Of the following sets of accounting entries, which one correctly records the purchase of a piece of equipment? A : a $15,000 increase in cash and a $15,000 decrease in equipment, both entered on the same date B : a $5,000 decrease in cash, a $15,000 increase in notes payable, and a $20,000 increase in equipment, all entered on the same date C : a $14,000 decrease in cash, a $4,000 increase in notes payable, and a $10,000 increase in equipment, all entered on the same date D : a $16,000 decrease in notes payable and a $16,000 increase in equipment, both entered on the same date

Answers

Answer 1

Answer:

Answer: The correct answer is B : a $5,000 decrease in cash, a $15,000 increase in notes payable, and a $20,000 increase in equipment, all entered on the same date.

Explanation: The option B is correct because we are accounting for a purchase of a piece of equipment. The options in the questions show that the purchase was partly through cash and partly through notes payable. Since that is the case, the appropriate entries should record a cash outflow (credit to cash to decrease it), increase in notes payable as a result (credit to notes payable to increase) and subsequently, increase in equipment (debit to equipment). So, the total credits equal the total debit.

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The PGA operates as two divisions: one that governs the club professionals who serve amateur players and another, known today as the PGA Tour, that governs the tour professionals, and schedules events such as the PGA Championship Tour, PGA Tour Canada, and the Web Tour.a. trueb. false
Aurora Corporation operated without insurance coverage for the first month of 2019. Then, on February 1, 2019, the company paid the $4,800 premium on a two-year insurance policy with benefits beginning on that date. The company uses the accrual basis. How much insurance expense will be reported on the company's income statement for the year ended December 31, 2019? a) $200 b) $2,200 c) $4.600 d) $4,800
When production is very high but demand is very low, it can lead to a recession. a recovery. prosperity. the peak.?
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Liquidity of savings refers to ____.a.
availability of your funds on short notice
b.
earning potential of savings
c.
security or safety of funds on deposit
d.
tax-free accumulation of savings

Answers

Answer: a. availability of your funds on short notice

Liquidity of savings refers to availability of your funds on short notice.

Explanation:

Liquidity of savings means the availability of cash in order to meet immediate and short-term obligations or operating needs. Cash is the most liquid asset. Some investments can easily be converted to cash like stocks and bonds because they are very liquid. They can be converted to cash within days and as a result, they are known as liquid assets.

Liquidity of savings refers to A. AVAILABILITY OF YOUR FUNDS ON SHORT NOTICE.

Liquidity is the terms used to describe how assets can easily be converted to cash.

The most liquid asset is cash because it is easily available for use as payment in any business transactions.

How does a diversified investment portfolio reduce investors' risk of losing money?A.) by increasing dividends

B.) by increasing the rate
of return

C.) by increasing the liquidity of investments

D.) by spreading investment capital over many investments

Answers

the answer is d. by spreading investment capital over many investments

D. is the correct answer

Is it true or false customer expectations evolve over time?

Answers

Answer:

true

Explanation:

What does the term normal goods refers to?

Answers

Normal goods are any goods for which demand increases when income increases, and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand.

goods that consumers demand more of when their incomes increase

Geoff rents an apartment with a monthly rent of $850. He owns the furniture in the apartment, which is worth $3,500, and he owns his car, which is worth $6,000. Geoff has a balance of $1,225 on his credit card and has $3,560 in a savings account.

Answers

Answer:

D. the credit card

Explanation:

took test on edge 2021

Are you asking about the total costs of living that Geoff have?
He owns a furniture in the apartment which is worth 3500 dollars and car which is worth 6000 dollars
=> 3500 + 6000 = 9500 dollars.
He also have a savings of 3560 dollars
=> 9500 + 3560 = 13,060 dollars.
now, he pays 850 dollars for rent and 1225 dollars for his credit card
=> 1225 + 850 = 2075
=> 13,060 dollars. - 2075= -10985 dollars.

Describe an example of a product that has highly elastic demand. Describe at least two factors that make this product's demand so elastic.

Answers

A good or service is said to be highly elastic if there is a a slight change in price this will cause a sharp change in the quantity. Usually these kinds of products are readily available in the market - example is jewelry. lottery ticket
The factors are - The govt that propose a law that is in favor of the industry
availability of substitutes
hope it helps

ANSWER: GOLD JEWELERY

EXPLANATION: Gold Jewelery is a classic example of a product with highly elastic demand. Consumers often tend to sway away to substitute products or postpone buying the gold jewelery if the price increases by a very small amount.

Two factors which makes the product's demand so elastic are:

a. AVAILABILITY OF SUBSTITUTES: People often tend to shift to substitute products when the price of the product increases. For example, for Gold Jewelery, people often tend to shift to jewelery which are artificial in nature or are made up of comparatively cheaper metals like silver.

b. INCOME LEVEL: Income level of the consumer plays a very important role in the market. Buying Gold jewelery after price hike for a person who earns $1000 a month maybe a trouble but for someone who earns as handsome as $10,000 a month may not be burden.

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