All categories

1 year ago

On March 1, it was discovered that the following errors took place in journalizing and posting transactions:

Business

1 answer:

kaheart [24]1 year ago

5 0

Answer:

a. Reversal entry:

Debit Rent expense $4,650

Credit Miscellaneous Expense $4,650

Correct Entry:

Debit Rent expense $4,650

Credit Cash $4,650

b. Reversal entry:

Debit Accounts payable $3,700

Credit Cash $3,700

Correct Entry

Debit Cash $3,700

Credit Accounts Receivable $3,700

Explanation:

Reverse entry is to simply close to zero the original entry that has been made in mistake. Afterwards, record the correct entry to properly account the transaction.

To reverse the previously made entry, we simply debit what is credited and debit what is credited.

a. We need to close the rent expense credited by debiting it and credit the miscellaneous expense that is previously debited to zereod out the mistake recording. Then to record the correct entry, Debit Rent expense and Credit Cash at the amount $4,650

b. Just ike what we did on the previous transaction, we will debit the Accounts payable and credit the cash that has been recorded by mistake to zereod out the balance and then make the correct entry. Debit Cash $3,700 and credit Accounts receivable $3,700.

You might be interested in

A company offered one half of its employees a bonus if the production of light bulbs increased by 30%. The other half of the emp

ZanzabumX [31]

Based on the statement above their need to separate the employee first because there is an employee get bonus and dont. so the correct order of steps to determine the significant result are: c. B,E,D,C,A

hope this help

8 0

1 year ago

In this assignment, you will develop a more personalized understanding of the Balanced Scorecard concept and see how your vision

Lynna [10]

Answer:

My four smart goals includes the following: I want to become physically fit within the next 6 months so that I can run a full marathon in less than 4 hours, want to become a senior manager in my current organization from my current role as a manager within the next 2 years so that I can lead a team of 2-3 managers, I want to become an adorable husband to my wife by spending more time with her and taking her on vacations in the next 12 months, I want to become a lovable dad to my son in the next 4 months so that I can spend more time with him and answer all his queries.

Explanation:

Solution

The following are my 4 SMART goals given below:

1.I want to become a senior manager in my current organization from my current role as a manager within the next 2 years so that I can lead a team of 2-3 managers.

2. I want to become physically fit within the next 6 months so that I can run a full marathon in less than 4 hours.

3. I want to become a lovable dad to my son in the next 4 months so that I can spend more time with him and answer all his queries.

4. I want to become an adorable husband to my wife by spending more time with her and taking her on vacations in the next 12 months,

Measurable :

1. I would start my training from tomorrow. Initially I would run 2 to 5 kilometres with walk breaks.

2. I would start talking to my boss next week to ask for additional responsibilities and also ask him to let me know what needs to be done to get promoted.

3. I would start coming from office early by being more efficient in office. I will take my son on walks or play with him for 1 hour daily.

4. I would come back from office on time and spend time with my wife after spending time with my son.

Attainable/Attainability:

1. I will talk to other marathoners about whether my goal is attainable. I will also research about it.

2. I will talk to my colleagues who are senior managers about how they got promoted.

3. I will talk to other dads about whether my goal is attainable.

4. I will talk to other husbands who are successful.

Realistic:

Timely:

I have given a time frame for attaining all these goals which is very important.

For implementing these goals, I will use the Plan-Do-Act-Dare cycle.

Since my objective is to become a well rounded person both in my personal and professional life, the above steps would help me in becoming that person.

The strategy diamond consists of:

1. Vehicles- Focused hard work

2.Differentiation- Being different from others.

3. Arenas-Professional and Personal

4. Staging-Speed of initiatives

5 0

2 years ago

Which of the following is an unintended consequence of the rise of the primary and caucus system? Question 3 options:

Andre45 [30]

Answer:

a. Sometimes candidates unpopular with the party leadership reach the top.

Explanation:

Under the primary system there is voting on the ballots which is secret in nature and under the caucus system people vote after listening to the individual nominees and then accordingly to the candidate they like.

In this manner, the candidates who are not even belonging to some recognized or popular parties are in leadership as their individual speech is too alluring to the people present for voting that they vote for that specific candidate.

Thus, the correct answer is:

Statement a.

3 0

1 year ago

Which of the following best describe the interrelated components of internal control? Risk assessment process, backup facilities

kvasek [131]

Answer:

Control environment; risk assessment process; control activities; the information system, including related business processes; and monitoring of controls.

Explanation:

From the following, the OPTION which best illustrates the interrelated components of internal control is OPTION (C).

Because as we know that interrelated components of internal control consists of co-ordination, as well as handling and controlling the system, taking illustration of the work and making of positive decisions.

So this is the reason OPTION (C) will be the answer, as it also consist all of the components which are present in interrelated components of internal control.

6 0

2 years ago

Big Lots is able to compete against Wal-Mart with a cost leadership strategy because of its strengths in highly disciplined merc

OLEGan [10]

Answer:

A) ability of Big Lots to imitate Wal-Mart's tightly integrated activity map.

Explanation:

Competitive advantage of a company is it's ability to leverage on unique capabilities and resources to gain more market share than others.

In this instance Big Lots is competing favourably by imitating unique capability of Walmart which is highly disciplined merchandise cost and inventory management system.

A business can imitate another's strategy in order to better compete with them.

For example acquiring a company to increase scale of operations to match a competitor.

8 0

2 years ago

Read 2 more answers