Answer:
Utility expense Dr. $200
Accounts payable Cr. $200
(To record the entry for electric expense)
Explanation:
Given the amount of the invoice = $200
The expenses like Electricity expenses come under utility expenses so the incurred electricity expense will show that the utility expenses are debited and account payable is credited. Here the account payable is credited because the is not paid.
Thus, below is the entry as on 30th November.
Utility expense Dr. $200
Accounts payable Cr. $200
(To record the entry for electric expense)
Answer:
c. value of all final goods and services produced within a country in a given period of time.
Explanation:
GDP is the value of all final goods and services produced within a country in a given period of time.
GDP = Consumption + Investment + Government Spending + Net Exports
GNP is the value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.
<span>External users are people outside the business entity (organization) who use accounting information. Examples of external users are suppliers, banks, customers, investors, potential investors, and tax authorities.</span>
Paul is responsible for recording sales transactions at his company. To minimize entry errors, Paul uses a (n) <u>accounting process</u>.
The accounting process is the set of steps that allows the economic operations of an entity or company to be expressed through financial statements.
This process is essential for any company since they will be able to see their expenses and income, and thus make projections and help it to minimize entry errors of the company.
- During the accounting process, the economic operations of the company are compiled (purchases of materials, sales of products), together with the documents that guarantee each operation.
- Finally, before the accounting process is closed, adjustments or modifications can be made that allow a reliable balance.
Therefore, we can conclude that Paul is responsible for recording sales transactions at his company. To minimize entry errors, Paul uses a (n) accounting process.
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