table 2 summarizes john's total benefit from consumption of pizza per month (measured in dollars). if each pizza costs $16, how much should john consume? what is the value of his economic surplus from this level of consumption?

Answers

Answer 1

John receives a total monthly benefit of $16 from his consumption of pizza; this amount represents his economic surplus.

Where is economic surplus?

The increase in John's Total Benefit as a result of ingesting an additional pizza is referred to as his Marginal Benefit. The value of his economic surplus from this level of consumption is $16. Marginal Benefit is simply equal to the current Total Benefit less the Total Benefit for each level of consumption.

Economic surplus, often known as "total welfare," refers to the relative profits that a consumer or producer makes as part of an economic activity. The terms "total surplus" and "community surplus" may also be used to describe it. The point where the supply and demand curves intersect is used to show the overall economic surplus on a graph. The x-axis shows quantity, and the y-axis shows price.

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Related Questions

jones corporation reported current assets of $196,000 and current liabilities of $138,500 on its most recent balance sheet. the working capital is:

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The working capital of Jones Corporation, with current assets of $196,000 and current liabilities of $138,500 on its most recent balance sheet, is $57,500.

The difference between current assets and current liabilities is known as working capital. The money that can be used to pay short-term obligations is represented by working capital. The following are some of the factors used to determine the working capital:

Accounts Payable, Accounts Receivable, Inventory, Cash Equivalents.

given

$196,00 in current assets

($138,500) Current liabilities

($196,000 - $138,500) working capital equals $57,500.

Jones' working capital is therefore $57,500.

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if a mortgage loan originator (mlo) originates a loan while his license is suspended or revoked, the loan is:

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If a mortgage loan originator (molo) originates a loan while his license is suspended or revoked, the loan is valid but the molo violated the law.

What transpires if your home loan is put on hold?

Suspended: This could indicate that the underwriter is unable to evaluate your case because certain supporting documentation is missing. If, for instance, the underwriter was unable to confirm your work or income, your application can be put on hold.

How soon after failing to keep their license current must an MLO repeat the exam?

(3) A former state-licensed loan originator is required to repeat the exam and receive at least 75% of the correct answers if they fail to keep their license current for five years or more, without including any period they were registered loan originators.

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identify the true and false statements about the experimental element known as the control condition?

Answers

They are critical-thinking exercises in which researchers think through how they would test particular hypotheses before testing them or instead of testing them.

A hypothesis is an explanation given for a phenomenon. The scientific method requires a hypothesis to be testable in order for it to be considered a scientific hypothesis. Scientists often make scientific assumptions about past data that existing scientific ideas cannot adequately explain.

A scientific hypothesis is not the same as a scientific theory, although the terms "hypothesis" and "theory" are often used interchangeably. A working hypothesis is a hypothesis that has been provisionally accepted and is subject to further investigation in a process that begins with an educated guess or concept.

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a. suppose that businesses buy a total of $150 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. if households receive $80 billion in wages, $20 billion in rent, and $30 billion in interest, how much are households paid for providing entrepreneurial ability?

Answers

Households receive $ 20 billion in compensation for their business skills.

What term refers to the payment for entrepreneurial ability?

The sum paid by a company to hire and retain entrepreneurial talent; the minimal wage that entrepreneurial talent must earn to be persuaded to carry out entrepreneurial duties for a company. Entrepreneurs make investments in their communities by bolstering the regional economy and generating employment. Many business owners develop items that alter how people live and do commerce.

The opposite of self-employment is paid employment. It is the act of working for someone else in exchange for payment. Everyone wants to be able to support themselves, and there are many ways to do so.

profit income = 150 - 80 - 20 - 30

= $ 20 billion.

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toddler received $9,900 of initial payments on september 1, year 1, and $3,240 of monthly fees during the period september 1 through december 31, year 1. in its december 31, year 1 balance sheet, what amount should toddler report as deferred revenues?

Answers

The amount that toddler should report as deferred revenues is $9,900.

What is a deferred revenue?

Advance payments a business receives for goods or services that will be provided or carried out in the future are referred to as deferred revenue, also known as unearned income. The corporation that receives the prepayment adds the sum to its balance sheet as a liability known as deferred revenue. Because it shows money that hasn't been generated and represents goods or services that are owing to a client, deferred revenue is a liability. It is proportionally recorded as revenue on the income statement as the good or service is supplied over time. A corporation that gets an advance payment records deferred revenue as a liability on its balance sheet. This is so that it can fulfill its duty to the consumer for the goods or services that are owed.

Amount= ($500 × 15) + ($200 x 12) = $9,900

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Marketing channels are made up of various entities that form relationships with one another. The basic motivating factor in these interactions is

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The basic motivation factor in marketing channels is profit maximization by increasing the efficiency of distribution of products and services. This is usually done through a number of entities such as suppliers, manufacturers, wholesalers, retailers and customers.

These entities work together to create an efficient and effective channel by creating mutual relationships. They pool their resources, knowledge and skills to help each other achieve their goals. Suppliers provide the raw materials or products needed to create the product, manufacturers create the product, wholesalers distribute the product, retailers sell the product to consumers, and customers use the product. This relationship is win-win and creates an efficient and effective marketing channel.

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in the north, if the price goes up by $0.20 per pound, then the quantity supplied in the north goes up by 100 pounds per year. if the price of cherries goes up by $0.20 in the south, what will happen to the quantity supplied?

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The quantity supplied in the south will also go up by 100 pounds per year.

How will the amount provided fare?When the price of cherries in the south increases by $0.20 per pound, the quantity supplied will also increase. This increase in the quantity supplied is due to the fact that sellers are able to increase the price of their product and still keep it in demand for consumers.The increase in price will lead to an increase in revenue for the sellers, allowing them to increase production and supply more cherries. When the price of cherries in the south goes up, the quantity supplied will increase as sellers find it more profitable to produce and supply more cherries.This increase in the quantity supplied will be due to the fact that the higher price will allow sellers to cover their costs and increase their profits. Additionally, the higher price will attract more consumers as they will find it more cost effective to purchase the product at the higher price.Overall, when the price of cherries in the south increases by $0.20 per pound, the quantity supplied will also increase. The extent of this increase in the quantity supplied will depend on the local pricing, production costs, demand, and other factors in the south.

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a market situation in which the average total costs of production continually decline with increased output until the enitre market is suppplied is called

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A market situation in which the average total costs of production continually decline with increased output until the entire market is supplied is called natural monopoly.

A natural monopoly is a market situation where a single firm is able to supply a good or service to an entire market due to certain cost advantages. This cost advantage often comes from economies of scale, which means that the average cost of production decreases as the company increases its production.

This allows the single firm to have a significant cost advantage over potential competitors, allowing it to dominate the market. As a result, the single firm is able to charge prices that are higher than what would be the case in a competitive market.

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suppose that as a project manager, you provide detailed plans and frequent project updates to both the team and stakeholders. what project management value does this represent?

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The value of project management represents effective communication that works.

The process of managing a team's efforts to complete a project on time and on budget is known as project management. Project documentation is typically created at the beginning of the development process and contains a description of this data. The top three constraints are scope, time, and budget.

Successful communication This adds value to project management. Effective communication is the process of exchanging concepts, perspectives, information and facts to ensure that messages are accurately received and understood.

Effective communication makes both the sender and recipient happy. Productive communication leaves everyone involved feeling satisfied and successful. If project communication is clear, conflicts are less likely because there is less chance of misunderstandings or changing messages. Listening is an important part of communication. Effective project listening requires more than just understanding what is being said or written.

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a particular stock has a dividend yield of 1.2 percent. last year, the stock price fell from $65 to $59. what was the return for the year? (a negative value should be indicated by a minus sign. do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places.)

Answers

According to the question of stock price,the return for the year was negative 9.32%.

What is stock price?

Stock price is the monetary value of a company's stock or shares. It is the price at which investors are willing to buy or sell a particular stock. Stock prices are determined by the market forces of supply and demand; when a company's stock is in demand, the price will go up, and when the demand decreases, the price will go down. Stock prices are monitored by investors to help decide when to buy or sell a particular stock.

To calculate the return, we first need to calculate the dividend yield by multiplying the dividend yield of 1.2% by the beginning stock price of $65. This gives us a dividend yield of $0.78.

We then subtract the dividend yield from the ending stock price of $59 to get the total return for the year, which is -$6.78.

Finally, we divide the total return by the beginning stock price of $65 to get the return for the year as a percentage. This gives us a return of -9.32%.

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Which of the following is NOT one of the influences on perceptual accuracy addressed in your textbook? Select one:
a. a. cultural background
b. b. social roles
c. c. co-cultural identity
d. d. genetic background

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Genetic background  is NOT one of the influences on perceptual accuracy addressed in your textbook

What genetic background in textbooks?The genotype of all other related genes is referred to as the "genetic backdrop" (in which each gene acts), and it can potentially affect a particular phenotype by interacting with the gene of interest. The term "legacy" refers to the genetic heritage that our parents gave to us. We resemble them because of this. It is more specifically the passing on of qualities from one generation to the following. These characteristics can be behavioural or physical, such as blood type, sickness, or eye colour.Perceptual accuracy was calculated as the difference between the executive's estimate and the objective probability, which was roughly 100%. Executive predictions are more accurate when they are higher in probability.

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you are not getting the results required from the plastic mold used to make one of the deliverables needed for your project. you have requested audit team to investigate the thermoforming process. they decide to look at how the temperature affects the pliability of the plastic. what should they do?

Answers

The audit team should review the temperature settings for the thermoforming process and determine if they are within the optimal range for the plastic being used.

What is thermoforming process?

Thermoforming is a manufacturing process used to form thermoplastic materials into a desired shape. The process involves heating a thermoplastic sheet to a temperature at which it becomes pliable and then using a mold or vacuum to shape the material into a desired form. The process can be used to create a wide range of products, from medical device components to packaging materials.The thermoforming process begins with the selection of a thermoplastic sheet that meets the desired requirements of the product. The sheet is then loaded onto a thermoforming machine and heated to a temperature at which it becomes pliable.

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question 1 of 37 juan delgado is an employee in your sales department and li park is an outside consultant. if you share a dashboard with both of them, will there be any difference in their power bi experience?

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Users of Power BI may easily construct attractive interactive dashboards thanks to the variety of reporting capabilities that are provided.

For consulting, do you still need a master's degree?

The minimal prerequisite for working as a business consultant is frequently an undergraduate course in management consulting, marketing, mathematics, engineering, or a related field. Most prestigious business consulting businesses demand a phd.

How can I begin my career as a consultant?

For entry-level job, the majority of industries require a bachelor's degree. Most consultants are graduates of business administration, finance, or economics programs. But among business consultants, degrees in marketing, computer science, and psychology are also prevalent.

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assets that increase the benefits of land, have a limited useful life, such as parking lots and lighting systems, are called: multiple choice question. land land additions land structures land improvements

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Assets that increase the benefits of land, have a limited useful life, such as parking lots and lighting systems, are called land improvements.

Land improvements, such as pathways and fences, are assets that increase the advantages of land, have a finite useful life, and are depreciated. Keep in mind that certain land improvements are liable for depreciation.

Improvements to the land are additions with a finite useful life. Examples include driveways, walkways, fences, and lighting fixtures.

For this reason, land improvements are viewed as a totally separate asset than land. The cost of improving land is not included to the land's initial purchase price.

Instead, it is handled as if it were a whole other asset purchase, and it is depreciated over the course of its useful life exactly like other fixed assets.

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First Aid Expenses under the Homeowners Policy would cover

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First aid costs under homeowner policy include: First Aid Coverage applies to providing first aid to another person caused by a covered bodily injury, but does not pay for the insured's first aid.

Under Section II of standard homeowners insurance, the insurer covers liability to third parties for certain bodily injury or property damage. Simply put, if someone is suing you or threatens to sue you, your insurance company will reimburse you for the damages you paid the third-party plaintiff or legal fees to defend. You can.This blog takes a closer look at the personal liability section of the Homeowner Policy.

Section II of a typical homeowner's policy states that an insurance company may have to pay a third party for certain "personal injury" or "property damage" resulting from an "event." It contains a clause where you agree to defend and indemnify you for certain damages.

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a manufacturer has been selling 1450 television sets a week at $480 each. a market survey indicates that for each $20 rebate offered to a buyer, the number of sets sold will increase by 200 per week. a) find the demand function p ( x ) , where x is the number of the television sets sold per week.

Answers

If a $20 rebate is offered, the demand function becomes p(x) = 460 - 20x.

What is rebate?

A rebate is a form of discount given to a customer at the time of purchase or shortly afterwards. It is usually offered as a percentage of the purchase price. Rebates are often used as an incentive to encourage customers to make a purchase, as they can reduce the total cost of the item.

a) The demand function p(x) is given by p(x) = 480 - 20x, where x is the number of television sets sold per week. This equation states that the price per television set decreases by $20 for every additional 200 television sets sold per week.

b) If a $20 rebate is offered, the demand function becomes p(x) = 460 - 20x. This means that the number of television sets sold per week will increase to 1650 if a $20 rebate is offered.

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Complete Question

a manufacturer has been selling 1450 television sets a week at $480 each. a market survey indicates that for each $20 rebate offered to a buyer, the number of sets sold will increase by 200 per week. a) find the demand function p ( x ) , where x is the number of the television sets sold per week.explain b) how many television sets will be sold if a $20 rebate is offered?

One way of checking the effect of Undercoverage nonresponse and other sources of error in a sample survey is to compare the sample with known facts about the population about 12% of American adults identify themselves as black Suppose we take an SRS of 1500 American adults and let X be the number

Answers

About 12% of adult Americans identify as black. Let's say we use an SRS of 1500 American adults, and we define X as the proportion of black respondents.

What is the full meaning of identify?

to identify or establish as being a specific person or thing; confirm the identification of: verb (used with object), identify, identify. to recognise handwriting or the owner of a check. in order to act as a means of identification for: He was instantly recognised by his stern voice. The woman recognised the dog as her missing pet. He recognised the mushroom with accuracy. The criminal suspect was positively identified by the witness. Based on dental data, the corpse was identified.

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which plan allows members to choose their own medical care providers, and care from a participating provider or facility resulting in increased benefits?

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PPO plan allows members to choose their own medical care providers, and care from a participating provider or facility resulting in increased benefits.

In the context of U.S. health insurance, a preferred provider organisation (PPO), also known as a participating provider organisation or preferred provider option, is a managed care organisation made up of physicians, hospitals, and other healthcare professionals who have contracted with an insurer or a third-party administrator to provide medical services to the insurer's or administrator's clients at a discounted rate. A subscription-based medical care arrangement is a preferred provider organisation. The selected experts connected with the organisation are able to offer a significant discount off of their standard prices to members. Instead of the typical insurance where premiums and accompanying payments are either fully or partially paid by the insurance provider to the medical provider, preferred provider organisations make money by charging an access fee to the insurance company for the usage of their network.

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lucy is creating a new display campaign with the goal of building awareness. which two targeting options might be suitable for her to use? (choose two.)

Answers

(D) Affinity audiences and (E) Demographic targeting are the targeting options Lucy should use in the given situation.

What are Demographic targeting and affinity audiences?

You can target a certain group of potential consumers who are most likely to fall within a certain age range, gender, parental status, or family income using demographic targeting.

A collection of potential clients with similar interests or characteristics is known as an affinity audience (similar to a buyer persona). Your brand can more effectively target customers who are interested in what you have to offer by using affinity audiences.

So, in the given situation Lucy should choose the following targeting options:

1. Affinity audiences.

2. Demographic targeting.

Therefore, (D) Affinity audiences and (E) Demographic targeting are the targeting options Lucy should use in the given situation.

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Complete question:

Lucy is creating a new display campaign with the goal of building awareness. which two targeting options might be suitable for her to use? (choose two.)

a. Custom Intent audiences

b. In-Market audiences

c. Standard remarketing

d. Affinity audiences

e. Demographic targeting

jane ramirez owns shares in the touchstone small cap fund that have a current value of $19,250. the fund charges an annual 12b-1 fee of 0.25 percent. what is the amount of the 12b-1 fee ms. ramirez must pay?

Answers

The amount of the 12b-1 fee that Ms. Ramirez must pay is $48.13. A 12b-1 fee is a type of fund expense charged to investors to cover marketing and distribution costs.

This fee is calculated by multiplying the total fund value by the 12b-1 fee percentage, which in Ms. Ramirez's case is 0.25%. Therefore, the 12b-1 fee Ms. Ramirez must pay is 0.25% of the $19,250 fund value, or $48.13. This fee is usually paid once a year and is deducted directly from the value of the fund. It's important to understand that 12b-1 fees are ongoing expenses that can add up over time and can reduce the fund's overall return.

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Which family business decision-making process will be most affected by bounded rationality?a. Collaborativeb. Independentc. Autocraticd. Consensuse. Democratic

Answers

Autocratic decision-making process will be most affected by bounded rationality.

Consensus decisions within a family business system require agreement not only on what the problem is and how to solve it, but ultimately on a shared vision for the family's mission and company's future.

Bounded rationality describes how people make decisions that deviate from perfect economic rationality because our rationality is limited by our ability to think, the information available, and time. Instead of making the "best" choice, we often make the choice that makes us happy.

Autocratic decision making means that the leader retains control and responsibility for the decisions. As co-leader, make and announce decisions without consulting the group. Pros: Autocratic decision-making is quick.

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your team has created a new feature for your product that required a rework how several components interact. during a daily stand-up just prior to launch, your qa team express concerns that due to the extent of the changes that the new feature may introduce several bugs into other key features of your product. you are on a tight release window, and customers are expecting the new feature with the next release. what should you do?

Answers

In the given case- Put a formal process in place to ensure story points are not duplicated.

Customers are critical to a company's success because they generate revenue; without them, the company would have to close its doors.Seven traits of today's consumerIt's all about the customers. Because they bring in money, customers are important. Organizations would cease to exist without them.Customers expect personal interactions, are ALWAYS connected, and don't have the patience to wait for the goods they want.Over brands, consumers trust influencers.The environment is important to consumers.The opinions of consumers differ greatly.

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at the beginning of year 2, a company invested $40,000 in a marketable equity security. at that time the security was appropriately classified security with readily determinable market value. at the end of year 2, the security had a fair value of $28,500. the change in fair value is deemed temporary. how should this change in fair value be reported in the financial statements?

Answers

To determine the fair value change throughout the course of the period, deduct the beginning fair market value from the fair value at the end of the period.

What is a change in fair value?To determine the fair value change throughout the course of the period, deduct the beginning fair market value from the fair value at the end of the period.An unrealized gain or loss is represented as a positive number, while the opposite is true for a negative number. Through unrealized gains or losses, changes in fair value have an impact on the balance sheet's other comprehensive income (OCI). Securities held for trading are ones that will be disposed of quickly (less than a year).

A change in fair value affects the net income.

Date         Account title and explanation      Debit        Credit

March 1    Equity investment                          $32,000

  ($612,000/17%)*8% - $256,000)

                      Unrealized holding gain                             $32,000

              (To adjust the value of equity investment)

Note: On 1 march, value of the investment value is increased which is unrealized based on 31 December fair value

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egon purchased a house that cost $. he only invested $ and financed the rest. later, he sold the house for . ignoring financing costs, what was his return

Answers

After selling his home, the offered question suggested that the rate of recovery was 80%.

How do I invest $10,000?

10K can be invested in stocks and shares ISAs, ETFs, communal and index funds, or individual equities. A robo-advisor could also be used to invest in equities. How can I invest $10,000 for the coming years?

How should one buy in Bitcoin?

Bitcoin may be purchased from other owners, marketplaces, and stockbrokers. Wherever you obtain it, think about the dangers of putting money into digital assets.

Rate of Return = (Selling Price - Invested Amount - Borrowed Amount)/Invested Amount

Rate of Return = (290,000 - 50,000 - 200,000)50,000

Rate of Return = 80%

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what are the definite benefits for students who join one or more professional organizations? (check all that apply.)

Answers

Professional associations are a great source of information on internships or practicums. These types of experiences are frequently required for graduation. They also give students valuable hands-on experience and can lead to a potential job offer in the future.

What is meant by internships ?

A professional learning opportunity known as an internship provides students with relevant, hands-on work that is connected to their area of study or career interest.A student can explore and enhance their career while learning new skills through an internship.Compared to unpaid internships, paid internships are quite scarce. Even though you might locate a paid internship, your odds of getting one in your preferred sector are slim.An internship exposes you to the difficulties of the workplace, and having firsthand knowledge of these circumstances can be helpful to discuss in upcoming interviews and convince potential employers that you will be a suitable match for their organization.

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why did the government act quickly to end union-led strikes? responses workers were duty bound to report for work. workers were duty bound to report for work. the government was run by former big business bosses. the government was run by former big business bosses. there was a belief that strikes were related to anarchy and socialism. there was a belief that strikes were related to anarchy and socialism. there was an implied contractual obligation that was undermined by a strike.

Answers

The government act quickly to end the union-led strikes as government was run by the former big business bosses.

What is a government?

Given how deeply ingrained government is in our culture and how prevalent it is in our daily lives, most individuals struggle to give a precise definition of it. But a definition of government is a necessary first step in any inquiry into the American political system. A government is the governing structure of a state or community. Although there is governance in every organization, the term "government" is commonly used to refer more specifically to the 200 or so sovereign national governments that exist on Earth, as well as the institutions that make up these governments, such as state, provincial, and local governments. Although the founding of the earliest governments is recorded in history, it is unknown when the phenomenon of human government initially emerged.

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in making the decision to buy the model 220 machine rather than the model 370 machine, the differential cost was:

Answers

The differential cost between the model 220 and model 370 machines was $73000, which was considered while choosing which machine to purchase.

What is differential cost?

Differential cost refers to the difference between the cost of two alternative decisions. The cost occurs when a business faces several similar options, and a choice must be made by picking one option and dropping the other.

calculate differential costing using the following formula: Differential cost = Total cost of alternative 1 - Total cost of alternative 2. Start by calculating the overall costs of each alternative. Next, find the difference in revenue between the two options.

As part of their role, managers often choose the best option from the various available alternatives. Differential analysis is a quantitative decision-making technique that examines the costs and benefits of two options and compares the net results to help professionals make the right choice in scenarios with multiple options. Understanding differential analysis can help managers make informed decisions that yield the highest revenue or result in the least loss. In this article, we discuss the definition of differential cost, explore a few associated terms, explain it with a few examples and understand its significance in business decisions.

Differential cost to buy the model 220 machine rather than the model 370 machine

= Cost of new model 370 machine - Cost of new model 220 machine

= $536,000 - $463,000

= $73,000

Thus, the correct option is A. $73000

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The complete question is :

Management of Plascencia Corporation is considering whether to purchase a new model 370 machine costing $536,000 or a new model 220 machine costing $463,000 to replace a machine that was purchased 9 years ago for $484,000. The old machine was used to make product I43L until it broke down last week. Unfortunately, the old machine cannot be repaired.

Management has decided to buy the new model 220 machine. It has less capacity than the new model 370 machine, but its capacity is sufficient to continue making product I43L.

Management also considered, but rejected, the alternative of simply dropping product I43L. If that were done, instead of investing $463,000 in the new machine, the money could be invested in a project that would return a total of $488,000.

In making the decision to buy the model 220 machine rather than the model 370 machine, the differential cost was:

A) $73,000

B) $21,000

C) $52,000

D) $4,000

baker's net income for the current year was $78,000, and dividends of $28,000 were declared and paid. common stock was issued for $200,000. what amount should baker report as cash provided by operating activities in its statement of cash flows for the current year?

Answers

The net sum of the three types of cash flows—$351,000 operating - $420,000 investing + $250,000 financing—plus the cash balance at the beginning of the year, $27,000, equals the cash balance at the end of the year. A $208,000 balance is left over.

What are the three  types of cash?

Is all cash created equally, given how essential cash is to a company's survival? NO is the answer! There are three places where your company can get funding:

Operating Cash - cash created from business operations demonstrates how well management turns profits into cash.

Cash input from shareholders, loans, or repayments to lenders make up financing.

Cash outlay or income from buying or selling assets is used for investing.

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the abc corporation sells a vacant lot it has owned for a few years. there is no physical property to depreciate and no improvements have been made to the property. the property sold for $130,000 and it was originally purchased for $90,000. what is the amount of capital gains tax due from the sale if the company is in the 39% tax bracket

Answers

The amount of capital gains tax due from the sale if the company is in the 39% tax bracket is 24,400.

What is Tax?

A certain amount that is collected by the government of any country from its citizens is later on used in the development process of the country and is called a tax. This tax is based on the income of an individual vary person to person.

The calculation for Capital gain is

cost price = 90,000

Selling price = 130,000

Profit = 130, 000 - 90, 000

Profit= 40, 000

Tax paid = 39% of profit

Total capital gain = Profit - Tax

                             =40,000-15600

                             = 24,400.

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on march 26, jones repair service earned $1,700 of service revenue on account. the journal entry to record this transaction would be:

Answers

For Jones Repair service the journal entry would include Debit: accounts receivable 1,700 and Credit: service revenue 1,700

Each journal entry includes information relevant to a particular business transaction, such as the date, the amount to be credited and debited, a brief description of the transaction, and the accounts involved. Depending on the firm, it may include a list of impacted subsidiaries, tax information, and other information. It is critical to enter entire journal data precisely so that the general ledger and financial reports based on this data are similarly accurate and thorough. Recurring journal entries can be templated and executed automatically using current accounting software, reducing the possibility of mistake. Journal entries are created in chronological sequence and adhere to the double-entry accounting system, which means that each has a credit and a debit column. Even when debits and credits are connected to different accounts, the amounts in each columns must be the same.

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