On February 5, Kirkland Co. purchased equipment that cost $35,000. The firm paid $5,000 cash and signed a long-term note payable for $30,000. Show the general journal entry to record this transaction.
What will be an ideal response?
| 2/5 | Equipment | 35,000 | ? |
| ? | Cash | ? | 5,000 |
| ? | Note Payable | ? | 30,000 |
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A number of costs that are commonly allocated are listed in the following table followed by two alternative cost allocation bases.
Required: For each cost listed, circle the cost allocation base that you believe would be more appropriate for allocating the cost.
What will be an ideal response?
. If you cannot convey your product or service idea to your audience of prospective financial backers in a few short sentences, you should:
a. provide everyone with a detailed business plan document. b. abandon your product or service idea. c. spend time getting a clearer sense of the essence of your product. d. remind your audience that they are missing out on a unique opportunity.
The North American Free Trade Agreement was designed to encourage free trade between
A. North America and the Commonwealth of Independent States. B. the United States, Canada, and Mexico. C. member countries originally from NATO (North Atlantic Treaty Organization). D. the United States and the European Union. E. North America, Central America, and South America.
If average demand for an inventory item is 180 units per day, lead time is 5 days, and safety stock is 90 units, what is the reorder point?
What will be an ideal response?