Buster Bus purchased a new bus from Big Bus on credit for \( £ 35,000 \) and sold inventory on credit to Late Bus for \( £ 3,000 \). What entries would be made in the journal?
Answers
Purchase of a new bus from Big Bus on credit: Debit Bus (Fixed Asset) £35,000, Credit Accounts Payable £35,000. Sale of inventory on credit to Late Bus: Debit Accounts Receivable £3,000, Credit Sales Revenue £3,000.
To record the transactions in the journal, the following entries would be made:
1. Purchase of a new bus from Big Bus on credit for £35,000:
Debit: Bus (Fixed Asset) £35,000
Credit: Accounts Payable £35,000
Explanation: The bus is recorded as a fixed asset (debit) while the amount owed to Big Bus is recorded as an accounts payable (credit).
2. Sale of inventory on credit to Late Bus for £3,000:
Debit: Accounts Receivable £3,000
Credit: Sales Revenue £3,000
Explanation: The amount owed by Late Bus is recorded as accounts receivable (debit), and the sale is recorded as sales revenue (credit).
It's important to note that these journal entries capture the initial transactions. Additional entries might be required for subsequent actions such as payment collection, adjusting entries, or financial statement preparation.
Please keep in mind that the specific accounts used in the journal entries may vary depending on the company's chart of accounts and accounting practices.
Learn more about journal entries
https://brainly.com/question/33438461
#SPJ11
Related Questions
PLEASE HELP QUICKLY: (FIRST ANSWER GETS BRAINLIEST) PERSONAL & FAMILY FINANCE
Owen wants to start a tutoring business. He has a space rented and a lot of ideas, but he has no employees who can tutor the students. Which category of economic resource does he require?
labor
entrepreneurial ability
land
Answers
Answer:
entrepreneurial ability
Sorry, no one answered your question sooner, hope that helps.
labor <><><><><><><><><><><><>
what makes the most practical sense to measure pressures realative to speech production
Answers
In the context of measuring pressures relative to speech production, the most practical and commonly used method is through the use of a device called a transducer.
A transducer is a sensor that converts physical pressure into an electrical signal, which can then be measured and analyzed. In speech production, transducers are often used to measure air pressure at different points in the vocal tract, such as the oral cavity or nasal cavity. This allows researchers and clinicians to assess various aspects of speech production, including articulation, voicing, and airflow.
Transducers used in speech research may include devices such as pressure-sensitive microphones or pressure sensors placed at specific locations within the vocal tract. These transducers capture changes in air pressure during speech production and provide valuable information for studying speech disorders, assessing vocal function, and evaluating the effectiveness of therapeutic interventions.
By measuring pressures relative to speech production, researchers and clinicians can gain insights into the mechanics and dynamics of speech production, aiding in the diagnosis and treatment of speech-related disorders and enhancing our understanding of the complexities of human communication.
Learn more about pressures here:
https://brainly.com/question/30019047
#SPJ11
PLEASE HELP I NEED THIS ASAP, I WILL GIVE BRAINLEST
Answers
Answer:
actuary - An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science. So the answer would be D.
bankteller - A bank teller is an employee of a bank whose responsibilities include the handling of customer cash and negotiable instruments. So the answer would be A.
IFM - Researching various stocks or funds that may be in the news for recent product developments, earnings statements. So the answer would be C.
Auditor - An auditor is a person authorized to review and verify the accuracy of financial records and ensure that companies comply with tax laws. So the answer would be B.
Explanation:
For an additional expenditure of $20,000, a company could take one of four measures?
Answers
For an additional expenditure of $20,000, a company could consider implementing one of the following four measures:
Upgrading technology infrastructure: Investing in new hardware or software can enhance operational efficiency, improve productivity, and support business growth. This could involve upgrading computer systems, acquiring advanced software solutions, or implementing cloud-based services.
Employee training and development: Allocating funds towards training programs and workshops can enhance employees' skills, knowledge, and capabilities. This investment can lead to increased productivity, improved customer service, and a more skilled workforce that can adapt to changing market demands.
Marketing and advertising campaigns: Investing in targeted marketing initiatives can help increase brand awareness, attract new customers, and generate more sales. This could involve launching digital marketing campaigns, engaging in social media advertising, or implementing search engine optimization strategies.
Research and development (R&D): Allocating resources to R&D activities can spur innovation and lead to the development of new products, services, or processes. This investment can give the company a competitive edge, open up new market opportunities, and foster long-term growth.
Ultimately, the decision should be based on the company's specific goals, priorities, and areas that require improvement.
Learn more about additional expenditure here
https://brainly.com/question/32668585
#SPJ4
PLEASE HELP ASAP! What is the impact of effective purchasing on an operation’s cash flow?
Answers
Answer:
Cost reduction; leading to profit for the company/business.
Explanation:
Remember, a cash flow is an indication or indicator of the amount of money coming into and out of a business.
Thus, effective purchasing Implies buying the right items needed for operations at the right/fair price so as to reduce the total cost of operations, which invariably leads to more Profit since there's reductions in costs.
The practice of effective purchasing leads to Cost reduction and Profit maximization on operation’s cash flow.
Effective purchasing involves the practice of evaluating available suppliers for their performance, stability and efficiency to allow patronizing the one which offers lower cost service with same quality.
Effective purchasing results to cost reduction and thus, result to increased profit because the right items needed for operations at gotten at the fair price
Therefore, the practice of effective purchasing leads to Cost reduction and Profit maximization on operation’s cash flow.
Learn more about Effective purchasing here
brainly.com/question/19785132
Weekly activity reports by an agent to a client should include:_______.
Answers
Answer:
- Number of enquiries
- Number of product displays
- Advertising done within the week
- Open houses available
- Number of open house visitors
- Comments made by other agents and potential buyers
Explanation:
Weekly activity reports are given to clients to show weekly progress on a job activity.
It ensures that there is no failure in objectives that will affect the monthly activity.
When it is identified that activities for the week are deviating from set goals and objectives, it is easy to correct the error so as to minimise the effect on monthly performance.
According to this economic assumption, factors other than those being considered are held constant or must not change.
a.
Principle of positive economics
b.
Principle of opportunity cost
c.
Principle of ‘ceteris paribus’
d.
Principle of Marginality
e.
Principle of Rationality
Answers
The economic assumption that factors other than those being considered are held constant or must not change is known as the principle of ceteris paribus.
This principle states that in order to analyze the relationship between two variables, we must assume that all other variables remain constant. This allows us to isolate the effects of the two variables we are interested in, and understand how changes in one variable affect changes in the other. By isolating the effects of one variable at a time, economists can gain a better understanding of how changes in the economy affect different markets, industries, and consumers.
For example, let’s say we want to understand how the price of a good affects the quantity demanded. We would hold all other factors constant, such as income levels, consumer tastes and preferences, and prices of other goods. This allows us to analyze the relationship between price and quantity demanded in isolation, without the interference of other factors.
To know more about paribus visit:
https://brainly.com/question/26015680
#SPJ11
A skill is a learned or practiced ability to perform an activity well.
True
False
Answers
Answer:
true
Explanation:
In order to reduce the possibility that a technological paradigm shift will render your skills obsolete, you should
a. Encourage others to keep their skill sets current
b. Try to keep your company from adopting new technology
C. Keep tabs on the newest technical advances
d. Adopt a technology proof career, like carpentry
Answers
Answer:
a. Encourage others to keep their skill sets current
b. Try to keep your company from adopting new technology
Explanation:
Continuous updating and upgrading one's skills is a sure way of remaining relevant in a rapidly changing work environment. Many organizations are always seeking ways of modernizing their work processes. As companies adopt technology to enjoy increased efficiency, workers without matching skills are declared redundant.
Continuous training and learning are necessary to reduce the possibility of one's skill being declared obsolete. To survive in the new technology era, a worker and his colleagues can embrace and learn to work with new technology or work hard to prevent their company from acquiring it.
Answer:
c.
Keep tabs on the newest technical advances
Explanation: CORRECT ON EDGE 2021
The person who would be most directly affected by changes in the business cycle is ______.
a.
an emergency-room doctor
b.
a construction worker
c.
an orthodontist
d.
a college professor
Answers
Answer: B. a construction worker
Explanation:
If buildings are needed to be built constantly than construction workers will make more profit. If people in the business aren’t doing well and stock markets come down less business will be made. Meaning lesser buildings, which allows construction workers to make less.
Hope this helps you, love!
Answer:
pretty sure its b correct me if im wrong
Explanation:
you learn about different tools and techniques companies use to provide consumers with information about their products and services. use what you learned to explain how technology and media affect the families make about purchasing products and services. Provide at least three examples.
Answers
Explanation:
The internet has revolutionized the relationship between companies and consumers. Currently, the majority of the population has a cell phone that impacted communication and accessibility. Therefore, companies had to adapt and build new strategies for prospecting and retaining customers through insertion in social media, using active relationship marketing that seeks to engage and generate value for their potential audience through social media, in addition to selling online. to make the experience easier for the consumer.
The online presence of companies is able to offer significant advantages to the consumer, such as a greater discount on products offered online, since companies pass on the reduction of fixed costs with a physical store to the prices offered in an online environment.
does bank accounts last forever?
Answers
Answer:no they don’t
Explanation:
they will become dormant after 24 months
4) The ________ function is responsible for identifying customers.
A) finance and accounting
B) human resources
C) manufacturing and production
D) sales and marketing
E) distribution and logistics
Answers
The correct answer is D) sales and marketing.
The sales and marketing function is responsible for identifying customers. This function focuses on understanding the target market, conducting market research, and developing strategies to attract and engage potential customers. It involves activities such as market segmentation, customer profiling, lead generation, and customer relationship management.
The sales and marketing team analyzes customer needs, preferences, and behaviors to create effective marketing campaigns, promotional activities, and sales tactics. By identifying customers, the sales and marketing function plays a vital role in driving revenue generation and business growth. They are responsible for building relationships with customers, communicating the value of products or services, and ultimately converting leads into sales.
Learn more about sales and marketing: https://brainly.com/question/25369230
#SPJ11
You just obtained a credit card. you immediately purchase a digital camera for $160. your credit limit is $4000. let’s assume that you make no payments and purchase nothing more and there are no other fees. the monthly interest rate is 1.42%. what is the growth factor of your credit card balance? a. 0.0142 b. 14.2 c. 1.0142 d. 1.42
Answers
The growth factor of your credit card balance is 1.0142. This is calculated by taking the monthly interest rate of 1.42% and adding it to 1, giving us a growth factor of 1.0142.
In this scenario, you have a credit limit of $4,000 and you have just purchased a digital camera for $160. Since you make no payments and purchase nothing more and there are no other fees, your balance will grow by the growth factor of 1.0142 each month.
To find the growth factor of a balance with an interest rate, you can use the formula:
Growth factor = 1 + (interest rate / 100)
In this case, the interest rate is 1.42%, so you can plug that into the formula:
Growth factor = 1 + (1.42 / 100)
Simplifying the fraction gives you:
Growth factor = 1 + 0.0142
Adding the two numbers together gives you the growth factor:
Growth factor = 1.0142
Learn more about credit card balance growth factors: https://brainly.com/question/3080710
#SPJ11
Which industry is the second-largest employer of teens
and young people?
What percentage of employed teens are employed by
the government?
I got it
is retail trade
and 7%
Answers
Answer:
I. Retail industry
ii. 7%
Explanation:
Retail industry is the second largest employers of teen and young people next to health sector which is the largest employer.
Retailing involves buying goods either from the producers or wholesaler and selling them to the final consumers. Some services are also offered in these retailing such as call center representative, those who work in innovation lab. etc
In the United States, about 7% of teens and young people are in the employment of government , while retail industry is the largest employer of teen and young people because it provides flexibility and also do not involve much academic qualifications.
Example of these retail jobs are those who work in call center, sales representatives and those who works in stores.
Answer:
Retail Trade
7%
Explanation:
Edge 2020
L.L. Bean, the founder of the company that bears his name, left a company legacy that consists of three fundamental core values: test a product to make sure it delivers what is promised, advertise honestly, and keep customers satisfied at all costs. These three core values serve to guide the __________.
Answers
Answer:somethings
Explanation:
distribution requirements planning helps to synchronize supply chain partners at the a. primary storage level. b. secondary delivery level. c. primary schedule level. d. master schedule level.
Answers
The main answer is d. master schedule level. Distribution Requirements Planning (DRP) helps to synchronize supply chain partners at the master schedule level.
This means that DRP assists in aligning the production and distribution plans of various partners in the supply chain. It involves coordinating the timing and quantity of inventory replenishment to meet customer demand while minimizing excess inventory and stockouts.
In more detail, DRP works by analyzing customer demand data, considering lead times, and coordinating with suppliers to ensure the right amount of inventory is available at the right time and in the right location. It helps in managing the flow of goods from suppliers to manufacturers, and from manufacturers to distributors or retailers.
By operating at the master schedule level, DRP allows supply chain partners to make informed decisions regarding production levels, order quantities, and delivery schedules. It promotes better collaboration and coordination among partners, leading to improved efficiency, reduced costs, and enhanced customer satisfaction.
Learn more about Distribution Requirements Planning here:
https://brainly.com/question/29847559
#SPJ11
Putting money into more than one kind of investment at a time is called liquidity. sunken cost. diversification. compound interest.
Answers
Answer:
diversification
Putting money into more than one kind of investment at a time is called diversification.
What is diversification?Diversification is the process of investing in diverse opportunities so as to reduce non-systemic risks. For example, if a person buys the stock of a health care company, in order to diversify, the person might invest in the stocks of an automobile company.
To learn more about diversification, please check: https://brainly.com/question/13162759
What are the six basic step of the problem solving process?
Answers
Answer:
Step 1: Identify and define the problem.
Step 2: Generate possible solutions.
Step 3: Evaluate alternatives.
Step 4: Decide on a solution.
Step 5: Implement the solution.
Step 6: Evaluate the outcome.
Answer:
First step: You must identify AND define the problem.
Second Step: You must generate, or brainstorm, possible solutions to your problem.
Third Step: Evaluate your alternatives.
Fourth Step: You must decide on a solution.
Fifth Step: Implement the solution of your choice.
Sixth Step: Finally, evaluate the outcome.
List all the source documents in accounting
Answers
Answer:
Canceled checks.
Invoices.
Cash register receipts.
Computer-generated receipts.
Credit memo for a customer refund.
Employee time cards.
Deposit slips.
Purchase orders
Explanation:
That is all i think
How do businesses compete for customers?
Answers
Answer:
marketing team and review resources
How important is money
Answers
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.
Drag each label to the correct location
PLEASE HELP
Answers
Answer:
put master budget for sources of cash and put cash budget for cost of finished goods
During which part of the Product Life Cycle would a company use a profit-oriented pricing strategy?
Answers
The lifespan of a product depicts how long it remains on the market, from the moment it is first introduced to consumers until it is phased out and taken off the shelves.
What is the maturity stage of the product life cycle?Sales declined during the mature period, a sign that the market has started to become saturated. During this phase of the product life cycle, the price also starts to become competitive. The profit margins become slimmer as a result.
In most life-cycle situations, profits normally reach their greatest level during the early growth stages, but sales often reach their peak during the mature stages.
Learn more about the product life cycle here:
https://brainly.com/question/15177349
#SPJ1
Sienna wants to reconcile her bank account to check how much money she has to spend.
What does she need to do to adjust the balance in her bank statement?
While adjusting her bank statement balance, Sienna should first add 1.) ________
and then deduct 2.) _________.
1.)
- deposits in transit
- NSF fees
- bank service charges
2.)
- bank errors
- outstanding checks issued
- interest earned
Answers
1. NSF fees and service charges would be money taking out of her account. She wants to add what is being put into her account so she should add deposits in transit.
The answer is Deposits in transit.
2. Deductions is money being taken out, so she would deduct outstanding checks issued.
Answer: outstanding checks issued.
Which type of adjusting entry is used to record a payment a company has not yet made for a service it received?
A. Deferred expense
B. Accrued revenue
C. Accrued expense
D. Deferred revenue
Answers
The accrued revenue can be defined as the type of adjusting entry is used to record payment a company has not yet made for a service it received.
What is the accrued revenue?This is the term that is used in expense accounting to refer to the type of revenue that is recorded at the period that sale is ongoing where the payment may not have been received.
This type of sales is one that would follow what is called the revenue recognition principle. It is one that would require that the revenue would have to be recorded at that period that it was earned.
Therefore the solution here is the accrued revenue as it is the adjusting entry is used to record a payment a company has not yet made for a service it received.
Read more on accrued revenue here: https://brainly.com/question/4051749
#SPJ1
which business is cyclical? qid: 3571017 mark for review a appliance manufacturer b packaged food c pharmaceuticals d utilities
Answers
Appliance manufacturer business is cyclical stock.
Companies whose value fluctuates with the economy are those with cyclical stock. Steel, construction, appliances, and autos are all cyclical businesses. Pharmaceuticals, utilities, and packaged foods are examples of defensive industries that will withstand a downturn. A cyclical stock is one whose price is influenced by systematic or macroeconomic shifts in the overall economy. Cyclical equities are well known for tracking an economy's boom, peak, recession, and recovery phases. Wynn Resorts, Limited (NASDAQ:WYNN), Lowe's Companies, Inc. (NYSE:LOW), Starbucks Corporation (NASDAQ:SBUX), and Airbnb, Inc. (NASDAQ:ABNB), are a few of the top cyclical stocks to purchase in 2022.
Learn more about cyclical from
brainly.com/question/12049174
#SPJ4
what is product placement
Answers
Answer: A practice in which manufacturers of goods or providers of a service gain exposure for their products by paying for them to be featured in movies and television programs.
Explanation:
Explanation:
Product placement Is where a company or seller places a product In a certain location so that the consumer Is more apt to buy that product, such as a candy bar or pack of gum near the cash register, leading the consumer to an impulse buy.
Record journal entries for tree seedlings’ sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and lifo. All sales and purchases are made on account, and no discounts are offered. True of false?.
Answers
Record journal entries for tree seedlings’ sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and life. All sales and purchases are made on the account, and no discounts are offered.
The statement is True.
A journal entry is used to record a business transaction in the accounting information of a commercial enterprise. A journal entry is normally recorded in the fashionable ledger; rather, it may be recorded in a subsidiary ledger which is then summarized and rolled forward into the overall ledger.
They are:
starting entries. these entries deliver over the finishing balance from the preceding accounting period as the start stability for the contemporary accounting duration.
Transfer entries. Ultimate entries. Adjusting entries. Compound entries. Reversing entries.Learn more about journal entries here: https://brainly.com/question/13452304
#SPJ1
What do you think are the most important components of budgeting? Why?
Answers
Answer:
I would have to say figuring out ur cash flow where its going after u earn it and making sure u keep track of ur savings
Explanation: