The account titles for transaction (D) 5/5 should appear in the Account Title column of the journal entry as <span>A/P—Bellhaven Bank Cash
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If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is $840.
For two employees and for two days, the adjustment made was 4 times their per day income.
Total month end adjusting entry will be 2×2×$210 = $840
What is Accounting Period?
- A set period of time, such as a calendar year or fiscal year, is referred to as an accounting period in which income balance of whole month is calculated.
- It is used for performing, aggregating, and analyzing accounting operations.
- The accounting period is helpful for investing because prospective investors can assess a company's success by looking at its financial statements, which are based on a set accounting period.
<h3>What is
Month-End Adjusting Entry?</h3>
- Month-End Adjusting Entry is a record created at the conclusion of an accounting period that allows an income or expense to be recognized in the timeframe in which it is incurred.
- Accruals, deferrals, and estimations are the three forms of Month-End Adjusting Entry that are most frequently used.
<h3>What is Fiscal Year?</h3>
- Companies and governments utilize fiscal years, which are one-year periods, for financial reporting and planning.
- The most typical accounting period utilized to create financial statements is a fiscal year.
- A company's fiscal year is based on 3 determining parameters namely financial reports, external audits, and federal tax filings.
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<span>The Great Leap featured communes without machines, while European industrialization included factories.</span>
Answer:
1. B2B refers to Business to Business transactions.
Here businesses engage in buying and selling transactions of goods and services amongst themselves. An example includes Wholesalers selling to Retail stores.
2. B2C refers to Business to Customer transactions.
This is when the business sells directly to the customer thereby cutting out the need for the Middlemen. It is the term that online retailers fall under as they sell directly to customers from their websites.
An example therefore is ordering from Amazon.
3. B2G refers to Business to Government transactions.
This includes the business transactions between the businesses and the Government be it Federal, State or Local level. Here businesses bid on the services that the government wants provided and the Government chooses the best alternative. An example is Boeing building B-52 Bombers for the US Armed Forces.
4. C2C refers to Customer to Customer transactions.
These transactions occur when people sell their goods and services directly to one another. This can happen when they post their wares online and other individuals buy it from there.
An example would be eBay where people post their goods and others buy it.
