Answer:
GROSS MARGIN = $226000
OPERATING EXPENSES = $193590
Explanation:
Gross Margin = Net Sales - Cost of Goods Sold
Gross Margin = $814100 - $588100
Gross Margin = $226000
Operating Expenses = Net Income - Gross Margin
Operating Expenses = $32410 - $226000
Operating Expenses = -$193590
NOTE: Not sure if the net income is typed correctly. double check it and recompute on your own. thanks
100 POINTS HELPPP Following the accounting cycle, what would an accountant do right after making an adjusted trial balance?
A. make a worksheet
B. make a trial balance
C. adjust entries
D. close the entries
Answer:
A
Explanation:
Following the accounting cycle, an accountant would make a worksheet right after making an adjusted trial balance. The worksheet is a tool used by accountants to prepare financial statements and to adjust entries. The worksheet summarizes the data in the trial balance and makes it easier for the accountant to prepare the financial statements. The worksheet includes adjustments for accruals, prepayments, depreciation, and other items that were not recorded in the original journal entries. Once the worksheet is complete and the financial statements have been prepared, the accountant would then close the entries to start a new accounting cycle. Therefore, the correct answer is A. make a worksheet.
Suppose the state of Rhode Island passes a law that increases the tax on beer. As a result, beer consumers who live in Rhode Island start purchasing their beer in surrounding states. Which of the following principles does this best illustrate? a. People respond to incentives, b. Trade can make everyone better off. c. Markets are usually a good way to organize economic activity d. Rational people think at the margin.
The best principle that this scenario illustrates of people in Rhode Island purchasing beer in other states is a. People respond to incentives.
How to describe the principle ?When the tax on beer in Rhode Island is increased, the incentive for beer consumers is to seek out cheaper beer prices in surrounding states.
In other words, the tax increase changes the behavior of beer consumers, who are responding to the incentive of paying less for their beer. This principle is a key concept in economics and is often used to explain how people make decisions based on costs and benefits.
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On- the job training programs
(A) are all the same
(B) give a person the chance to earn while learning
(C) usually involve learning a skilled craft
(D) require a written agreement between the employee and employer
The majority of on-the-job training programs include acquiring a skilled trade. Hence, the answer is (C).
Who are called skilled craftsmen ?The only types of people who could join a guild in the European system of guilds were masters and journeymen. Before being chosen to become a master craftsman, a prospective master would need to advance up the career ladder from apprentice to journeyman.
Then, before he could join the guild, he would need to provide a certain amount of money and a work of art. He would not be permitted to join the guild and might end himself working as a journeyman for the rest of his life if the masters rejected the masterpiece.
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assume that current assets and current liabilities change at the same rate as changes in sales. therefore, if sales increase by 10%, then
Assuming that current assets and current liabilities change proportionately to changes in sales. So, if sales increase by 10%, the current ratio will remain the same.
How did we come to this conclusion?To calculate the current sales ratio, we have to divide current assets by current liabilities, so if there is an increase in the company's sales, its current assets and current liabilities would also increase by 10%, so the ratio would be maintained.
Therefore, it should be noted that such an assumption will not always be true if there are changes in sales that can alter the company's cash flow in a different way, and it is necessary to analyze the situation to determine the impact of changes in sales on the company's current index.
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Using the following diagram, identify and calculate total producer surplus if the price of oil is $50 per barrel. Recall that for a triangle. Area = (1 /2) × Base × Height. (You never thought you'd use that equation unless you became an engineer, did you?)
Producer surplus is the difference between the price a producer is willing to sell a good for and the price they actually receive. In other words, it is the area above the supply curve and below the price.
What is the Area ?If the price of oil is $50 per barrel and the supply curve shows that producers are willing to supply 1,000 barrels of oil at that price, then the total producer surplus would be the area of the triangle above the supply curve and below the price.
To calculate the area of the triangle, we need to know the base and the height. The base is the quantity of oil supplied at the given price, which is 1,000 barrels in this case.
The height is the difference between the price and the minimum price that producers are willing to accept, which is known as the marginal cost. Let's assume that the marginal cost of producing a barrel of oil is $30.
So the height of the triangle would be $50 - $30 = $20. And the area of the triangle would be:
(1/2) x Base x Height
= (1/2) x 1,000 x 20
= 10,000
Therefore, the total producer surplus at a price of $50 per barrel would be $10,000.
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Based on your knowledge of Pricing Strategies, recommend a pricing mix that has the best pricing mix for all three vehicles. Price Mix 1.Price Mix 2.Price Mix 3.
Your understanding of pricing strategies leads you to conclude that option has the optimum pricing mix across all three vehicles (2)
What is meant by Pricing Strategies?While selling a good or service, a company can employ a range of pricing tactics. Senior executives must first analyze a company's price position, pricing segment, pricing capabilities, and competition pricing reaction strategy in order to select the most successful pricing strategy for that company.
Pricing policies and procedures fluctuate from one business to the next, as well as between nations, cultures, and industries. They also alter over time as markets and industries mature and as general economic conditions change.
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kohana manages the underwriting division of a large financial services provider. for her work unit, kohana selected five key goals that she identified as being results-oriented and
Kohana manages the underwriting division of a large financial services provider. for her work unit, kohana selected five key goals that she identified as being results-oriented and supporting the organization's vision.
What does it mean to be result oriented?Being result-oriented means focusing on achieving specific outcomes or goals rather than just completing tasks or activities. It involves setting clear and measurable objectives, developing action plans to achieve those objectives, and regularly evaluating progress towards the desired outcomes.
Result-oriented individuals or organizations prioritize achieving tangible results and are willing to adapt their strategies or tactics to achieve their goals.
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The Expense form is used to record expenses that we pay for at the time we receive the product or service in which of the following ways?
A. Cash
B. Check
C. Credit Card
D. All of the choices are correct.
The correct option for this question is D. All of the choices are correct.
Why it is and what is a credit card?
The Expense form can be used to record expenses that are paid in cash, by check, or by credit card, at the time when the product or service is received.
The form provides a way to keep track of these expenses for accounting purposes and to ensure that they are properly documented and accounted for in financial records.
A credit card is a plastic card that allows the cardholder to borrow funds from a financial institution, typically a bank, to make purchases or pay for services.
When a purchase is made using a credit card, the cardholder is essentially taking out a loan from the financial institution, which must be repaid with interest according to the terms of the card agreement.
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closing entries with net loss summit services co. offers its services to individuals desiring to improve their personal images. after the accounts have been adjusted at may 31, the end of the fiscal year, the following balances were taken from the ledger of summit services: line item description amount fees earned $284,000 dividends 39,000 rent expense 59,200 retained earnings 630,000 supplies expense 14,500 wages expense 248,900 miscellaneous expense 6,900 journalize the closing entries required to close the accounts. if an amount box does not require an entry, leave it blank. dateaccountdebitcredit may 31 - select - - select - - select - - select - - select - - select - - select - - select - - select - - select - - select - - select - may 31 - select - - select - - select - - select -
Little transactions that don't fit within the designated accounts in the ledgers are classified as miscellaneous expenses.
What are miscellaneous expenses?A general ledger account called "other expense" can have a lot of small-scale transactions in it.
These transactions involve sums that are too modest to warrant classification in a different account. If any of these costs grow in scope over time, they might then be tracked in a different account.
This type of line item, which combines the sums of multiple small spending accounts, is frequently used in revenue statements. The income statement would have so many line items if this aggregate line item weren't used, that it wouldn't fit on a single page.
Although not being specified, these costs are still seen as common and essential. These are deductions, and as such, they can be listed on your Schedule C.
You can categorize your unspecified expenses under broad headings such bank fees, advertising, education, damages recouped, and credit card convenience fees.
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answer the question based on the given supply and demand data for wheat. bushels demanded per month price per bushel bushels supplied per month 45 $ 5 77 50 4 73 56 3 68 61 2 61 67 1 57 if the price in this market was $4, multiple choice farmers would not be able to sell all their wheat. buyers would want to purchase more wheat than is currently being supplied. the market would clear; quantity demanded would equal quantity supplied.
The given statement claims that the following price shift will cause the amount of wheat distributed to decrease.
Why is the market collapsing?There are many reasons why the stock market declines, but the declining economy is the most frequent one. Companies lose money when the economy weakens, and buyers worry that those who won't be able to earn a living inside the future.
How did the market collapse turn out?Because companies had invested money in stocks in addition to private investors, the stock market collapse severely damaged the American economy. The stock market collapse cost companies money. Additionally, consumers lost money as a result of numerous institutions investing customer funds without their awareness or consent.
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__________ helps Williams compete for and hire talented, engaged employees who help the business succeed. Multiple Choice - Corporate philanthropy - Corporate audit - Retail sourcing - Environmental regulation - Regulatory policy
Corporate philanthropy helps Williams compete for and hire talented, engaged employees who help the business succeed.
What is the importance of corporate philanthropy?Corporate philanthropy is significant for a number of reasons. For starters, demonstrating a commitment to social responsibility and giving back to the community can help to strengthen a company's reputation and build brand loyalty. Second, it can boost employee morale and retention because employees are frequently proud to work for a company that supports charitable causes. Third, corporate philanthropy can have a tangible impact on the communities and causes it supports, assisting in the resolution of social and environmental issues as well as the improvement of the lives of those in need. Finally, by fostering collaboration and partnerships with other organisations and stakeholders, it can help to drive innovation and create new business opportunities.
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While performing the monthly bank reconciliation, the bookkeeper for Avon Company made the journal entry for a bank service charge of $20. Which of the following correctly shows the effect of the entry on the financial statements?
Assets = Liab. + Equity Rev. - Expenses = Net Inc. Cash
A. NA NA NA NA NA NA (20) OA
B. (20) (20) NA NA NA NA (20) OA
C. (20) NA (20) (20) NA (20) (20) OA
D. (20) NA (20) NA 20 (20) (20) OA
Option A
Option B
Option C
Option D
Option (d) accurately depicts how the entry will affect the financial statements.
What variables could have an effect on the financial statement?A financial statement is impacted differently by each of the five main accounting components: assets, liabilities, owner's equity, revenues, and costs. How each component, however, affects a financial statement depends on whether the accounting system uses accrual basis accounting or cash basis accounting.
A balance sheet's impact on a transaction, every transaction has two outcomes on a balance sheet: one results in an increased asset and one results in a decreased liability. The balance sheet is always in balance as a result of these two impacts cancelling each other out.
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The following input-requirements data are for Country A, a capital-abundant country that produces nothing but bread and wine using only capital and labor as inputs. 1 Pound of Bread 1 Gallon of Wine Capital Input 5 units 20 units Labor Input 4 units 10 unit 1. According to H-O theory, Country A has a comparative advantage in the production of
a. both bread and wine. b. neither bread nor wine c. wine. d. bread
The answer is therefore d. bread. According to the H-O theory, a country has a comparative advantage in the production of a good if it can produce that good at a lower opportunity cost than its trading partner.
What is production?Production is the process of creating goods and services through the use of labor, machines, tools, and technology. It is the conversion of inputs into outputs. Inputs are the resources used in production, such as raw materials, labor, and capital. Outputs are the goods and services created, such as cars, clothes, food, and entertainment.
The opportunity cost of producing 1 pound of bread is 5 units of capital and 4 units of labor, while the opportunity cost of producing 1 gallon of wine is 20 units of capital and 10 units of labor. Since producing 1 pound of bread requires fewer inputs than producing 1 gallon of wine, Country A has a comparative advantage in the production of bread. The answer is therefore d. bread.
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in developing a sales forecast, total projected sales (in dollars) can be calculated by multiplying the ___.
By dividing the quantity of units by the selling price, you can arrive at the total predicted sales (in dollars) when creating a sales forecast.
A 3-way cash flow forecast: What exactly is it?
Calculating total predicted sales (in dollars) while creating a sales forecast can be done by multiplying A financial model that combines three important reports into one consolidated forecast is called a three-way forecast, commonly known as the three financial statements. It ties your profit and loss (income statement), balance sheet, and cash flow projections together so you can predict your future cash position and financial health.
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Which of the following is a reason for the widespread anti-American sentiment in the global marketplace?
A. Americans appear to use poor human relations skills while engaging in business with other cultures.
B. Americans emphasize the process more than the product in the workplace.
C. Countries like China, India, and Japan have been unable to make a major impact on world markets or even compete with the United States.
D. Americans assume that having a college degree is no longer a ticket to a meaningful career.
There were many steps in this process, including looking back at earlier issues of Global Trends to see what lessons could be learnt, as well as conducting research and discovery.
What term would be preferable to include?
Including has a number of popular synonyms, including comprehend, embrace, and involve. All of these terms refer to "to contain within as part of the whole," but include implies that something is contained as a constituent, component, or minor portion of a larger whole. When introducing instances of the people or objects that make up the group you are discussing, you use the word include. ... various ailments, such as allergies, hyperactivity, and tooth decay. Artists like Joan Collins are anticipated to attend.
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What sources about Ecuador should you consult to obtain cultural information about this country that will need to be included in your cultural map?
Ecuador has a diverse cultural history. The largest governmental entity in pre-Columbian America, the Inca empire, eventually expanded to include a substantial portion of what is now Ecuador.
Ecuador The straw hats known as Panama hats were exported from Ecuador to Panama in the middle of the 18th century, earning them the name.
What is meant by Cultural map ?In order to "map" different peoples' tangible and intangible cultural assets within local landscapes around the world, a variety of research approaches and tools are used.
These techniques and tools are collectively known as cultural mapping, cultural resource mapping, or cultural landscape mapping. The phrase is used by organizations (like UNESCO) dedicated to preserving cultural variety.
UNESCO stresses in its Universal Declaration on Cultural Diversity the significance of States embracing inclusive strategies for fostering cultural variety.
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Suppose that you were the Marketing Manager for General Motors. Which strategies do you think you would use if you wanted to win a target market made up of parents with new children less than three years old?
If I were the Marketing Manager for General Motors, targeting parents with new children less than three years old, I would consider the following strategies:
Which strategies would I consider as a Marketing Manager for General Motors?Highlight safety features: Parents with young children are likely to prioritize safety when it comes to choosing a vehicle. I would emphasize the safety features of General Motors vehicles, such as airbags, anti-lock brakes, and rearview cameras. I would also highlight any awards or safety ratings that the vehicles have received from reputable sources.
Emphasize spaciousness and storage: Parents with young children typically need a lot of space for car seats, strollers, diaper bags, and other baby gear. I would emphasize the spaciousness of General Motors vehicles, particularly the SUVs and minivans. I would also highlight the storage capacity of these vehicles, including cargo space and storage compartments.
Offer family-friendly features: In addition to safety and space, parents with young children appreciate features that make their lives easier. For example, I would promote General Motors vehicles that have built-in entertainment systems, rear-seat climate control, and easy-to-clean interiors. I would also emphasize the convenience of features such as remote start, hands-free liftgate, and power sliding doors.
Collaborate with parenting influencers: Social media influencers who focus on parenting and family life can be a valuable resource for reaching this target market. I would also consider sponsoring family-oriented events.
Provide financing and payment options: Finally, I would offer financing and payment options that make it easy for parents with young children to afford a General Motors vehicle. This could include special financing rates, lease options, or payment plans that allow parents to spread out the cost of the vehicle over time. I would also make sure that these options are easy to understand and accessible through the General Motors website and dealership network.
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identify the advantages of gravimetric analysis. analysis is always fast high accuracy for major sample components uses simple equipment inexpensive high accuracy for trace sample components identify the disadvantages or limitations of gravimetric analysis. requires sufficient analyte for a mass measurement poor method for trace analysis uses complicated equipment can be time consuming expensive
Benefits include quick processing of major sample components, high precision of both major and minor sample components, ease of use, and low cost.
Limitations or Drawbacks: Needs enough analyte for a mass determination; bad technique for trace analysis; requires complex apparatus; time- and money-consuming.
what's gravimetric analysis?The mass of a material or a precipitate produced in a chemical process is measured using the quantitative technique of chemical analysis known as gravimetric analysis. This process involves reacting a sample with a reagent to create a solid precipitate, which is then filtered, desiccated, and measured. The quantity of the substance in the initial sample is calculated from the mass of the residue. Gravimetric analysis is frequently used to assess a substance's purity or the concentration of a particular element or component in a combination. When used properly, this technique is incredibly exact and precise, but it necessitates close attention to detail and a solid grasp of chemical principles.
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Which of the following values is closest to the standard deviation of the following distribution 2, 3, 3, 3, 3, 4, 5, 6, 7, 8, 8?0256
The value of the standard deviation is 2.09
What is the standard deviation of the distributionTo find the standard deviation of the given data, we can use the following formula:
Standard deviation = sqrt [ Σ(x - μ)² / N ]
where Σ represents the sum of the values, x is each individual value in the data set, μ is the mean of the data set, and N is the total number of values.
First, let's find the mean of the data set:
Mean = (2 + 3 + 3 + 3 + 3 + 4 + 5 + 6 + 7 + 8 + 8) / 11 = 4.72 (rounded to two decimal places)
Next, let's calculate the sum of squares of deviation from the mean:
(2 - 4.72)² + (3 - 4.72)² + (3 - 4.72)² + (3 - 4.72)² + (3 - 4.72)² + (4 - 4.72)² + (5 - 4.72)² + (6 - 4.72)² + (7 - 4.72)² + (8 - 4.72)² + (8 - 472)² = 48.18
Then, divide the sum of squares by the number of values and take the square root:
Standard deviation = sqrt (48.18 / 11) = 2.09 (rounded to two decimal places)
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Which of the following dimensions of the job are related to job satisfaction? Check all that apply.
a. Competent supervision
b. Regular and specific feedback
c. Supportive coworkers
d. Opportunities for advancement
The dimensions of the job related to job satisfaction are Competent supervision, Supportive coworkers, and Opportunities for advancement. Option (a) (c) and (d) are correct.
What is Supervision?Supervision is the act of watching a person and making to assure that everything is done correctly and safely.
Intrinsic and extrinsic jobs are two major forms of job satisfaction. Intrinsic job satisfaction is contentment with the type of work the employee is doing, while extrinsic job contentment encompasses the environment in which the job is being completed.
Job satisfaction includes work content, working conditions, and leadership satisfaction, which relates to an employee's satisfaction with the individuals and things they engage with on a daily basis.
Therefore, Options (a) (c) and (d) are correct.
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the force to be considered in calculating the work you perform when climbing up a set of stairs is your _____
For computing the amount of work required to climb a flight of stairs, the formula is Work (in joules) = Weight (in newtons) X Stairs Height (in meters.)
What is meant by Workforce?The pool of people who are either employed or unemployed is referred to as the workforce or labor force. But, it can also refer to a certain geographic area like a city, state, or country. It is typically used to describe people who work for a single organization or industry. The "Workforce in Place" of a corporation can be used to describe its value. Both working and jobless people make up a country's workforce (labour force).
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Suppose that a process is in a state of control and we have the following information for a human weights measurement study: Average weight of males in the study = 150 lbs. Average range of the male weights = 100 lbs. A2 = .577 D3 = 0 D4 = 2.115 what is the lower control limit for a p-chart?
The p-chart's lower control limit is 0.205, or 20.5%. A statistically significant proportion of nonconforming units below this figure would prompt an investigation into the procedure to locate and address the cause of the nonconformity.
What is p-chart?A statistical quality control chart called a p-chart, which is also called a proportion chart, is used to keep track of how many items in a sample have defects or nonconformity. In manufacturing, healthcare, and other industries, the p-chart is frequently utilized to monitor a product's or process's quality over time.
The p-chart is based on the binomial distribution and assumes that the number of nonconforming items in a sample follows a fixed binomial distribution. The centerline represents the average or target proportion, and the upper and lower control limits indicate the acceptable range of proportions. The chart also shows the percentage of nonconforming items or defects.
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visit a local specialty retail store (e.g., sporting goods, cooking products, electronics) or look in your own kitchen/pantry and identify a generic product or commodity that might be "de-commoditized" and dif- ferentiated through innovation.
A commodity that might be de-commoditized and differentiated is cool max. This cool max is all-season technology which keeps the body warmer in winter and keeps the body cooler in summer.
How coolmax might be de-commoditized through innovation?Cool max is all-season technology which keeps the body warmer in winter and keeps the body cooler in summer. This helps the store to differentiate its offering from its competitors and it will also help in attracting more audience towards the product. So this is also a sort of innovation which has de-commoditized products.
Thus cool max might be de-commoditized through innovation.
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On march 3, abc purchased a desk for $450 on account. On march 22, abc purchased another desk for $500 also on account, and then on march 24, abc paid $400 on account. At the end of march, what amount should abc report for desks (assuming these two desks were the only desks they had)? (just type numbers).
Answer:
950
Explanation:
'if you choose not to include a career objective, where should you discuss your career objectives and goals?
If you choose not to include a career objective in your resume the you can discuss your carrier objective and goals in your coverletter during the interview Process.
Where on a resume should a career objective be placed?A resume objective is a two to three sentence statement of your career goals that goes at the top of your resume. If you are changing careers or don't have adequate work experience in the field you are applying for, you should just include a resume objective.
What are your objectives and goals for your career?A concise, clear statement outlining your professional aspirations is known as a career aim. It often covers the kind of position or profession you want, as well as the particular sector of the economy you want to work in. In some situations, your intended wage range may be included in your professional aim for your Resume.
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The following graph shows two known points (X and Y) on a demand curve for oranges.
1.According to the midpoint method, the price elasticity of demand for oranges between point X and point Y is approximately (0.03, 0.05, 0.63, 1.6) , which suggests that the demand for oranges is (elastic, inelastic)between points X and Y.
The demand curve, in economics, is a graphic representation of the relationship between product price and the quantity of the product demanded.
What is the Demand Curve?A demand curve is a graphical depiction of the relationship between a product's price and the amount that is wanted in economics. It is shown as a graph with the quantity demanded on the horizontal axis and the price on the vertical axis.
The demand curve is a graphical depiction of the connection between the cost of a commodity or service and the amount demanded over a specific period. A common representation will have the price on the left-hand vertical axis and the amount needed on the right-hand horizontal axis.
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Which of the following are likely to occur if the technology for pollution-control equipment improves noticeably?
The marginal cost curve of abatement would shift rightward.
The cost of pollution abatement would fall.
The optimal quantity level of abatement would rise.
One of the most potential frontiers for raising the standard of the air is the creation of new technologies. We have created techniques for avoiding air pollution both indoors and outside, from catalytic converters to low-emitting consumer goods.
We will talk about six innovations that actively guard against the negative effects of air pollutants on our environment and our health in commemoration of these technical breakthroughs. The regulatory and market-based approaches to reducing air pollution that we previously explored each had their own advantages and disadvantages. Instead of treating technology as a single, all-encompassing answer, we will address each invention separately because new innovations typically don't have the same kind of cost-benefit connection as these other strategies.
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according to a ____, the party who opens the box automatically accepts the terms by keeping the goods.
According to a contract of adhesion, the party who opens the box automatically accepts the terms by keeping the goods.
How can it be explained in detail?This type of agreement is made when one party, usually a bigger and more powerful entity like a corporation, presents the other party with a predetermined set of terms while the other party has little to no power to negotiate the terms. The consumer is considered to have accepted the terms by opening the box or using the product, which are frequently included in a document like a software licence or a product warranty. This kind of agreement is frequently criticised for being unfair to consumers and one-sided.
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According to a contract of adhesion, the party who opens the box automatically accepts the terms by keeping the goods.
What is an adhesion contract?
A contract of adhesion, also known as an adhesion contract, is one in which the parties have such disproportionate bargaining power that the party with less power could not have negotiated for changes to the contract's terms.
What distinguishes a contract of adhesion?An adhesion contract is one in which one party has significantly more control over the contract's terms than the other. The offeror must provide a customer with standard terms and conditions that are identical to those offered to other customers in order to establish a contract of adhesion.
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When deciding whether to tighten or loosen monetary policy, central banks weigh
the relative risks to price stability and growth. Mention two indicators that the MPC use
to gauge the risk to inflation and two indicators the MPC use to gauge the risk to
growth.
Answer:
Explanation:
To control economic growth and pull economies out of recessions, central banks employ monetary policy instruments.
Despite the fact that central banks can be beneficial, current short-term remedies may have unfavorable long-term effects.
Governments use fiscal policy as a tool to alter tax and expenditure rates in order to have an impact on the economy.
Politics and appeasing voters can influence fiscal policy, which can result in poor judgments that are not supported by facts or economic theory.
Government efforts may be hampered if monetary policy and fiscal policy are poorly coordinated.
select the statements below that are correct in regards to entering transactions in a journal. (check all that apply.)
The statements below for writing transactions in a diary are true: the total dollar amount of debits must match the total dollar amount of credits; credited accounts should be indented; leave one blank line between each finished journal entry.
A journal entry is what?A journal entry is used in an accounting record for a business to describe a business transaction. Journal entries are frequently made in the general ledger, but they can alternatively be produced in a subsidiary ledger and then rolled forward into the general ledger after being summarized.
After then, the general ledger is used to create the company's financial statements. For a journal entry to make sense, every business transaction needs to be recorded twice at the very least (known as double entry accounting).
For instance, the income account and the cash account both grow when you make a cash sale. Alternately, if you make a credit transaction, your inventory account and accounts payable account both grow.
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Correct question:
Select the statements below that are correct in regard to entering transactions in a journal. (check all that apply.)
a) Credited accounts
b) Date of transaction
c) The total dollar amount of debits must equal the total dollar amount of credits.
d) Credited accounts should be indented.
e) Leave one blank line between each completed journal entry.
