Answer:
The entries are made as follows;
Explanation:
Service Revenue Dr.$4,350
Income Summary Cr.$4,350
(To close revenue account)
Income Summary
Supplies expense Dr.$910
Insurance Expense Dr.$540
Salaries and Wages Expense Dr.$1,770
Income Summary Cr.$3,220
(To close expenses)
Income Summary (4,350-3,220) Dr.$1,130
Retained Earnings Cr.$1,130
Answer:
$241,500 (Understated)
Explanation:
Calculation for how much should Sheridan's retained earnings be retroactively adjusted at January 1, 2022
Retained earnings = $121,000 (Understated) + $200,000 (Understated) - $79,500 (Overstated)
Retained earnings = $241,500 (Understated)
Therefore by how much should Sheridan's retained earnings be retroactively adjusted at January 1, 2022 will be $241,500 (Understated)
Answer:
a legal consolidation of two entities into one entity
I highly think it's
D, as it there are CCTV for security purposes
and one can prevent crimes and preventive means stop something from occuring.
I hope I was a help a bit
Answer:
b) states that the revenues and related expenses should be reported in the same period.
Explanation:
Matching principle -
It is one of the basic guideline of accounting , the principle helps to directs a company to report the expense of its income statement when the related revenues are earned .
According to this principle , the expenses and revenues need to be reported at the same time .
hence , the correct statement for the term matching principle is - ( b ) .