The economic situation in Lanceberg, an African country, slowly picks up after a severe financial downturn. Over a period of 12 months, businesses expand and employment levels rise. Consumers begin to engage in normal buying behavior. In this scenario, the economy of Lanceberg is currently in the _____.
A. recovery phase
B. relapse phase
C. contraction phase
D. inflation phase
Answer: A
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On June 5, 20--, Snyder Systems establishes a petty cash fund of $150 . The journal entry to record the establishment of a petty cash fund involves
a. a debit to Cash. b. None of the answers listed c. a debit to Petty Cash Fund. d. a credit to Petty Cash Fund.
The centroids represent the mean values of the objects contained in the cluster on each of the variables
Indicate whether the statement is true or false
You have just received notice that Agnes Fisher, a customer of yours with an Accounts Receivable balance of $200, has gone bankrupt and will not be making any future payments. Assuming you use the allowance method, the journal entry you make is to
a. debit Uncollectible Accounts Expense and credit Accounts Receivable. b. debit Allowance for Uncollectible Accounts and credit Uncollectible Accounts Expense. c. debit Uncollectible Accounts Expense and credit Allowance for Uncollectible Accounts. d. debit Allowance for Uncollectible Accounts and credit Accounts Receivable.
During July, Audio City sold 200 radios for $50 each. Each radio had cost Audio City $30 to purchase and carried a two-year warranty. If 5 percent typically need to be replaced over the warranty period and one actually is replaced during July, the entry to record the Product Warranty Expense is:
a. Product Warranty Expense 30 Estimated Product Warranty Liability 30 b. Product Warranty Expense 150 Cash 150 c. Product Warranty Expense 300 Estimated Product Warranty Liability 300 d. Estimated Product Warranty Liability 600 Product Warranty Expense 600