External link to The ending retained earnings amount is shown on

The ending retained earnings amount is shown on

Accountants refer to an economic event as a a. purchase. b. sale. c. transaction. d. change in ownership. The accounting process involves all of the following except a. identifying economic transactions that are relevant to the business. b. communicating financial information to users by preparing financial reports. c. recording nonquantifiable economic events. d. analyzing and interpreting financial reports. All of the following statements are correct […]

External link to What should be taxed Personal Income or Personal Consumption

What should be taxed Personal Income or Personal Consumption

What should be taxed – Personal Income or Personal Consumption: Case Study When taxes induce people to change their behaviour—such as inducing Jane to buy less pizza—the taxes cause deadweight losses and make the allocation of resources less efficient. As we have already seen, much government revenue comes from the individual income tax in many countries. In a case study in Chapter 8, we discussed […]

External link to A trial balance will balance even if

A trial balance will balance even if

A trial balance will balance even if a journal entry to record the purchase of equipment for cash of $ 47900 is not posted. a $ 14500 cash dividend is debited to dividends for $ 14500 and credited to cash for $ 1450. a $ 400 collection on accounts receivable is credited to accounts receivable for $ 400 without a corresponding debit. a purchase of supplies for $ 595 on account is debited to supplies for $ 595 and credited […]

External link to On January 14, Kingbird, Inc. purchased supplies of $ 570 on account

On January 14, Kingbird, Inc. purchased supplies of $ 570 on account

On January 14, Kingbird, Inc. purchased supplies of $ 570 on account. The entry to record the purchase will include a debit to Supplies expense and a credit to Accounts Receivable. a debit to Supplies and a credit to Accounts Payable. a debit to Accounts Receivable and a credit to Supplies. a debit to Supplies and a credit to Cash.

External link to Which of the following journal entries is recorded correctly and in the basic format

Which of the following journal entries is recorded correctly and in the basic format

Which of the following journal entries is recorded correctly and in the basic format? Salaries and Wages Expense 480           Cash 1320 Advertising Expense 840   Salaries and Wages Expense 480 Advertising Expense 840           Cash 1420   Cash 1320           Salaries and Wages Expense 480           Advertising Expense 840   Salaries and Wages Expense 480 Advertising Expense 840           Cash 1320

External link to Metlock Inc.’s trial balance at the end of its first month of operations reported the following accounts

Metlock Inc.’s trial balance at the end of its first month of operations reported the following accounts

Metlock, Inc.‘s trial balance at the end of its first month of operations reported the following accounts and amounts: Cash $ 9900 Prepaid insurance 450 Accounts receivable 2250 Accounts payable 1800 Notes payable 2700 Common stock 4500 Dividends 450 Revenues 19800 Expenses 11250 Total credits on Metlock, Inc.’s trial balance are   $ 28350

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