Answer:
1. Vacation pay expense Dr. 3500
Vacation pay payable 3500
2. It is recorded at the company's balance sheet as the accrued liabililty at the liabilities portion.
3. The amount will be removed once the vacation pay is paid and is debited to income account.
Answer:
explanation of opportunity cost:
A. Because of scarcity, people must make choices, and each choice incurs a cost
exampes of opportunity cost:
A. The money spent on a movie ticket cannot buy a Blu-ray player
C. The time spent preparing for a test cannot be spent playing computer games
Explanation:
The opportunity cost refers to the return or ouput of the resource used in the best alternative decision.
That means, the wages we get fro ma certain job most be compared with the wages we could do in another to really check if we are making a gain or not with our job.
Same applies for capital and other factors.
If information about an entity's ability to continue as a going concern is not disclosed in the financial statements, an auditor of financial statements is likely to express an adverse opinion.
<h3>Define a qualified or adverse opinion.</h3>
A remark made in an auditor's report that is attached to a company's audited financial statements is known as a qualified opinion. According to an auditor's judgment, a company's financial information may have been incomplete or there may have been a significant problem with how generally accepted accounting standards (GAAP) were applied, but the problem was not widespread.
With one or more exceptions, the financials often reflect the company's success and position. The financial statements are inaccurate or do not adhere to widely accepted accounting rules, in our opinion (GAAP).
To know more about qualified opinion, visit:
brainly.com/question/14310924
#SPJ1
<span>It is not necessary to build a new market supply schedule </span><span>when there is a change in the price of a good
</span>
Answer:
The entry will be:
May 3
Dr Allowances for doubtful debt 3,700
Cr Account Receivable 3,700
(to record written-off of receivables)
Explanation:
As the company uses the allowance method of accounting for uncollectible accounts, the company would actively review and book bad debt expenses for any debt in doubt of collection. The entry would be: Dr Bad Debt Expenses & Cr Allowance for doubtful debt.
When there is sufficient evidences that these debts go default, no more expenses will be recorded, instead, the account receivable will be written off ( Cr) with the offsetting entry is Dr Allowance for doubtful debt.
