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A. U.S. charitable organization, as a humanitarian gesture, donates $200,000 of wheat to a county that recently experienced a flood. The value of the wheat is a _______________ entry in the ________________ account.

credit; current

debit; current

credit; capital

debit; capital

credit; official settlements

debit; official settlements

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Elin Hessel
Elin HesselLv2
31 Mar 2019

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Related questions

Under a system of floating exchange rates, which of the following would not tend to cause an increase in the value of a country's currency?

Question 1 options:

An increased demand for the country's goods.

Offering higher interest rates than other countries.

A downturn in the country's business activity.

A lower rate of inflation than other countries.

2.

Foreign currency is usually referred to as

Question 2 options:

"foreign commodities."

"foreign exchange."

"foreign investment."

"foreign value."

3.

All else held constant, the near-term result of a decrease in the exchange value of country A's currency against country B's currency would most likely

Question 3 options:

increase A's exports to B.

decrease B's trade deficit with A.

increase B's exports to A.

decrease B's imports from A.

4.

When international trade occurs, currency exchange

Question 4 options:

is usually optional and rarely necessary.

can be avoided through careful planning.

is both necessary and unavoidable.

cannot occur unless both parties are coerced.

5.

Question 5 (1 point)

In order to purchase a vacation home in Great Britain, an American buyer would

Question 5 options:

demand British pounds and supply U.S. dollars in the foreign exchange market.

demand U.S. dollars and supply British pounds in the foreign exchange market.

demand and supply British pounds, but not U.S. dollars, in the foreign exchange market.

demand and supply U.S. dollars, but not British pounds, in the foreign exchange market.

6.

Which of the following will lead an American to exchange U.S. dollars for British pounds?

Question 6 options:

Importing a case of British salmon

Purchasing a cottage in the British countryside

Investing in a British manufacturing company

All of the above

7.

Which of the following was established as a result of the Bretton Woods Conference?
I. The International Monetary Fund (IMF)
II. The World Bank
III. The Geneva Conventions

Question 7 options:

I and II only

I and III only

II and III only

I, II, and III

8.

A "weak" (i.e., decreased value) U.S. dollar in relation to other currencies will typically have which of the following effects?

Question 8 options:

U.S. exports to other countries will decline.

Foreign countries will sell more goods in U.S. markets.

The U.S. trade deficit will increase.

None of the above.

9.

Special Drawing Rights (SDRs)

Question 9 options:

constitute an international currency created by the International Monetary Fund.

are considered as "paper gold", used as a substitute for gold in international exchange.

are used as part of the official reserves of central banks to settle international debt.

all of the above.

10.

Which of the following will lead to an inflow of U.S. dollars in the U.S. Balance of Payments account?

Question 10 options:

Exports of U.S. goods and services

Gifts (aid) received by the U.S. from foreign countries

Foreign investment in U.S. Treasury securities

All of the above

11.

If the U.S. sells $150 million of wheat to Brazil in return for $200 million of Brazilian oil, the $50 million difference will necessarily

Question 11 options:

be balanced by other transactions in the U.S. Balance of Payments account.

never by paid back, resulting in a $50 million loss for Brazil.

result in the sale of $50 million more wheat to Brazil later on.

obligate the U.S. to provide $50 million in foreign aid to Brazil.

12.

An inflow of U.S. dollars to the U.S. Balance of Payments account will occur when

Question 12 options:

the U.S. buys foreign currency in international markets.

the U.S. donates foreign aid to other countries.

Americans make investments in foreign assets.

the U.S. exports merchandise to foreign countries.

Save

13.

A demand for foreign goods

Question 13 options:

is a demand for foreign currency.

requires supplying domestic currency.

both of the above.

none of the above.

Jane Marks has a restaurant in which she accepts credit cards and checks. Several of the places that Jane shops now accept debit cards and do not accept checks. Jane's banker explained that a debit card would immediately transfer money into her account, but it would cost $50 per month for the equipment and bank charges. Although she requires proper identification, Jane loses approximately $590 a year as a result of bad checks. She also determined that on average she loses 115 days of interest on all checks because the banks are closed on 11 holidays and weekends (52 weeks times 2 weekend days = 104 + 11 holidays). Jane currently earns 3 percent interest on her bank accounts and accepts an average of $2,000 a day in checks.

a. What is the total annual cost to Jane for the debit card service?

b. What is the benefit?

c. Should Jane implement the system?

I answerd quite a bit but I'm still getting the incorrect answers. Can someone please help me correct my answers using the first below account numbers data with credit and debit. Please complete the whole thing. I need extremely help. Please do not say I need more information. This is all that was given to me.

A Byte of Accounting, Inc.
Worksheet
For Period Ending June 30, 2017
Account Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance
Number Name Debit Credit Debit Credit Debit Credit
1110 Cash 84,448.56 - 531.00 - 84,979.56 -
1120 Accounts Receivable 1,084.00 - 5,500.00 - 6,584.00 -
1130 Prepaid Insurance 5,976.00 - 5,727.00 - 11,703.00 -
1140 Prepaid Rent 5,400.00 - - 1,350.00 4,050.00 -
1150 Office Supplies 580.00 - - 236.00 344.00 -
1211 Office Equip. 2,259.00 - - - 2,259.00 -
1212 Accum. Depr.-Office Equip. - - - 350.00 - 350.00
1311 Computer Equip. 196,560.00 - - - 196,560.00 -
1312 Accum. Depr.-Computer Equip. - - - 6,650.00 - 6,650.00
1411 Building Cost 19,000.00 - - - 19,000.00 -
1412 Accum. Depr.-Building - - 7,000.00 - 7,000.00 -
1510 Land 100,000.00 - - - 100,000.00 -
2101 Accounts Payable - 2,580.00 - - - 2,580.00
2102 Advanced Payments - - - - - -
2103 Interest Payable - - - 1,748.92 - 1,748.92
2105 Salaries Payable - - - 531.00 - 531.00
2106 Income Taxes Payable - - - - - -
2201 Mortgage Payable - 107,100.00 - - - 107,100.00
2202 Notes Payable - 90,500.00 - - - 90,500.00
3100 Capital Stock - 200,704.00 - - - 200,704.00
3200 Retained Earnings - - - - - -
3300 Dividends - 1,218.56 - - - 1,218.56
4100 Computer & Consulting Revenue - 16,240.00 - 5,500.00 - 21,740.00
5010 Rent Expense - - 1,350.00 - 1,350.00 -
5020 Salary Expense 1,770.00 - - - 1,770.00 -
5030 Advertising Expense - 840.00 - - - 840.00
5040 Repairs & Maint. Expense 1,115.00 - - - 1,115.00 -
5050 Oil & Gas Expense 990.00 - - - 990.00 -
5080 Supplies Expense - - 236.00 - 236.00 -
5090 Interest Expense - - 1,748.92 - 1,748.92 -
5100 Insurance Expense - - - 5,727.00 - 5,727.00
5110 Depreciation Expense - - - - - -
5120 Income Tax Expense - - - - - -
TOTAL 419,182.56 419,182.56 22,092.92 22,092.92 439,689.48 439,689.48
Revenues
Computer & Consulting Revenue $12,250.00
Expenses
Rent Expense $1,350.00
Salary Expense $885.00
Advertising Expense
Repairs & Maint. Expense
Oil & Gas Expense $990.00
Supplies Expense $236.00
Interest Expense $5,748.92
Insurance Expense
Depreciation Expense
Total 9,209.92
Net Income Before Tax $3,040.08
Income Tax Expense (Round to two decimal places)
Net Income After Tax $3,040.08

Check and correct answers

A Byte of Accounting, Inc.
Balance Sheet
As of June 30, 2017
Not in Balance by $185,719
Assets
Current Assets
Cash $69,659.56
Accounts Receivable $2,389.00
Prepaid Insurance $11,703.00
Prepaid Rent $4,050.00
Office Supplies $344.00
Total $88,145.56
Long-Term Assets
Office Equip. $2,259.00
Accum. Depr.-Office Equip. 350.00 $1,909.00
Computer Equip. $125,435.00
Accum. Depr.-Computer Equip. 6,650.00 $118,785.00
Building Cost $1,900.00
Accum. Depr.-Building 7,000.00 $22,000.00
Land 100,000.00
Total $228,035.00
Total Assets $316,180.56
Liabilities
Current Liabilities
Accounts Payable $3,720.00
Advanced Payment
Interest Payable $1,748.92
Salaries Payable $354.00
Income Taxes Payable
Total $5,822.92
Long-Term Liabilities
Mortgage Payable $88,100.00
Notes Payable 90,500.00
Total 178,600.00
Total Liabilities $176,274.92
Stockholder's Equity
Capital Stock $128,464.00
Retained Earnings 1,821.52
Total 130,285.00
Total Liabilities and Stockholder's Equity $130,461.28

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