Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 30, 2024

Suppose you are closing the books for the accounting period and you have a balance of $75,000 in your Sales account. What should you do

Suppose you are closing the books for the accounting period and you have a balance of $75,000 in your Sales account. What should you do with that balance?

A. You should carry it over to the next accounting period.

B. You should zero it out.

C. You should start a new Sales account.

D. You should make adjustments.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cornerstones of managerial accounting

Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

5th edition

978-1305302327, 130530232X, 978-1133943983

More Books

Students also viewed these Accounting questions

Question

★★★★★

Put all of the below items in the correct format. Don't be concerned about numbers. Just get the lines and headings all in the right places. Beginning Cash Balance CASH FLOWS FROM FINANCING...

Answered: 1 week ago

Question

★★★★★

What recommendations would you make to Lew Frankfort to improve the company's competitive position in the industry and its financial and market performance?

Answered: 1 week ago

Question

★★★★★

Twenty kmol/hr of an equimolar mixture of n-pentane (1) + 2-propanol (2) at 50C and 200 kPa is sent to a flash distillation unit operating at 50C and 75 kPa. Report the following information assuming...

Answered: 1 week ago

Question

★★★★★

Consider the continuous sample space = [1, 1000]. For each event A in (A ), we define the probability P(A) to be k1000, where k is the number of integers included in the set A. Then: (i) Show that...

Answered: 1 week ago

Question

★★★★★

a. Find the present values of the following cash flow streams. The appropriate interest rate is 8%. b. What is the value of each cash flow stream at a 0% interestrate? Cash Stream A Cash Stream B...

Answered: 1 week ago

Question

★★★★★

Plz help me Patterson's Metal Company manufactures two lines of designer yard gates, called model A and model B. Every gate requires blending a certain amount of steel and zinc; the company has...

Answered: 1 week ago

Question

★★★★★

gerial Accounting - Spring21 Which of the following statements about margin of safety is false? O a Margin of safety measures the difference between budgeted revenues and breakeven revenues ob. Honly...

Answered: 1 week ago

Question

★★★★★

1. Using invented spelling does not slow down or prevent a child from learning conventional spelling. True False 2. What impact has the statistical learning approach had on language learning? In...

Answered: 1 week ago

Question

★★★★★

Exercise 8-11 Direct materials and direct labor variances LO P2 Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct...

Answered: 1 week ago

Question

★★★★★

In Week 1, you were asked to consider if one domainphysical, cognitive, or social-emotionalwas more important than the others. Review your response. Have your views changed or strengthened? Explain...

Answered: 1 week ago

Question

★★★★★

Compute ROA and Adjusted ROA The following information was reported by Yum Brands in its form 10-K. Use this information to answer the requirements. $ millions Dec. 31, 2019 Dec. 31, 2018 Net income...

Answered: 1 week ago

Question

★★★★★

4.1 The following data elements comprise the conceptual-level schema for a database: billing address cost credit limit customer name customer number description invoice number item number price...

Answered: 1 week ago

Question

★★★★★

Brief Exercise 12.4 (Static) Unusual or Infrequent Item (LO12-2) In the current year, Hudson Company had revenue and expense numbers of $750,000 and $600,000, respectively, before income taxes and...

Answered: 1 week ago

Question

★★★★★

What mass of KBr (in grams) should you use to make 350.0 mL of a 1.30 M KBr solution?

Answered: 1 week ago

Question

★★★★★

14.7 Shania would like to invest in a company that will give her a good rate of return on her investment. She has collected information on four companies. Extracts from their most recent financial...

Answered: 1 week ago

Question

★★★★★

14.2 Calculate the post-tax return on shareholders' funds (to one decimal place). Is it: a) 3.8% b) 8.2% C) 3.3% d) 7.1%?

Answered: 1 week ago

Question

★★★★★

14.4A Calculate return on total capital invested (to one decimal place). Is it: a) 15.5% b) 13.3% c) 9.1% d) 22.8%?

Answered: 1 week ago

Previous Question Next Question