A company paid $200 cash for supplies that were purchased last month. However, the company recorded a debit to Accounts Payable of $200 and a credit to Cash of $20. This company's accounting records are ______.

Answers

Answer 1

This company's accounting records are: Incorrect because debits side  do no equal credits side.

Accounting record

Based on the information given their is an error when recording the journal entry reason  been that we are supposed to credit cash with the amount of $200 and not $20.

Due to this error this company's accounting records will be wrong or  Incorrect based on the fact that the  debits side  do no equal credits side.

The principle of accounting entry states that "Every debit entry must have a corresponding credit entry and every credit entry must have a corresponding debit entry"

The correct entry was supposed to be:

Debit Account payable $200

Credit Cash $200

Inconclusion  this company's accounting records are: Incorrect because debits side  do no equal credits side.

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Related Questions

Fixed costs that cannot easily be changed and often lock a company into a multi-year decision are called

Answers

Fixed costs that cannot easily be changed and often lock a company into a

multi-year decision are called committed fixed costs.

What is Fixed cost?

These are costs which aren't dependent on the production of goods and

services of the company(productivity)

Committed fixed costs on the other hand is the cost which is very

important and necessary for the running of the business. The costs cannot

easily be changed and run for a long period of time.

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Because it determines which decisions are implemented, the ________ of the DSS is arguably its most important component.

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The Model Builder of the decision support system is the most important component because its is important in determining which decisions to be implemented.

What is decision support system?

Decision support system refers to a system used to support judgments and courses of action in an organization or a business.

The decision support system is important because its facilitate business decision-making.

In conclusion, the Model Builder is the most important component of the decision support system.

Read more about decision support system

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An interviewer describes a scenario that is likely to occur on the job and asks candidates how they would respond. This is called a(n)

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Answer: situational

Explanation:

A situational interview is a structured interview in which the interviewer describes a situation likely to arise on the job and asks the candidate how he or she would handle the situation.

Having a(n) means the amount of your liabilities is larger than the value of your assets.

Answers

Having a negative net worth means the amount of liabilities is larger than  assets.

What is net worth?

Net worth is the amount by which assets exceed liabilities. In other words, net worth shows the difference between what is owned by one and what one owe.

If the assets exceed liabilities, then it is a positive net worth. Also, if the liabilities are greater than the assets, it is a negative net worth. Net worth would be the amount of cash you would have if you were to sell all of your personal belongings and pay off all the debt

Therefore, having a negative net worth means the amount of one's liabilities is larger than the value of the assets.

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negetive net worth................

Markets, such as the new york stock exchange and your local retail store, are ______ markets.

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Local retail store and new york stock exchange are known as formal markets.

What is a formal market?

Formal market is a type of market where sellers have fixed location. This means that formal sellers advertise their posted price and location in this type of market.

Formal market are organized market wherein sellers can publicly advertise their prices and locations.

Examples of formal market are :

Stock marketCommodity exchanges

Therefore, formal markets are markets such as the new york stock exchange and your local retail store.

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which organization was designed to keep prices steady, fight inflation and ration foods

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The Office of Price Administration (OPA) was established within the Office for Emergency Management on August 28, 1941, in order to control prices (and thus inflation) and rents after the outbreak of World War II.

When your influence as a manager is multiplied far beyond the results that can be achieved by just one person acting alone, you are thought to have

Answers

The multiplier effect is when your influence is more than that of an individual acting alone.

What is the multiplier effect

This is used to refer to a situation whereby a person is known to have spill over effects.

When a person is abled to achieve more than 1 person acting alone it shows that they are able to raise output.

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Can someone fill this in​

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pick dog walking because I like dog and kid is naughty

pros and cons of min wage essay

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Answer

Hope this answer will help you.

Which was not a factor contributing to argentina’s prosperous economy in the early 1900s?.

Answers

One factor that didn't contribute to the wealth and development of Argentina in the early 18th century is the high barrier to foreign investments.

About Argentina's Economy in the early 19th Century

In the years between 1860 and 1930, in addition to already having a comparative advantage in agriculture, Argentina experienced strong growth as the wealthy persons exploited the rich lands.

However, by the 1930s, its economy took a nosedive when the military took over power.

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Which statement best explains the decrease in manufacturing jobs over the next few years?

There is not enough demand for manufactured goods.
These jobs are often outsourced to overseas factories.
There are not enough skilled workers to fill the positions.
The cost of technical training and on-the-job training is high.

Answers

The best reason for the reduction in manufacturing jobs is that These jobs are often outsourced to overseas factories.

Manufacturing trend in developed countries Large companies are outsourcing manufacturing services to other nations. This is usually to save costs and to avoid certain regulatory oversight.

As a result of these jobs being shipped abroad, manufacturing jobs in developed countries are suffering and will decrease in the next few years.

In conclusion, option B is correct.

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Which marketing management philosophy focuses on the question, "what do customers want and need?".

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Answer:

Which marketing management philosophy focuses on the question, "What do customers want and need?" -do research on its customers, competitors, and markets. -establish and maintain mutually satisfying relationships with customers.

a
3 Discuss a method that a business owner may use to reduce
the level of risk in the running of their business.

Answers

Answer:

Know the law. ...

Document everything important. ...

Hire significant employees. ...

Build your reputation. ...

Protect your data.

here are some ways

what is office proceducer and accouting​

Answers

The administrative department handles management activities that affect the entire organization. The accounting department keeps the financial records of the business and prepares reports that help the business to make financial decisions.

Hope it helps...

In a supply chain, _____ involve the transformation, movement, and storage of supplies and raw materials.

Answers

Answer:

Physical Flows

Explanation:

In a supply chain, Physical Flows involve the transformation, movement, and storage of supplies and raw materials.

Idriss, a registered nurse, operates a home health care service to assist with the medical, meal preparation, and light housecleaning needs of older adults. When idriss makes strategic plans for his business to deal with an expected decline in the number of older people in the population, he is paying attention to the ________ environment.

Answers

Since idriss makes plans to deal with an expected decline in the number of older people in the population, he is paying attention to the general environment.

What is general environment?

General environment entails the overall resident of a specific area.

In conclusion, he is paying attention to the general environment because he makes plans to deal with an expected decline in the number of older people in the population.

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In the new department she is setting up, Shondra decides that top managers will report to her and that everyone else will report to the head of human resources. Which of the management functions is Shondra performing when she makes this decision?
i. leading
ii. planning
iii. organizing
iv. controlling

Answers

The management function that Shonda is performing when she decides that top managers will report to her while everyone else reports to the head of human resources is iii. organizing.

What is Organizing in management functions?

Organizing is that function of management involving the development an organizational structure so that human resources are arranged for the achievement of organizational objectives. Organizing also involves the design of the jobs of individuals.

Thus, the management function Shondra performs here is Option III.

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The envelope system is especially helpful for expenses like:.

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The envelope system is usually helpful for items that tend to bust your budget. Things like gas, groceries and bills.

According to the ________, in an economy that produces more goods and services than can be consumed, advertising keeps consumers informed of their alternatives and allows companies to compete more effectively for consumer dollars.

Answers

Answer:

Abundance Principle

Explanation:

The abundance principle states that in an economy that produces more goods and services than can be consumed, advertising keeps consumers informed of their alternatives and allows companies to compete more effectively for consumer dollars

whast 9 + 10 ? lol so is make me put big word here lololo

Answers

19… is this a trick question or something? lol

If three sandwiches and two bags of chips cost $22. 00, and two sandwiches and one bag of chips cost $14. 25, how much does a bag of chips cost?.

Answers

A bag of chips will cost $1.25. The price is calculated by making linear equations in two variables and solving them by substitution method.

What is a linear equation in two variables?

Linear equation in two variables can be defined as an equation in the form:

[tex]\rm ax + by = c[/tex] , where x and y are variables and a and b are not equal to 0.

For the given problem, let "s" be the cost of a sandwich and "c" be the cost of a chips bag.

Given:

The cost of three sandwiches and two chips bags is $22.00.

Therefore, the 1st equation will be:

[tex]\rm 3s +2c = 22[/tex]                              

The cost of two sandwiches and one chips bag is $14.25.

Therefore, the 2nd equation will be:

[tex]\rm 2s + c = 14.25[/tex]

To calculate the cost of a chips bag, we need to solve equation 1 and equation 2 by the substitution method.

From equation 2, the value of c will be:

[tex]\begin{aligned}\rm 2s + c &= 14.25\\\\c &= 14.25 - 2s\end[/tex]                                   ... (3)

Now we will put  [tex]\rm c = 14.25 - 2s[/tex]  in equation 1:

[tex]\begin{aligned} \rm 3s + 2c &= 22\\\\3s + 2(14.25 - 2s) &= 22\\\\3s + 28.50 - 4s &= 22\\\\-s + 28.50 &= 22\\\\s &= 28.50 - 22\\\\s &= \$6.50\end[/tex]

On substituting the value of s in equation 3:

[tex]\rm c = 14.25 - 2s \\\\c = 14.25 - 2(6.50)\\\\c = 14.25 - 13\\\\c = \$1.25[/tex]

Therefore the cost of a bag of chips is $1.25.

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A country has a comparative advantage in producing a good if:.

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Answer:

it can produce that good at a lower opportunity cost relative to another country.

Two businesses—berry farms llc and canned jams inc. —dispute the quality of goods delivered by the seller and the price agreed to by the buyer. With regard to this dispute, the two parties can:.

Answers

With regards to solving the disputes between the two businesses, they can use any of the choices given.

Solving a dispute between businessesThey can go to court for litigation and let the law mediate. They can settle it themselves.They can use arbitration or some alternate method.

Business disputes can be solved in several ways depending on the level of seriousness and the amount at risk. If this amount is high then litigation is the general route taken.

In conclusion, option C is correct.

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The interest rate a company pays on 1-year, 5-year, and 10-year loans is a function of:.

Answers

A company will pay interest based on its credit rating and the length of time over repayment is scheduled to occur (1-year, 5- years, or 10 years).

How is interest decided?It is based on various risks such as credit risk and maturity risk. Credit risk of a company is shown in its credit rating. The maturity risk increases as the length of time to repayment increases.

The interest paid will therefore be dependent on the credit rating of the company and the term of the loan that it took out as these show different types of risk.

In conclusion, option A is correct.

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During the _____ stage of the business cycle, high unemployment begins to decline and the total disposable income of consumers increases.

Answers

Answer: I'm pretty sure the answer is recovery

Explanation:

because the cycle goes Prosperity, recession, depression, recovery

I need some help on this please. Question is down below.

Answers

Answer:

A

Explanation:

Allows for the acquisition of varied merchandise

clarissa earned 8$ for working 3 hours. how many hours will she have to work to earn 16$

Answers

she will have to work 6 hours.

For her third interview with a state government office, Cassandra met with the human resource director, the manager of the accounting department, and the chief financial officer. This is an example of a _____ interview.

Answers

I think the human manager Mage to make Cassandra relax for the job interview

Hyper-Tech Enterprises manufactures mechanical parts used in air conditioning and heating units.The company employs over 300 workers at its Alabama facility.None of the Hyper-Tech employees belongs to a union; however,management believes that unionization is in the near future.A representative of a local union has recently visited Hyper-Tech in an attempt to solicit members and have them sign authorization cards.Enough eligible employees have signed authorization cards to petition the NLRB for an election.Hyper-Tech's top executives are considering fighting the unionization efforts. Which of the following,if TRUE,best supports the argument that Hyper-Tech should contest the union's right to an election?
A) Hyper-Tech managers will soon be conducting annual employee performance appraisals and determining what salary adjustments to make.
B) Managers believe that they may have inadvertently hired union salts, who most likely instigated the unionization movement at Hyper-Tech.
C) Hyper-Tech management believes that if employees are provided with additional information from the firm, they will revoke their authorization cards.
D) The process outlined at Hyper-Tech for filing employee grievances differs from the grievance procedures at other firms in the same industry.

Answers

Hyper-Tech's top executives are considering fighting the unionization efforts. The statement which if TRUE, best supports the argument that Hyper-Tech should contest the union's right to an election is

D) The process outlined at Hyper-Tech for filing employee grievances differs from the grievance procedures at other firms in the same industry

Hyper-Tech

It was founded in 2008. The company's line of business includes providing various business services.

In conclusion, we can conclude that the correct answer is as given above.

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What kind of value chain can be described as purchases being made by the retailer from the manufacturer and then the retailer selling the products to the customer?Manufacturer to retailer to consumerManufacturer to wholesaler to consumerIndustrial to consumer to retailerCreator to manufacturer to wholesaler

Answers

Answer: A. Manufacturer to retailer to consumer

Explanation is in the image.

The value chain that can be described as purchases being made by the retailer from the manufacturer and then the retailer selling the products to the customer is the manufacturer to retailer to consumer. The correct option is a.

What is a value chain?

A value chain is a concept that describes every step of a company's operations in the development of a good or service, from the acquisition of raw materials through the final delivery to the customer.

All the business processes that are involved in producing a product from beginning to end are referred to as a value chain.

Businesses can identify areas where costs can be cut by using a value chain analysis, which provides them with a visual representation of these operations.

Therefore, the correct option is a. manufacturer to retailer to consumer.

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