Table of contents

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1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

Pia ordered a salad for $8 and a drink for $3. She paid with a $20 bill. How much change should she receive?

$11

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Verified step by step guidance

Step 1: Identify the total cost of the items purchased. Add the cost of the salad ($8) and the drink ($3). Use the formula: Total Cost = Cost of Salad + Cost of Drink.

Step 2: Calculate the total amount paid by Pia, which is $20. This is the amount she handed over to the cashier.

Step 3: Determine the change Pia should receive by subtracting the total cost of the items from the amount paid. Use the formula: Change = Amount Paid - Total Cost.

Step 4: Perform the subtraction to find the change. Ensure that the calculation is accurate and double-check the result.

Step 5: Compare the calculated change with the provided options ($7, $11, $8, $9) to confirm the correct answer.