Answer:
$35,000
Explanation:
According to accounting standard IFRS 16 Property, Plant and Equipment is initially recorded at its cost. Estimated market value and offer price will not be considered to record this transaction. Cost incurred for this equipment is as follow:
Cash payment = $15,000
Note payable = $20,000
Total Cost = $15,000 + $20,000 = $35,000
The Journal entry which Nicholson company will prepare on June 2 will be like when goods are returned the reverse entry is made which is
Accounts Payable A/c Dr. $480
Purchase Return / Inventory A/c Cr. $480
A journal entry is an act of recording any transaction, whether it is economic or not. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
Accounting journal entries are transferred from the journals and posted to the general ledger in order to record financial transactions in the accounting system. Modern accounting software handles the majority of this process automatically, but it's crucial to understand what's going on since there are instances when manual entries will need to be made to adjust or correct account balances at the conclusion of an accounting month.
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Aromatic wines are known as Aperitif, which generally are consumed before meals as a digestive stimulant. Although this is about wine, there are other drinks typically alcoholic that are considered Aperitif's. These drinks are mild in taste and help clear and cleanse your pallet before a meal.
Answer: A reversing entry: <em><u>"is the exact opposite of an adjusting entry made in a previous period.".</u></em>
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Explanation: Reversion entries are an end-of-the-year technique that involves the reversal, on the first day of the new accounting period, of those end-of-year adjustment entries that cause expenses or income and therefore will result in payments or cash receipts. Its purpose is to allow company personnel to record routine transactions in a standard manner without referring to previous adjustment entries.
Answer:
Explanation:
Team members get to know each other in the forming stage of group development. It is the period of orientation and when team members become acquainted with each other. However it just the first stage in the long process and people view each other as strangers.