash with the amount of $200 and not $20.

Due to this error this company's accounting records will be wrong or  Incorrect based on the fact that the  debits side  do no equal credits side.

The principle of accounting entry states that "Every debit entry must have a corresponding credit entry and every credit entry must have a corresponding debit entry"

The correct entry was supposed to be:

Debit Account payable $200

Credit Cash $200

Inconclusion  this company's accounting records are: Incorrect because debits side  do no equal credits side.

Learn more about accounting record here:brainly.com/question/26282268

You might be interested in
A blue ocean strategy differs from a low-cost strategy in that
Tju [1.3M]
The focus of a blue ocean strategy is on lowering the economic value created, whereas a cost-leader focuses on increasing the economic value created.
6 0
2 years ago
Accounting has its own vocabulary and basic relationships. Match the accounting terms with the corresponding definition or meani
balandron [24]

Answer and Explanation:

The matching of the accounting term with the definition is shown below:

1. Debit - it comes in the left side i.e. (i)

2. Expense: It decreases the stockholder equity also it contains the debit balance i.e. (d)

3. Net income: It is a statement that shows the expenses and revenue related transactions i.e. (g)

4. Ledger: It is the T-account in which the journal entries are posted i.e. (e)

5. Posting: The data is copied from journal to ledger we called as posting i.e. (f)

6. Normal balance: It is the side of an account in which the account increment is recorded i.e. (b)

7. Payable: It is a liability and it always a credit balance and shown in the balance sheet i.e (h)

8. Journal: In this the transactions are recorded i.e. (c)

9. Receivable: This is an asset and it has always a debit balance i.e. (a)

10. Owner equity: It is amount i.e. to be invested in the business also shows a difference between the total asset and total liabilities i.e. (j)

8 0
4 years ago
Faller and Whitney Company, a firm that builds enterprise resource planning products for customers, wants to implement training
Arisa [49]

Answer:

Faller and Whitney should perform an organization analysis in order to assess the training needs within the organization.

Explanation:

A training instructional design process is a process that systematically develops training procedures to meet specific needs.

The steps involved in the development of an instructional design process are:

  1. Determine needs for training : employees that work in what areas and perform what tasks need training
  2. Ensure readiness for training : the employees must be willing to trained
  3. Plan the training program: set the objectives, who will be the trainers, and what methods  will be used
  4. Implement training program
  5. Evaluate results of training : are employees performing better? do they need additional training?

6 0
3 years ago
What is the majority of our federal budget devoted to? (What
RoseWind [281]

Answer:

Mandatory

Explanation:

The mandatory spending accounts for around two-thirds of the federal budget and is determined by existing laws that constitute programs such as the social secutity program.

6 0
3 years ago
Studies indicate that the price elasticity of demand for beer is about 0.9. A government policy aimed at reducing beer consumpti
Aleonysh [2.5K]

Answer:

The government policy should have reduced beer consumption by 0.6 or 60%

Explanation:

Mid point formula calculates the ratio of mid point of change in demand and change in price to their average value. Then these changes are used in the calculations of elasticity of demand.

According to given data:

Elasticity of demand = 0.9

Midpoint of price  = (20-10) / [(20+10)/2] = 10 / 15 = 0.6667

Elasticity of Demand = Midpoint of demand / Midpoint of price

0.9 = Midpoint of demand / 0.6667

Midpoint of price = 0.9 x 0.6667 = 0.6

Change in demand is should reduce the consumption by 0.6 or 60%.

4 0
3 years ago
Read 2 more answers
Other questions:
  • If a company has very competent workers, a well-established set of standard operating procedures, and few expected problems, wha
    5·1 answer
  • Many innovative technology products are released as​ a(n) _____ test to allow usage and feedback from a small number of users
    11·1 answer
  • behaving in an acceptance manner within a workplace environment is refered to as a workplace etiquette. true or false
    11·1 answer
  • Which of the following term describes what a manufacturer spends for goods or services? A. cost B. price C. markup
    5·1 answer
  • ABC Company issues 10%, 15-year bonds with a par value of $280,000 and semiannual interest payments. On the issue date, the annu
    9·1 answer
  • True or False:
    11·1 answer
  • McFarlane, Inc. reports the following information:
    14·1 answer
  • HaAaAiii frRiIieEenNds wWaAanNnAaaA cCcCcHhHaAaAtTtT pweeeaaase
    8·1 answer
  • Which is not a way you can check your account balance?
    9·1 answer
  • Roles of private sectors in tourism in Africa
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!