Required-: JOURNAL ENTRY (ACCOUNT)
Paid Rs. 28,000 to Sansee stores in fullsettlement of Rs. 30,000 by cheque please help Me with this. I'm still confused in it.
Answers
- Hey there , ronisha!
Answer:
[tex] \large{ \tt{SEE \: THE \: ATTACHED \: PICTURE}}[/tex]
[tex] \large{ \tt{E \: X \: P \: L \: A \: N \: A \: T \: I \: O \: N}} : [/tex]
Full settlement generally means DISCOUNT ALLOWED. Firstly , Read out the question and try to understand. It says we purchased some stuffs of Rs 30000 from the sansee stores and we payed Rs 28000 in full settlement which implies that we received the discount of Rs 30000-28000 i.e Rs 2000. You must have known the rules for debit and credit. As we know In case of personal account , Debit : The receiver , We have sansee stores as the receiver so we placed it in debit side. Remember: When the question says that the cash is payed through cheque , you should always consider cheque as a bank. Now , In the case of personal account , Credit : The giver. Who's the giver? Of course , bank! So , we placed it in credit side. Now , In case of nominal account , Credit : the incomes or gains . The question says we received the discount so obviously it's not expenses. So, We placed discount received in credit side. You must have studied that Every debit should have equal credit. And we're done!- Hope this helps! Please let me know if you have any questions regarding my answer and also don't hesitate to reach out to me if you need any other help! :)
Related Questions
What is who in french
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If an initial increase in government spending of $100 billion leads to a total increase of $400 billion in income, the marginal propensity to consume in the economy is
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Answer:
0.75
Explanation:
Government spending of $100 billion
Total increase of $400 billion in income
Multiplier = 1 / (`1 - MPC)
400 billion/100 billion = 1 / (`1 - MPC)
1 / (`1 - MPC) = 4
1 - MPC = 1/4
1 - MPC = 0.25
MPC = 1 - 0.25
MPC = 0.75
Thus, the marginal propensity to consume in the economy is 0.75.
An automobile giant headquartered in the United States sells high-end bikes across the world. It wants to enter an emerging market. Customers in the market cannot afford the types of accessories used in the bikes. Thus the regional branch of the organization makes an autonomous decision to remove the accessories and to offer a toned-down version of the bikes to compete in the emerging market. This decision is accepted by the headquarters on the principle that the man on the ground is the best judge of local conditions. The above serves as an example of a(n) ___________.
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Answer:
decentralized organizational structure
Explanation:
A decentralized organizational structure is one where details of daily operations and associated decision making is delegated to middle and low level managers.
Thereby allowing the top management more time for major decisions that affects the company.
In the given scenario the regional branch of the organization makes an autonomous decision to remove the accessories and to offer a toned-down version of the bikes to compete in the emerging market. The decision is accepted by the headquarters on the principle that the man on the ground is the best judge of local conditions.
This is a decentralized organizational structure
The activity that causes changes in the behavior of costs is referred to as the activity ____________.
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Answer:
"Index" is the right answer.
Explanation:
This same activity index gives a visual representation that results in improvement throughout the financial parameters. Indexes that seek to give or present a comprehensive overview including its economic situation.It, therefore, makes it possible for administrators to decide on appropriate feedback expenses.Thus the above is the correct answer.
business to business is selling to a customer that is not the end of the consumer. which of these best describe the business to customer model of distribution
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Answer:
so where's the Question?
XBRL assurance is generally expected to include all of the following except: Multiple Choice Assurance that the most current, standardized XBRL taxonomy is used. Assurance that the underlying financial and nonfinancial data that is used in XBRL tagging is reliable. Assurance that the XBRL tagging is accurate and complete. Assurance that reports include all relevant financial and nonfinancial information.
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Answer:
Assurance that reports include all relevant financial and nonfinancial information.
Explanation:
XBRL assurance can be regarded as opinions of auditor on a financial statement or other business report that is published in XBRL, this opinions of the auditors allows to know whether these published report or statement is
complete, relevant or accurate and fairly presented. An XBRL reportcan be regarded as "instance" and it is is an electronic file. It should be noted that XBRL assurance is generally expected to include all of the following
✓Assurance that the XBRL tagging is accurate and complete.
✓Assurance that the most current, standardized XBRL taxonomy is used.
✓Assurance that the underlying financial and nonfinancial data that is used in XBRL tagging is reliable.
Foreign investors assess not only the interest rate offered on financial securities but also (check all that apply):
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Answer:
their total wealth
-their future expenditure needs
-the risk on the security
Explanation:
Financial System
This simply are markets and various financial units or intermediaries that help transfer financial assets, real assets, and financial risks in various forms from one person to another, from one place to another, and from one point to another
3 Main functions of the Financial System
1.) The achievement of the purposes for which people use the financial system
2.) The discovery of the rates of return that equate aggregate savings with aggregate borrowings
3.) The allocation of capital to the best uses
An investment
This is simply defined as the current commitment of current resources in the hope of getting greater resources in the future. It reduces current consumption in hopes of greater future consumptions. When making investment, different actions are considered before decision making.
The demand for skilled workers in the United States has been increasing. To increase the supply of skilled workers, many argue that immigration reform to allow more skilled labor into the United States is needed. Explain whether you agree or disagree.
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Answer:
I disagree
Explanation:
I disagree. There are many unemployed individuals in the United States already. There is no need to look towards other countries for skilled workers. Instead I believe that there should be more outreach training programs to teach these unemployed individuals. This would decrease the unemployment rate and fill the demand for skilled workers. If the skills required are college based skills, then I think the best course of action is making Universities free. Other countries such as Argentina have done so and output a large supply of highly skilled individuals because of it.
Corporate HR for Corner Bookstores knows that sexual harassment in the workplace is a serious issue. In order to provide consistency in its effort to train employees about sexual harassment, HR management created a(n) _____________ training program. Employees have a flexible time period when they can log on and receive exactly the same training as employees in all of the Corner Bookstores. Multiple Choice online off-the-job vestibule simulation
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Answer:
Online training
Explanation:
eLEARNING:
This is simply said to be electronic learning. It is an umbrella body or term that is used to connotes all types of training, education and instruction that occurs on a digital medium such as computer or mobile device.
ONLINE LEARNING:
This is also called eLearning. it includes any type of learning done on a computer and usually over the Internet.
Revenue is recorded when services have been performed or products have been delivered to customers. The accounting principle supporting this reporting is
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Answer:
The revenue recognition principle
Explanation:
The revenue recognition principle states that revenue should be recorded when services have been performed or products have been delivered to customers and not when cash is received for the service rendered
For example, if a supplier delivers 10,000 worth of goods to consumers in November and is paid for the goods in December. Revenue should be recognised in November and not December.
CPA Inc. is a publicly traded company. The stockholders of this company delegate the authority to make decisions for the company to a CEO named Joaquin. The stockholders expect Joaquin to make decisions that will benefit the company. However, Joaquin begins to find ways to maximize his total compensation, which hinders CPA's performance. This scenario reflects
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Answer:
The appropriate approach is "Principal-agent problems".
Explanation:
A contradiction of objectives or priority between someone individual or organization as well as the authorized accompanying documents to operate over its behalf is considered as Principal-agent problem.The possession of a commodity or fundamental assigns immediate supervision of that resource to some other agency may transpire in whatsoever circumstance.Siiri invests 10 % in real estate, 40 % in mutual funds, 25 % in government bonds, and 25 % in stocks. what do Siri’s investment demonstrate?
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Answer: Asset allocation
Explanation:
Asset allocation refers to the strategy of investing in different types of assets and investment vehicles so that the risks would be balanced by the rewards to be earned so that the investor will benefit.
Asset allocation is usually based on the investor's investment goals and their risk appetite. Those who are more risk tolerant will usually invest more in stocks so Siiri here is most likely risk averse but based on the percentage that went into stocks, they might be more risk neutral.
Paden Company purchased merchandise from Emmett Company with freight terms of FOB shipping point. The freight costs will be paid by the
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Answer:
Buyer (Paden Company)
Explanation:
The freight costs will be paid by the Buyer. FOB shipping point means that the Buyer takes all the risks and rewards associated with the purchase as soon as the goods leave sellers location.
For _______ employment, the public policy exception prohibits employers from firing employees engaged in activities that further public interest.
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Answer:
public policy exceptions
Explanation:
In public policy exceptions, employers are prohibited from terminating employees who participate in activities that benefit the public good. Serving on a jury, completing military service, filing for or testifying at hearings for workers' compensation claims, and whistle-blowing are all examples of protected actions that differ by state.
Glenda works for a telecommunications company and oversees the planning, execution, and closing of any large telecom projects for new clients. Glenda is what kind of manager
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Answer:
Project manager
Explanation:
Glenda must be working as a project manager.
A project manager is a person that leads the team to design and execute projects within an establishment. He/she also ensures monitoring and control of resources in order to get maximum results.
Hence, Glenda must have been employed as a project manager for the telecommunication company.
While some property owners choose to perform both the property and asset manager functions themselves, many commercial property owners choose to employ professional property managers instead. The property manager works under a management contract in which the manager is empowered to serve as the owner's fiduciary. This type of relationship is more commonly referred to as a(n)
Answers
Answer:
agency relationship.
Explanation:
An agency can be defined as a mutual relationship existing between two parties, wherein a principal authorizes the agent to act as the principal's representative or on his behalf (fiduciary role) in dealing with third parties.
Hence, the type of relationship in this scenario is more commonly referred to as an agency relationship.
In an agency relationship, a commercial property owner may choose to employ a professional property manager who is saddled with the responsibility of serving as his or her (owner) fiduciary under a management contract.
What may a vertically integrated company need to do when there are improvements in technology at the supply stage of the value chain? (Choose every correct answer.)
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Answer:
• may be required to incur high costs for abandoning old technologies in an effort to keep pace with suppliers.
• may need to continue producing suboptimal products rather than upgrading its technology
Explanation:
You didn't provide the options but I searched online and got the options from which the correct answers were chosen.
Vertical integration occurs when the suppliers or retailers is being controlled or owned by a company and hence, control its supply chain. This brings about reduction in costs and the improvement in efficiencies.
When there are improvements in technology at the supply stage of the value chain, the company will need to:
• may be required to incur high costs for abandoning old technologies in an effort to keep pace with suppliers.
• may need to continue producing suboptimal products rather than upgrading its technology
Carlos is asked about a product that he has never seen or used before. In this scenario, Carlos is likely to
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Answer:
find it difficult to communicate meaningful opinions.
Explanation:
Communication is the process by which an individual passes across information in a form that can be understood by the recipient, and it should elicit the desired action in the receiver.
However if the sender has insufficient information he will not be able to access relevant information.
This is the situation in the given scenario where Carlos is asked about a product that he has never seen or used before. In this scenario.
He is likely to find it difficult to communicate meaningful opinions.
Pelis de terror/misterio que recomienden?¿'¿?¿??¡?¡'¡'¿'¡
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Answer:
Una buena película de terror que podría recomendarte es Halloween, en su versión estrenada en 2018. Básicamente, trata de un asesino serial psicópata, que no tiene otro objetivo en la vida que el de asesinar gente sin motivo alguno.
Los protagonistas son una familia que vive en los Estados Unidos, cuya abuela ya se ha enfrentado previamente al asesino, quien luego de escapar del centro psiquiátrico en el que estaba recluido regresa a la ciudad donde vive esta familia, con el objetivo de vengarse de ellos.
Allied In. bought a two-year insurance policy on August 1st for $3,600. What's the adjusting journal entry on December 31st?
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Answer:
1. Debit Insurance Expense- $500 Credit Prepaid Insurance $500
2. $160 Beginning...
se the drop-down menu to complete each statement. A good is considered when producers can quickly supply more or less of it based on changing prices. A good is considered when producers can quickly change how much of it is supplied when prices change.
Answers
Answer: elastic; inelastic
Explanation:
A good is considered (elastic) when producers can quickly supply more or less of it based on changing prices while a good is considered (inelastic) when producers can quickly change how much of it is supplied when prices change.
In an elastic good, a change in price brings about a significant shift in the demand of such good while on the other hand, in an inelastic good, a change in price brings about an insignificant shift in the demand of such good.
Answer:
elastic, inelastic
Explanation:
bc i said so
The greater the risk associated with an investment, the greater is its _____. book value market appeal expected return price
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Answer:
expected return
Explanation:
When making decisions, managers should consider all relevant benefits and relevant costs, which include: (Check all that apply.) Multiple select question. incremental costs. opportunity costs. historical costs. out-of-pocket costs. sunk costs.
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Answer:
opportunity costs, incremental costs, out-of-pocket costs
Explanation:
The cost of the following finest possibility that is sacrificed is referred to as the opportunity cost. These are important considerations while deciding between two alternative options.The costs that the firm pays out of pocket are known as out of pocket charges. These are important considerations while making a judgment
The variation in costs between two decisions is referred to as incremental costs. All of these are important in making decisions.
A. A plan for mass casualty incidents should include protective actions to reduce vulnerabilities, response actions to minimize negative consequences, and post incident actions to promote community recovery. B. A partnership approach to planning for mass casualty incidents helps to ensure that the plans for your organization are compatible with those of the agencies that would respond if an incident occurred. C. When an organization is planning for mass casualty incidents, an effective approach is to request law enforcement personnel to develop a separate plan for mass casualty incidents for the organization. D. It is important to customize your emergency plan to reflect the risks, realities, and resources that characterize the local area and your own organization.
Answers
Answer: When an organization is planning for mass casualty incidents, an effective approach is to request law enforcement personnel to develop a separate plan for mass casualty incidents for the organization
Explanation:
A Mass Casualty Incident refers to an overwhelming event, which leads to more patients at a time than what the available resources can easily manage such that it requires additional assistance.
A plan for mass casualty incidents should include protective actions that will be used to reduce vulnerabilities, response actions to minimize negative consequences, and post incident actions to promote community recovery.
A partnership approach to planning for mass casualty incidents is important as it helps in ensuring that the plans for your organization are compatible with those of the agencies that would respond if an incident occurred.
It's also vital to customize your emergency plan to reflect the risks, realities, and resources that characterize the local area and your own organization.
The false statement is "When an organization is planning for mass casualty incidents, an effective approach is to request law enforcement personnel to develop a separate plan for mass casualty incidents for the organization". This isn't true.
What is meant by the term target market?
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Answer:
A target market is the set of consumers that a company plans to sell to or reach with marketing activities. A target audience is the group or segment within that target market that is being served advertisements.hope it helps.stay safe healthy and happy...homeworklib Adirondak Marketing Inc. manufactures two products, A and B. Presently, the company uses a single plantwide factory overhead rate for allocating overhead to products. However, management is considering moving to a multiple department rate system for allocating overhead. Overhead Total Direct Labor Hours DLH per Product A B Painting Dept. $251,800 11,700 6 10 Finishing Dept. 72,800 10,000 2 5 Totals $324,600 21,700 8 15 Calculate the overhead rate per unit for Product A in the Painting Department of Adirondack Marketing Inc.
Answers
Answer:
$89.76
Explanation:
Calculation to determine the overhead rate per unit for Product A in the Painting Department of Adirondack Marketing Inc.
First step is to calculate Single overhead rate per hour using this formula
Single overhead rate per hour = Total overheads/ Total labor hour
Let plug in the formula
Single overhead rate per hour = 324600/21700 Single overhead rate per hour = 14.96per labor hour
Now let determine the Overhead rate per unit of product A in the painting department
Overhead rate per unit of product A in the painting department = 6 hours × $14.96per hour
Overhead rate = $89.76 per unit
Therefore, the overhead rate per unit for Product A in the Painting Department of Adirondack Marketing Inc is $89.76 per unit
Suppose you deposit $2,262.00 into an account today. In 11.00 years the account is worth $3,855.00. The account earned ____% per year.
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Answer:
4.97 %
Explanation:
Data and Calculation :
PV = - $2,262.00
N = 11.00
FV = $3,855.00
P/YR = 1
PMT = $0
I/YR = ? 4.97 %
THUS,
The account earned 4.97 % per year.
A couple wants to purchase a home for $286,000 with an 80% conventional loan for 15 years at 4% annual interest. The annual insurance premium will be 2% of the value of the home, and the ad valorem taxes are $7,161. The loan will require a monthly principal and interest payment of $4.77 for each $1,000 of the loan amount, and the lender will use 28/36 qualifying ratios. The property appraises for $286,000 and the couple has no other debts. How much verifiable gross monthly income will the couple need
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Answer:
$7,731.43
Explanation:
Calculation to determine How much verifiable gross monthly income will the couple need
Gross monthly income=( $286,000 × 0.8) ÷$1,000*$4.77
Gross monthly income=$228,800 ÷ $1,000 × $4.77
Gross monthly income = $1,091.38;
Gross monthly income=$7,161+($286,000 × 0.02)/12
Gross monthly income=$7,161 + $5,720 ÷ 12 = $1,073.42;
Gross monthly income= $1,091.38 + $1,073.42
Gross monthly income= $2,164.80;
Gross monthly income=$2,164.80 ÷ 0.28
Gross monthly income= $7,731.43
In a pizza parlor the chain of command is a general manager, shift manager, and employees. The employees report to the shift manager who reports to the general manager. This exemplifies a ______.
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Answer:
noe ileegs
Ex
no single
A decrease in the demand for eggs due to changes in consumer tastes, accompanied by a decrease in the supply of eggs as a result of an outbreak of Avian flu, will result in Group of answer choices
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Answer:
a decrease in the equilibrium quantity of eggs; the equilibrium price may increase or decrease
Explanation:
Here are the options
a decrease in the equilibrium quantity of eggs and no change in the equilibrium price.
a decrease in the equilibrium quantity of eggs; the equilibrium price may increase or decrease.
a decrease in the equilibrium price of eggs; the equilibrium quantity may increase or decrease.
a decrease in the equilibrium price of eggs and no change in the equilibrium quantity.
Only a change in the price of a good leads to a movement along the demand curve of that good. Also, only a change in the price of the good would lead to an increase or decrease in the quantity demanded of that good.
Other factors other than the change in the price of the good would lead to a shift of the demand curve. Some of those factors include :
1. a change in consumers' expectation
2. a change in the taste of consumers
3. a change in income
A change in price of a good leads to a movement along the supply curve and not a shift of the supply curve.
Other factors other than a change in the price of the good would lead to a shift of the supply curve. Such factors include :
1. A change in the price of input
2. A change in the number of suppliers
3. Government regulations
A decrease in the demand for eggs would lead to a leftward shift of the demand curve for eggs. Price and quantity would fall as a result.
a decrease in the supply of eggs would lead to a leftward shift of the supply curve for eggs. Price would increase and quantity would fall.
Taking these two effects together, there would be a fall in equilibrium quantity and equilibrium price can either rise or fall depending on if demand or supply has a greater effect.
