Rs 253 must be debited to his account .
Rs ( 23+230)= 253
A $23 credit to sales was posted as a $230 credit.In this case, the transaction was recorded on the wrong side with wrong amount. Thus Rs 253 must be debited to his account .
Rs ( 23+230)= 253.
- Credit sales refer to a sale in which the amount owed will be paid at a later date. In other words, credit sales are purchases made by customers who do not render payment in full, in cash, at the time of purchase.
- It is common for credit sales to include credit terms. Credit terms are terms that indicate when payment is due for sales that are made on credit, possible discounts, and any applicable interest or late payment fees.
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Answer:
Transferred.
Explanation:
FASB is an acronym for Financial Accounting Standards Board. The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors. It was founded in 1972 but began operations fully on the 1st of July, 1973 by replacing the Accounting Principles Board (APB) and American Institute of Certified Public Accountants (AICPA).
A recently issued FASB standard known as the core revenue recognition principle, requires that companies recognize revenue when goods or services are transferred to customers for the amount the company expects to be entitled to receive in exchange for those goods or services.
Answer:
$359,000
Explanation:
Total Bond issue costs can be calculated by adding all the cost related to the issue of bond.
Bond Certificate printing cost = $24,000
Legal fees paid = $90,000
CPA registration = $15,000
Underwriting Commission = $230,000
Total Bond issue costs = $359,000
After adding all the cost we reached at 359,000 and its closest to Option A 360,000
Answer: Firms will exit the market, causing price to rise until losses are eliminated
Explanation:
When there is a decrease in demand in a Perfectly Competitive Market, firms will have to start producing at a lower Quantity to manage their Marginal cost. This leads to Economic losses on their part in the short run.
In the long run however, should the situation remain the same, the new price would be less than their Average Cost which would deepen Economic losses. Firms would respond by exiting the market in the long run.
As the firms exit, the supply curve shifts left as supply drops. This drop in supply leads to a price rise. The exits will continue until enough firms leave that the market's remaining firms will stop suffering economic losses.
