For a month's transactions for a typical medium-sized business, the salary expense account is likely to...
For a month's transactions for a typical medium-sized business, the salary expense account is likely to have only credit entries.
True or False
Homework Answers
Answer : False
Explanation: Salary expense is a nominal account . Thus in normal circumstances when salary is paid, Salary A/c is debited with Cash A/c & the balance is transfer to Income statement by crediting Salary A/c.
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For a month's transactions for a typical medium-sized business,
the salary expense account is likely to...
Rules of Debit and Credit and Normal Balances State for each account whether it is likely...
Rules of Debit and Credit and Normal Balances State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries. Also, indicate its normal balance Typical Entries Normal Balance 1. Accounts Payable 2. Cash 3. Dividends 4. Miscellaneous Expense 5. Insurance Expense 6. Fees Earned
Company A has identified potential business location 10 small areas, 8 medium-sized city areas, and 2...
Company A has identified potential business location 10 small areas, 8 medium-sized city areas, and 2 large metropolitan areas. Business potential for these locations have historical car sales that averaged $500,000, $800,000, and $12,000,000 respectively. Please calculate the sales potential for the territories under Company A.
Account Dividends... Utilities expense Accounts receivable Delivery expense Retained earnings Salary expense. Balance Account $ 3,100...
Account Dividends... Utilities expense Accounts receivable Delivery expense Retained earnings Salary expense. Balance Account $ 3,100 Common stock. 1,500 Accounts payable 6,000 Service revenue. 500 Equipment ... 5,800 Note payable. I 8,800 Cash ........... Balance 17,100 4,300 20,900 29,200 20,000 19,000 April 30, 2018 Balance Debit Credit Account LLLLLLLLL 11 Total
Business transactions completed by Hannah Venedict during the month of September are as follows Business transactions...
Business transactions completed by Hannah Venedict during the month
of September are as follows
Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $82,000 cash along with office equipment valued at $22,000 in a new business named HV Consulting in exchange for common stock. b. The company purchased land valued at $35,000 and a building valued at $160,000. The purchase is paid with $25,000 cash and a long-term note payable for $170,000....
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Exchange rate volatility affects not just multinationals and large corporations, but small and medium-sized enterprises as well, even those who only operate in their home country. While understanding and managing exchange rate risk is a subject of obvious importance to business owners, investors should be familiar with it as well because of the huge impact it can have on.Which types of risk are companies exposed to?
Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict...
Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $90,000 cash along with office equipment valued at $25,000 in a new business named HV Consulting in exchange for common stock b. The company purchased land valued at $35,000 and a building valued at $155,000. The purchase is paid with $30,000 cash and a long-term note payable for $160,000. c. The company purchased $2,100 of office supplies on credit. d. Venedict invested her...
put the following business business transactions into the given T-accounts in the pictures (all transactions took...
put the following business business transactions into the given
T-accounts in the pictures (all transactions took place in
january)
business transactions:
1.cash in the amount of $80,000 was received for services that
will be performed in february
2.record the month revenue for services deferred in an earlier
month (see existing T-account balance)
3.sold widgets on account in the amount of $210,000
4.paid february rent of $5,000 in january
5.at january 31 employees earned $20,000 that will not be paid
until...
In a merchandising business, when merchandise sold on account, the only journal entry required is a...
In a merchandising business, when merchandise sold on account, the only journal entry required is a Debit to Accounts Receivable and a Credit to Sales. Select one: True False
Audit risk and revenue. Ajax Finance Inc. (Ajax) provides small and medium-sized personal, car, and business...
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STUART DAW Co. Stuart Daw Co. is a typical medium-sized coffee roaster. The C.E.O. and the...
STUART DAW Co. Stuart Daw Co. is a typical medium-sized coffee roaster. The C.E.O. and the administrative management have prepared the budget for the year 2019 Chart 1 shows the most relevant assumptions of the budget: the demand is supposed to remain approximately the same as in 2018 (market growth rate- 0). Nowadays, Stuart Daw Co. has a market share of 20% (volume) and the goal is to increase it up to 25% in the next year CHART 1: Assumptions...
Rules of Debit and Credit and Normal Balances State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries. Also, indicate its normal balance Typical Entries Normal Balance 1. Accounts Payable 2. Cash 3. Dividends 4. Miscellaneous Expense 5. Insurance Expense 6. Fees Earned
Account Dividends... Utilities expense Accounts receivable Delivery expense Retained earnings Salary expense. Balance Account $ 3,100 Common stock. 1,500 Accounts payable 6,000 Service revenue. 500 Equipment ... 5,800 Note payable. I 8,800 Cash ........... Balance 17,100 4,300 20,900 29,200 20,000 19,000 April 30, 2018 Balance Debit Credit Account LLLLLLLLL 11 Total
Business transactions completed by Hannah Venedict during the month
of September are as follows
Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $82,000 cash along with office equipment valued at $22,000 in a new business named HV Consulting in exchange for common stock. b. The company purchased land valued at $35,000 and a building valued at $160,000. The purchase is paid with $25,000 cash and a long-term note payable for $170,000....
Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $90,000 cash along with office equipment valued at $25,000 in a new business named HV Consulting in exchange for common stock b. The company purchased land valued at $35,000 and a building valued at $155,000. The purchase is paid with $30,000 cash and a long-term note payable for $160,000. c. The company purchased $2,100 of office supplies on credit. d. Venedict invested her...
put the following business business transactions into the given
T-accounts in the pictures (all transactions took place in
january)
business transactions:
1.cash in the amount of $80,000 was received for services that
will be performed in february
2.record the month revenue for services deferred in an earlier
month (see existing T-account balance)
3.sold widgets on account in the amount of $210,000
4.paid february rent of $5,000 in january
5.at january 31 employees earned $20,000 that will not be paid
until...
In a merchandising business, when merchandise sold on account, the only journal entry required is a Debit to Accounts Receivable and a Credit to Sales. Select one: True False
STUART DAW Co. Stuart Daw Co. is a typical medium-sized coffee roaster. The C.E.O. and the administrative management have prepared the budget for the year 2019 Chart 1 shows the most relevant assumptions of the budget: the demand is supposed to remain approximately the same as in 2018 (market growth rate- 0). Nowadays, Stuart Daw Co. has a market share of 20% (volume) and the goal is to increase it up to 25% in the next year CHART 1: Assumptions...
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