Answer:
Prepare journal entries to record the tax levy on July 1, 2020, in the General Fund. (Ignore all entries in the governmental activities journal.)
Dr Taxes receivable - current 4,200,000
Cr Allowance for uncollectible current taxes 84,000
Cr Revenues 4,116,000
Prepare a summary journal entry to record the collection of current taxes as of April 30.
Dr Cash 3,900,000
Cr Taxes receivable - current 3,900,000
Prepare a summary journal entry to record the collection of delinquent taxes, interest, and penalties.
Dr Cash 57,800
Cr Taxes receivable - delinquent 53,000
Cr Interest and penalties receivable 4,800
Dr Deferred inflows of resources 57,800
Cr Revenue 57,800
Assume the perpetual inventory method is used. The company purchased $12,500 of merchandise on account under terms 2/10, n/30. The company returned $1,200 of merchandise to the supplier before payment was made. The liability was paid within the discount period. All of the merchandise purchased was sold for $18,800 cash. What is the net cash flow from operating activities as a result of the four transactions
Answer:
Net cashflow from operating activities =$7,726
Explanation:
The net cash flow from operating activities would be the sales revenue less net purchases.
The net purchases = total purchases - less the purchases returns
12,500 - 1,200 =11300
The amount due on the purchases less discount
The term 2/10, n/30 implies that the company would get a discount of 2% should it pay within 10 days other it would pay the gross amount due at later date but on or before the 30th day.
Payment due less discount = 98%× 11300 = 11,074
Net cashflow from operating activities = Net sales - purchases
=18,800 - 11,074 = 7,726
Net cashflow from operating activities =7,726
Which of the following is an example of a price?
a) liquidity
b) operating costs
c) value
Liquidity is an example of a price. The appropriate response is option A.
What is liquidity ?When a financial asset or security may be quickly and easily converted into cash without depreciating in value, this is referred to as having liquidity. Cash alone is the most liquid of all the assets.
The term "liquidity" describes how quickly and easily a security or asset can be turned into cash without depreciating in value.
The most liquid asset is cash, while the least is tangible goods. Market liquidity and accounting liquidity are the two primary types of liquidity.
The most popular methods for assessing liquidity are current, quick, and cash ratios. The degree to which an item can be swiftly purchased or sold on the market at a price reflecting its intrinsic value is referred to as liquidity.
Due to its ease and speed of conversion into other assets, cash is regarded as the most liquid asset. Real estate, fine art, and collectibles are examples of tangible goods that are all rather illiquid.
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Select all of the positive features of bureaucracy according to Max Weber.
Answer:
The answer is below
Explanation:
Given that the question has not available options to pick from, here are some of the positive of bureaucracy according to Max Weber
1. Meritocracy of employment and progression
2. Existence of formal rules and procedures
3. An apparent division of labor, whereby specialists are delegated accordingly
4. Impersonality, without reference or connection to a particular person
5. Line of authority and hierarchy is fully maintained
You have decided that you want to be a millionaire when you retire in 44 years. If you can earn an annual return of 11.38 percent, how much do you have to invest today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Investment $ What if you can earn an annual return of 5.69 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
PV = $8,719.322
PV= $87,600.88
Explanation:
Calculation for how much do you have to invest today If you can earn an annual return of 11.38 percent
Using this formula
PV = FV / (1 +r)t
Let plug in the formula
PV = $1,000,000 / (1.1138)^44
PV=$1,000,000/114.7878460565
PV = $8,719.322
Therefore If you can earn an annual return of 11.38 percent the amount you have to invest today will be $8,719.322
Calculation for if you can earn 5.69 percent
PV = $1,000,000 / (1.0569)^44
PV =$1,000,000/11.41540982272
PV= $87,600.88
Therefore If you can earn an annual return of 5.69 percent the amount you have to invest today will be $87,600.88
Online Acceptances. Heather Reasonover opted to try Internet service from Clearwire Corp. Clearwire sent her a confirmation e-mail that included a link to its website. Clearwire also sent her a modem. In the enclosed written materials, at the bottom of a page, in small type was the website URL. When Reasonover plugged in the modem, an "I accept terms" box appeared. Without clicking on the box, Reasonover quit the page. A clause in Clearwire’s "Terms of Service," accessible only through its website, required its subscribers to submit any dispute to arbitration. Is Reasonover bound to this clause?
Answer:
no
Explanation:
Remember, we are told that even though an "I accept terms" box appeared, "without clicking on the box, Reasonover quit the page". That means Reasonover didn't expressedly accept the "Terms of Service."
Hence we could conclude that Reasonover was not bound to this clause found only on the website.
Suppose the pizza market is divided as follows:Firm Market Share Pizza Hut 207% Domino's 17.0Little Caesars 6.7Pizza Inn/Pantera's 3.6 Round Table 2.0All others(50 firms) 1.0% per firmA. What is the approximate Herfindahl index? Instructions: Round your answer to two decimal places. B. Based on this Herfindahl index calculation, how would you describe its market structure? C. What is the four-firm concentration ratio?
Answer:
829.34
The market structure is not concentrated
0.48
Explanation:
The HHI is calculated by squaring the market share of each firm in the industry and then adding the squares together.
20.7² + 17² + 6.7² + 3.6²+ 2² + 50(1²) = 428.49 + 289 + 44.89 + 12.96 + 4 + 50 = 829.34
The market structure is not concentrated because the HHI is less than 100
The four firm concentration ratio calculates the concentration ratio of the 4 largest firms in an industry.
0.207 + 0.17 + 0.067 + 0.036 = 0.48 or 48%
he net income of the Travis and Tucker partnership is $125,000. The partnership agreement specifies that profits and losses will be shared equally after salary allowances of $100,000 (Travis) and $150,000 (Tucker) have been allocated. At the beginning of the year, Travis's Capital account had a balance of $250,000 and Tucker's Capital account had a balance of $325,000. What is the balance of Tucker's Capital account at the end of the year after profits and losses have been distributed
Answer:
The balance of Tucker's Capital account at the end of the year after profits and losses have been distributed is $412,500
Explanation:
The capital account of a partner in a partnership is an account that shows the equity ownership of that particular partner in the partnership.
The capital of a partner in the partnership is increased by additional cash capital or asset contribution, salary, share of profit, etc., while the capital is reduced by drawing, interest on drawing, share of loss, and others.
The balance of Tucker's Capital account at the end of the year after profits and losses have been distributed can be calculated as follows:
Tucker's Capital account
Particulars $
Beginning balance 325,000
Salary 150,000
Share of partnership loss (w.2) (62,500)
Ending balance 412,500
Working:
1. Partnership profit (loss) to distribute = Net income - partners' salaries = $125,000 - $100,000 - $150,000 = ($125,000)
2. Share of profit (loss) = ($125,000) / 2 = ($62,500)
JDD Corporation provides the following benefits to its employee, Ahmed (age 47): Salary $ 311,000 Health insurance 13,600 Dental insurance 2,400 Life insurance 3,600 Dependent care 4,500 Professional dues 960 Personal use of company jet 233,000 The life insurance is a group-term life insurance policy that provides $225,000 of coverage for Ahmed. Assuming Ahmed is subject to a marginal tax rate of 32 percent, what is his after-tax benefit of receiving each of these benefits
Answer:
total after tax benefits = $373,365.44
Explanation:
Salary $311,000 x (1 - 32%) = $211,480
Health insurance $13,600
Dental insurance $2,400
Life insurance $3,600 - $483 - [$483 x (1 - 32%)] = $2,788.56
Life insurance policy coverage for $225,000
Dependent care $4,500
Professional dues $960
Personal use of company jet $233,000 x (1 - 32%) = $158,440
Ahmed's tax rate = 32%
Life insurance taxable benefits = ($225,000 - $50,000) × (0.23 cents per mil) × 12 months = $483
income tax = (salary + personal use of jet + life insurance) x 32% = ($311,000 + $233,000 + $483) x 32% = $544,483 x 32% = $174,234.56
total after tax benefits = (salary + personal use of jet + life insurance) - income tax + (life insurance - life insurance taxable benefits) = $544,483 - $174,234.56 + ($3,600 - $483) = $373,365.44
Jim, the radiology department director, believes the annual operating budgeting process is a tool used to increase his department through the addition of staff and supplies. Susan, the laboratory department director, believes the annual operating budgeting process is a tool used to control costs. Dr. Smith, the emergency department director, considers the budgeting process a nuisance and believes he should simply increase all revenues and expenses by 5% for the coming year to achieve a budget. Whose viewpoint represents the proper objective for the budgeting process
Answer:
Susan's view
Explanation:
Budgeting ins the process by which a business allocates it's resources to achieve its set goals and objectives. It is formulated to ensure various processes run smoothly while maximising scarce resources.
In the given scenario Susan, the laboratory department director, believes the annual operating budgeting process is a tool used to control costs.
This is the best description of budgeting. Funds to run the operations of the laboratory are limited. So effective budgeting is used to ensure allocation in such a way that cost is well managed.
On the other hand Jim feels budgeting is used to increase his staff and supplies, Dr. Smith feels budgeting is a nuisance.
These views are wrong
Aggressive cultures tend to value corporate social responsibility.
a) true
b) false
Answer:
False
Explanation:
Aggressive cultures in organization always bring out a situation whereby the company will always want to be ahead of her competitor at all cost, they always be in competition with fellow companies . A good example of organization with aggressive culture is Microsoft company.
It should be noted that Aggressive cultures do not tend to value corporate social responsibility.
When workers make fewer mistakes and do better work, it reduces
a. Management and waste
b. Waste and rework
c. Rework and Innovation
d. Innovation and Management
When workers make fewer mistakes and do better work, it reduces waste and rework. Thus, option B is correct.
What is rework?Rework is described as correcting of defective, rejected, or non-conforming items, during or after assessment, in Business Dictionary. All additional work, such as disassembly, repair, reassembly, substitution etc., is referred to as rework.
Repairing faulty systems results in lost time, more waste, and unexpected expenditures. Finding strategies to cut back on production rework results in lower costs, more efficient use of time, and generally higher-quality products.
Therefore, option B is correct, that the waste and rework are decreased when employees perform better and make fewer errors.
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Which of the following is an example of a qualitative materiality factor? The client installed a new security system to protect the building. The client is experiencing a slowdown in sales and is struggling to pay vendors on time. Inventory represents 40% of current assets. Total salaries expense is greater than 5% of income before taxes.
Answer:
A. The client installed a new security system to protect the building
Explanation:
The client is experiencing slow down in sales is an example of qualitative materiality factor as it can lead to misstatement. Sales turnover and payment, Percentage (%) of expenses to income and Percentage (%) of inventory to assets are all example of quantitative materiality factor. Whereas installation of new security system is not material which could lead to misstatement.
A company is selling used office equipment for $12,000.
• They purchased it 2 years ago for $50,000.
• It was expected to have a useful life of 5 years.
• They use straight line depreciation.
What is the gain or loss on the sale?
a) 0 -$28,000
b) -$18,000
c) $30,000
d) $38,000
e) $45,200
Answer:
ans-b
Explanation:
The ans is b, hope it helped you.Have a nive day
Last year, the country of Valahia reported that it had a favorable balance of trade while importing $21 billion worth of goods. This suggests that Valahia: a. Imported only inexpensive goods and exported expensive goods. b. Exported less than $21 billion worth of goods. c. Exported more than $21 billion worth of goods. d. Exported $11 billion worth of goods.
Answer:
C
Explanation:
Balance of trade is the difference between a country's export and import
Balance of trade = export - import
Balance of trade is favourable if export exceeds import
If imports was $21 billion, it implies that export was greater than $21 billion if balance of trade is favourable
Service cost is: Multiple Choice Calculated by multiplying the beginning balance in plan assets by the expected rate of return. Equal to the increase in the projected benefit obligation resulting from benefits earned by employees in the current period. Calculated by multiplying the beginning balance of the projected benefit obligation by the interest rate. Equal to the increase or decrease in the projected benefit obligation resulting from the initiation of a plan or an amendment to a plan.
Answer: Equal to the increase in the projected benefit obligation resulting from benefits earned by employees in the current period
Explanation:
Service cost is equal to the increase in the projected benefit obligation resulting from benefits earned by employees in the current period.
Service cost is the amount of money that is out aside by an employer every year in order to cover for the pension of the workers when they retire. It is the expense when someone else does a task for an economic entity.
Assuming that the company has retained earnings of $90,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the two years preceding the current year, state how much each class of stock should receive under each of the following conditions: A. The preferred stock is noncumulative and nonparticipating B. The preferred stock is cumulative and nonparticipating. C. The preferred stock is cumulative and participating.
Answer:
Some information was missing, so I looked it up:
The outstanding capital stock of Edna Millay Corporation consists of 2,000 shares of $100 par value, 8% preferred, and 5,000 shares of $50 par value common.
A. The preferred stock is noncumulative and nonparticipating
preferred dividends = $100 x 2,000 x 8% = $16,000
common stocks = $90,000 - $16,000 = $74,000
Preferred dividends not paid to noncumulative preferred stocks are "lost" and will not be paid in the future.
B. The preferred stock is cumulative and nonparticipating.
preferred dividends = ($100 x 2,000 x 8%) x 3 years = $48,000
common stocks = $90,000 - $48,000 = $42,000
C. The preferred stock is cumulative and participating.
preferred dividends = [($100 x 2,000 x 8%) x 2 years] + $$25,777.60 = $57,777.60
common stocks = $90,000 - $57,777.60 = $32,222.40
When preferred stocks participate in the company's earnings, they receive an additional revenue proportional to the dividends received by common stockholders.
$32,222.40 / $250,000 (common stocks) = 12.8888%
$200,000 x 12.8888% = $25,777.60
Companies that use the geocentric staffing model: a. require that every aspect of their human resource management process be undertaken from an international perspective. b. have a common HR unit in their parent countries to handle employment issues for all foreign subsidiaries. c. primarily hire home-country nationals to fill higher-level positions in their foreign offices. d. heavily employ host-country nationals to better deal with local-market conditions.
Answer:
a. require that every aspect of their human resource management process be undertaken from an international perspective.
Explanation:
Geocentric staffing model is a policy or strategy that is peculiar to multinational enterprise.
Companies that use the geocentric staffing model require that every aspect of their human resource management process be undertaken from an international perspective.
A country experiencing a hyperinflation is likely to:_________ a) have a low nominal interest rate. b) have another hyperinflation after the current problem is solved. c) have a government surplus d) have a low inflation tax
Answer:
b) have another hyperinflation after the current problem is solved.
Explanation:
Inflation can be defined as the persistent rise in the price of goods and services in an economy. When this persistent rise in the price of goods and services in an economy becomes rapid, excessive, unbearable and out of control over a period of time, it is generally referred to as hyperinflation.
Generally, economists posit that a country experiencing a hyperinflation is likely to have another hyperinflation after the current problem is solved.
Devon Baines is a board member with DDO Inc., a large pharmaceutical firm. At a recent meeting, the board votes to take over a smaller competitor whose shares trade in the OTC market and are priced at $50 per share. DDO will offer $75 per share and the offer will become public ten hours after the meeting. Baines decides to purchase shares in the target firm immediately after the meeting, but when he calls his broker to place the order, he is informed the price of the target firm is $72. The market is most likely: Weak form. Strong form. Semi-strong form. Inefficient.
Answer: Strong form.
Explanation:
The Strong form efficient market is one where all the information regarding a stock is are already reflected in the stock's price. All information means that both private and public information are accounted for.
The plan to offer $75 per share for the small competitor was decided in a private board meeting yet as soon as the meeting was over, the proposed price had already reflected in the OTC market price. This shows that the market is strong form efficient.
Which of the following is an example of "satisficing"? Group of answer choices A marketing researcher using the same format as his last survey for his new research project. A delivery truck manager using a computer program to analyze every possible route for her drivers to minimize fuel use. A naval architect starting with the plans for the last ship she built as a starting point for a new design. A bakery owner analyzing pastry sales over the past six months to determine his new product line.
Answer:
A delivery truck manager using a computer program to analyze every possible route for her drivers to minimize fuel use
Explanation:
Satisficing is a decision-making strategy where the decision maker goes through all the available alternatives until an acceptability threshold is met.
The delivery truck manager searches through all available alternatives by analyzing every possible route for her drivers to minimize fuel use
The difference between variable costs and fixed costs is A. Variable costs per unit are fixed over the relevant range and fixed costs per unit are variable. B. Variable costs per unit change in varying increments, while fixed costs per unit change in equal increments. C. Variable costs per unit fluctuate and fixed costs per unit remain constant. D. Total variable costs are variable over the relevant range and fixed in the long term, while fixed costs never change.
Answer: A. Variable costs per unit are fixed over the relevant range and fixed costs per unit are variable.
Explanation:
Variable costs change with the level of production by a certain amount per unit which means that variable costs per unit are fixed. For instance, the variable cost of producing one bar of chocolate is $2 per unit. This cost is fixed per unit.
Fixed costs on the other hand do not change with the level of production which means that the fixed cost per unit will be variable as the number of units produced increases. For example, the fixed cost of producing chocolate bars is $100. If 10 bars of chocolate are produced, the fixed cost per unit will be 100/10 which is $10. If 20 bars of chocolate are produced however then the fixed cost per unit is 100/20 = $5. Fixed costs are therefore variable per unit.
Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner, 20%; Roth, 30%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $138,000; total liabilities, $88,000; Turner, Capital, $3,500; Roth, Capital, $14,500; and Lowe, Capital, $32,000. Cash received from selling the assets was sufficient to repay all but $33,000 to the creditors. Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much should each partner contribute to cover the remaining capital deficiency of $33,000? (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.)
Answer:
The capital deficiency of $33,000 will be shared between Turner and Roth in the proportion of their income and loss sharing ratio of 2:3.
Turner will need to further contribute $13,200 ($33,000 x 2/5)
Roth will contribute $19,800 ($33,000 x 3/5)
Lowe is a limited partner and will not contribute to the capital deficiency.
Explanation:
Lowe as a limited partner is a part-owner of the partnership but his liability for the firm's debts cannot exceed $32,000 being the amount that has invested in the company. As a silent partner, Lowe does not participate in the management of the company.
The Limited Partnership of Turner, Roth, and Lowe is a partnership consisting of general partner(s) like Turner and Roth, who manage the business and have unlimited personal liabilities for the debts and obligations of the Limited Partnership and Lowe as the limited partner. Whereas, Turner and Roth are in charge of the management of the company, Lowe is a silent partner.
Which of the following is a true statement?
a) Stockholders are guaranteed annual dividends.
b) Stockholders receive their proportionate share of any assets remaining after the corporation pays its debts and liquidates.
c) Stockholders may authorize a business contract on behalf of the corporation.
d) Stockholders may determine the issue price of common stock.
Answer:
b) Stockholders receive their proportionate share of any assets remaining after the corporation pays its debts and liquidates.
Explanation:
Stockholders are the persons who have shares in the company. Or the people who hold the stock in the company is known as the stockholders
After paying off all the liabilities, the payment that made at last is paid to the stockholders according to their share part in the company out of the balances of the asset left
Therefore the option B is correct
What are the three sources of law levels? * O Local, State, Federal O Local, Federal, World O State, Federal, Military O Federal, World, Municipal
Answer: local, state and federal
Explanation:
The following are a few of the accounts of aim delivery corpation. 1. Wages Payable 2. Accounts Payable 3. Accounts Receivable 4. Buildings 5. Cash 6. Contributed Capital 7. Land 8. Income Taxes Payable 9. Equipment 10. Notes Payable (due in six months) 11. Retained Earnings 12. Supplies 13. Utilities Payable In the space provided, classify each as it would be reported on a balance sheet. Use the following code: CA = current asset NCA = noncurrent asset CL = current liability NCL = noncurrent liability SE = stockholders' equity
Answer and Explanation:
The classification is as follows
1. current liability
2. current liability
3. Current assets
4. Non current asset or fixed asset
5. Current asset
6. Stockholder equity
7. Non current asset or fixed asset
8. Current liability
9. Non currnet asset or fixed asset
10 Current liability
11 Stockholder equity
12 Current asset
13 Current liability
Random sample is collected from mutually exclusive groups
Answer:
R
Explanation: SHNTV
Year Guns Produced Price of Guns Butter Produced Price of Butter
2009 80 $4 40 $3
2018 90 5 60 10
Consider the following data for Tyrovia, a country that produces only two products: guns and butter.
Real GDP for Tyrovia for 2018 using 2009 as the base year equals:________.
A) $1,140.
B) $880.
C) $690.
D) $540.
Answer:
$690
Explanation:
Tyrovia produces only two products which are guns and butter
In 2009, 80 guns were produced at $4 and 40 butter was produced at $3
In 2018, 90 guns were produced at $5 and 40 butter was produced at $10
Therefore the real GDP for Tyrovia in 2009 using 2018 as the base year can be calculated as follows
= $90×5 + 60×4
= $450 + $240
= $690
Hence the real GDP for Tyrovia is $690
Katy Williams is the manager of Blue Light Arcade. The company provides entertainment for parties and special events.
a. Blue Light Arcade received $58 cash on account for a birthday party held two months ago.
b. Agreed to hire a new employee at a monthly salary of $3,250. The employee starts work next month.
c. Paid $2,250 for a table top hockey game purchased last month on account.
d. Repaid a $5,250 bank loan that had been outstanding for six months. (Ignore interest.)
e. The company purchased an air hockey table for $3,200, paying $1,500 cash and signing a short-term note for $1,700.
Prepare journal entries for the above transactions relating to the year ended December 31. (If no entry is required for a transaction/event select "No Journal Entry Required" in the first account field.)
A) Blue Light Arcade received $58 cash on account for a birthday party held two months ago. Record the transaction.
B) Agreed to hire a new employee at a monthly salary of $3,250. The employee starts work next month. Record the transaction.
C) Paid $2,250 for a table top hockey game purchased last month on account. Record the transaction.
D) Repaid a $5,250 bank loan that had been outstanding for six months. (Ignore interest.) Record the transaction.
E) The company purchased an air hockey table for $3,200, paying $1,500 cash and signing a short-term note for $1,700. Record the transaction.
Answer: Please see explanation column for answers
Explanation:
a) For cash on account for a birthday party held two months ago
Accounts titles and Explanation Debit Credit
Cash $58
Accounts Receivables $ 58
b.
No Journal Entry Required
This is because transaction or payment for salary intends to start next month
c. Entry to record amount for a table top hockey game purchased last month on account)
Accounts titles and Explanation Debit Credit
Accounts Payable $ 2,250
Cash $ 2,250
d.
Entry to record repaid bank loan that had been outstanding for six months.
Accounts titles and Explanation Debit Credit
Bank Loan Payable $ 5,250
Cash $5,250
e.Entry to record purchase of air hockey table for $3,200, paying $1,500 cash and signing a short-term note for $1,700
Accounts titles and Explanation Debit Credit
Equipment $ 3,200
Cash $ 1,500
Note Payable $1,700
Below are six statements. indicate whether each on pertains micareconomics.
A) "The inflation rate in Canada hit its lowest level in the last twenty years".
B) "The profits of BCE rose 20 percent during the past quarter".
C) "A drought has occurred in the Prairies.The prices for barley are expected to rise sharply".
D) "The nation's economy grew at an annual rate of 3.7 percent in the final quarter of the year".
E) "The trade surplus in Canada was $4 billion last month".
F) "General Motors plans to spend $800 million on a new automobile plant".
Answer:
B), C) and F)
Explanation:
Microeconomics refers to the study of individuals, households, firm behavior for making the decision and distribution of resources. It is useful for the markets that offered goods and services and also handle an individual and economic issues
Therefore in the given case, the microeconomics covered in B, C and F options
What is the correct entry for a $100 purchase of supplies on credit? A. Debit Cash: $100 & Credit Supplies: $100 B. Debit Accounts Payable: $100 & Credit Cash: $100 C. Debit Supplies: $100 & Credit Accounts Payable: $100 D. Debit Accounts Payable: $100 & Credit Supplies: $100 E. Debit Accounts Receivable: $100 & Credit Cash: $100
Answer:
c. Debit supplies $100 & Credit Account payable $100
Explanation:
Preparation of Journal entry for for a $100 purchase of supplies on credit
Since we were told that the amount of $100 purchased of supplies was made on credit which means that the correct entry will be :
Dr Supplies 100
Cr Account payable 100
Answer:
no idea my guy
Explanation:
