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Blizzard [7]
2 years ago
11

Timmons Corporation purchases office supplies for $350 cash. How would this transaction be recorded? Multiple Choice Debit Inven

tory $350, credit Cash $350 Debit Cash $350, credit Inventory $350 Debit Supplies $350, credit Cash $350 Debit Cash $350, credit Supplies $350 Incorrect
Business
1 answer:
9966 [12]2 years ago
3 0

Answer:

Debit Supplies $350, credit Cash $350

Explanation:

The journal entry for the purchase of supplies is shown below:

Office supplies A/c Dr               $350

   To Cash A/c                                                      $350

(Being the office supplies are purchased for cash)

Since the office supplies are purchased for cash which means the supplies are increased and the cash balance is decreased.

That's why we debited the supplies account and credited the cash account.

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Bess wrote four checks last month, and these were the only transactions for her checking account. According to her check registe
Rzqust [24]
It looks tricky but its actually simple. Bank statement shows balance is $1054.13 while Bess check register shows $869.96. For us to know the amount of the check that was not approved is to get the difference of the bank statement and Bess check register. $1054.13 minus 869.96 is $184.17. Therefore, the answer is letter B.
5 0
2 years ago
Cost of money Four fundamental factors affect the cost of money: (1) the return that borrowers expect to earn on their investmen
notka56 [123]

Answer:

b. 1 and 3.

Explanation:

The investors are of two types either they are risk averse or risk seekers. Risk averse are those who are not willing to take risks for their investments. They accept lower returns but they are not ready to take more risks than their appetite. Risk seekers are those who demand more risk for more returns. The risks level is so high that even their whole investments can go away but they take this risk to achieve high extra ordinary returns.

8 0
2 years ago
Which of the following statements is correct with respect to a limited partnership?
Viefleur [7K]

Answer: option D

Explanation: A Limited liability partnership is an ownership style which exhibits characteristics of both partnership and corporations. This was implemented for the benefit of business entities and for the ease of owners.

a. In a limited liability a limited partner will never be personally liable for the debts.

b. A general partner can be a limited partner  as long as there are two legal partners.

c. A general partner cannot be a secured creditor as he will always have unlimited liability.

d. A Limited liability partnership is the form of partnership in which some or all of the partners have limited liability.

5 0
2 years ago
Sparkling Valley, a luxury resort, prices cottages facing the lake higher than cottages that do not, even though the cottages an
kicyunya [14]

Answer:

Location grounded pricing

Explanation:

Location grounded pricing is the term which is defined as the prices of the items at the location level or at the company. This method of pricing let the business to define the different price base for the same item or product at different locations of inventory.

In short, it is defined as when the business change the price base of the product or item at one location, it will affect the price base at other locations.

So, in this case, the resort, set the price base for cottages facing the lake higher than those of cottages which do not face lake. Therefore, it kind of pricing is referred to as the location based pricing.

6 0
2 years ago
Stealth bank has deposits of $600 million. It holds reserves of $30 million and government bonds worth $80 million. If the bank
kiruha [24]

Answer:

its total assets equal to  $510 million,

Explanation:

Total assets = Loans + Bonds + Reserves

                    = $400 million + $80 million + $30 million

                    = $510 million

Therefore, its total assets equal to  $510 million,

7 0
2 years ago
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