The journal entry for the inventory purchased will be to record the sale and another one to record the cost of the sale.
<h3>What is a journal entry?</h3>
It should be noted that a journal entry is used to record the financial activities of a company.
In this case, the journal entry for the purchase of inventory on account using the perpetual inventory system is to record the sale and another one to record the cost of the good.
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Answer:
A sole proprietorship is a business owned by only one person. The most common form of ownership, it accounts for about 72 percent of all U.S. businesses[1]. It’s the easiest and cheapest type of business to form: if you’re using your own name as the name of your business, you just need a license to get started, and once you’re in business, you’re subject to few government regulations.
As sole owner, you have complete control over your business. You make all important decisions, and you’re generally responsible for all day-to-day activities. In exchange for assuming all this responsibility, you get all the income earned by the business. Profits earned are taxed as personal income, so you don’t have to pay any special federal and state income taxes.
Explanation:
Answer: Recruitment
Explanation: In simple words, recruitment refers to the process of selecting the suitable employees within an organisation. It involves setting the criteria of selection, attracting the candidates and appointing them in the job they seem capable of.
In the given case, Marisol is hiring the employees and also evaluating the tasks to be performed in the new job.
Hence we can conclude that the correct option is B.
Answer:
$17,000
Explanation:
The amount of the Allowance for Bad Debts account after adjustment is shown below:
= Debit balance of Allowance for Bad Debts account + uncollectible accounts
= $7,000 + $10,000
= $17,000
The journal entry is also shown for better understanding
Bad debt expense A/c Dr $17,000
To Allowance for doubtful debts $17,000
(Being bad debt expense is recorded)
