The reserve requirement is a central bank regulation
Answer:
The entry should be:
c. Debit Cash $45,731.25; credit Interest Revenue $731.25; credit Notes Receivable $45,000
Explanation:
Jasper makes a cash loan to Clayborn Co.. This is a Notes Receivable of Jasper.
The amount of the loan is $45,000
Tern of the loan is 90-day and interest rate is 6.5%
The interest amount Jasper receives on maturity date:
$45,000 x 6.5% x 90/360 = $731.25
The entry should be:
Debit Cash $45,731.25
Credit Interest Revenue $731.25
Credit Notes Receivable $45,000
Answer and Explanation:
The type of adjustment and the status of accounts before the adjustment is shown below:-
Type of adjustment Accounts before adjustment
(a) Accrued revenues Assets understated
Revenues understated
(b) Prepaid expenses Assets overstated
Expenses understated
(c) Accrued expenses Expenses understated
Liabilities overstated
(d) Unearned revenues Revenues understated
Liabilities overstated
(e) Accrued expenses Expenses understated
Liabilities understated
(f) Prepaid expenses Assets overstated
Expenses understated
Answer:
B. Monetary calculations can be performed in C is the correct answer.
Explanation:
Answer:
$5,000
Explanation:
<em>Note that Lakeland Chemical manufactures uses weighted-average method of process costing</em>
Equivalent units
Materials = 9,000
Conversion Costs = 7,500
Total Costs
Materials = $20,500
Conversion Costs = $15,000
Cost per equivalent units
Materials =
Conversion Costs =
Total Cost in remaining in work in process
Total Cost
The total costs remaining in work in process on May 31 are $5,000.
