Answer:
Explanation:
Answer:
b. debiting Accounts Receivable and crediting Sales.
Explanation:
When merchandise is sold and the perpetual system of inventory is used, the journal entry for a sale would include debiting Accounts Receivable and crediting Sales.
A perpetual system of inventory can be defined as a process of financial accounting, which involves the recording of informations about an inventory on a continuous basis (in real-time) as the sales or purchases are made through the use of enterprise management software applications and a digitized point-of-sale services.
In Accounting, to record a journal entry for a sale on an account, the account receivable would be debited because it is an asset and shall be increased with debits while crediting the sales account for the amount being paid by the customer.
Under a perpetual system of inventory, updates of the journal entry for a sale would include debiting Accounts Receivable and crediting Sales immediately as it is being made or happening. This is to ensure that the inventory account balance is always accurate provided there are no spoilage, theft etc.
In a hypothesis test, we formulate a null hypothesis and evaluate sample data to decide if there's enough evidence to reject the null hypothesis. If the evidence supports the null hypothesis, we do not reject it. If it favors the alternative, we reject the null hypothesis.
When conducting a hypothesis test, we basically formulate a null hypothesis and then evaluate the test results to determine if there is enough evidence to reject this hypothesis or not. The initial null hypothesis is a claim, typically denoted with H0, that we initially assume to be true. Here, the null statement must always contain some form of equality (=, ≤, or ≥).
After formulating our null hypothesis, data is collected from a sample and evaluated. The evidence from this sample data is then used to decide if we have enough evidence to reject the null hypothesis or not. If the evidence supports the null hypothesis, we do not reject it. If it favors the alternative hypothesis, we reject the null hypothesis.
It's important to note that a hypothesis test is a procedure for determining whether the hypothesis stated is a reasonable statement and should not be rejected, or is unreasonable and should be rejected. This process of decision making is crucial in various scientific and statistical research methodologies.
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b. the degree that changes in a good's price affect the quantity demanded by consumers.
c. the amount of complements and substitutes that a good or service has.
d. the change in a good's price after demand rises.
2. What is the Internal Revenue Service?
3. What is the capital gains tax?
4. Give at least two examples of types of state taxes.
5. What is a pay stub?
Answer:
1) Taxes are compulsory financial charges levied upon taxpayers by government entities in order to fund their activities.
2) The IRS is the government agency responsible for collecting federal taxes and enforcing federal tax law.
3) Capital gains taxes are taxes levied upon the profit resulting from the sale of non inventory assets (e.g. land, house, stocks, etc.)
4) Two examples of state taxes are: corporate state taxes and real property taxes.
5) A pay stub or a pay slip is a document that itemizes what an employer pays to its employee. It includes the salary minus the deductions made.
Answer:
damages, should the buyer default.
Explanation:
Prospective buyer is the one who intends to buy.
Agent is the one who provides the facility of making the deal feasible, for buyer as by providing options to buy, and finding deals within the reasonable price range.
In any case if the buyer makes any kind of default there will be damages which the agent will bear.
Thus, while making the deal the agent shall realize that these things can happen.
Answer:
When Andrew sent his acceptance on Wednesday a contract was formed.
Explanation:
Andrew had recieved the offer on Monday and accepted on Wednesday, although Billy sent a revocation on Tuesday.
The onus for Andrew to receive the revocation on time is on Billy, a faster means should have been taken to notify Andrew of the revocation.
So the contract was formed on Wednesday when Andrew accepted the offer.