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An accountant has debited an asset account for $2,000 and credited an expense account for $4,000. Which of the following would be the correct way to complete the recording of the transaction?
Credit an asset account for $4,000.
Credit a liability account for $2,000.
Credit a shareholders’ equity account for $2,000.
Debit a shareholders’ equity account for $2,000.
During the month of August, Karlsson Industries had the following transactions:
Aug. 2 Paid cash for the August rent of $1,500
Aug. 6 Purchased supplies of $250 on account
Aug.10 Collected $5,700 from customers on account
Aug.15 Received $2,200 cash for services to be rendered in September
Aug. 21Paid for supplies purchased on account on August 6
Aug. 28 Billed customers for $7,500 for services provided in August
Aug. 31Paid $150 cash for utilities expense
For each transaction fill in the below table for the date of the transaction, the account name to be debited and credited and the effect on the respective account: increase to the account and for a decrease to the account
Choose the correct answer for each date
A. August 2nd
Debit account choose between: utility expenses, rent expenses, supplies, account receivable, accounts payable, cash, supplies expense, service revenue, Unearned revenue.
Effect :
Amount :
Credit account
Effect
Amount
August 6th
August 10th
August 15th
August 21st
August 28th
August 31
A firm wants to minimize cost when Q=160=2√KL ;r=4 k=2
a) write out the Lagrangian function
b) Find K* and L*
c).Is the second-order sufficient condition for minimum satisfied?
Discuss the concept of the double entry and elaborate on its relevance to the duality concept
‘’To prevent and alleviate human sufferings through appropriate and timely humanitarian and development interventions, contribute to the well being of humankind and prevalence of peace by mobilizing the public and partners in Ethiopia and around the world”.
please evaluate, using the above mission statement in components
1. customer,
2. product/service,
3. market,
4. technology,
5. concern for survival, growth,and profitability,
6. philosophy,
7. self-concept,
8. concern for public image and
9. concern for employee.
Discuss the assertion that the underdevelopment of developing countries is self-afflicted
Look at the Four macroeconomics policies
i. Economic growth
ii. Unemployment
iii. Inflation
iv. Balance of payment
How has the Coronavirus – COVID 19 affected each of these policies in Africa? Illustrate with suitable examples.
Which of the following is not an example of an intangible asset.
a)Goodwill
b)computer software
c)patents and trade marks
d)computer hardware
4) Solve the following linear programming problem:
Min 𝐶 = 0.6𝑥1 + 𝑥2
subject to 10𝑥1 + 4𝑥2 ≥ 20
5𝑥1 + 5𝑥2 ≥ 20
2𝑥1 + 6𝑥2 ≥ 12
𝑥1 𝑎𝑛𝑑 𝑥2 ≥ 0
