A Company Discovered That Inventory That Cost $1000 and Normally

question 29

Multiple Choice

A company discovered that inventory that cost $1000 and normally sells for $1200 has become obsolete and will be scrapped next month.The effect of the adjusting journal entry is to:

• A) decrease profit by $1000 and decrease total assets by $1000.
• B) decrease profit by $1200 and decrease total assets by $1000.
• C) decrease profit by $1200 and decrease total assets by $1200.
• D) decrease profit by $1000 and not affect total assets.

Understand key historical figures and their contributions to computing technology.

Recognize significant computing inventions and their impacts on the development of the industry.

Comprehend the evolution of computing hardware from mechanical to electronic systems.

Identify the origins and development of early programming languages.

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Definitions:

Order-Takers

Sales personnel who primarily take orders from customers rather than actively seek new sales or upsell, often found in retail or straightforward purchasing environments.

Order-Getters

Salespeople who actively seek out customers and work to persuade them to make purchases, often involved in complex sales processes.

Marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Selling

The process of persuading or influencing a buyer to purchase a product or service, involving techniques to communicate the value and benefits to the customer.