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3 years ago

Q 7.13: a(n)________ requires a journal entry by the depositor.

1 answer:

4 0

A BANK SERVICE CHARGE requires a journal entry by the depositor.
On the other hand, the bank errors do not require a journal entry by the depositor.
A journal entry refers to an entry made inside a journal (a bank record). The bank service charge is always shown on the bank statement and on the last date of the bank statement.

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Answer:

A. $0 gain, $36,000 basis

Explanation:

In the distribution, from the information given, Sarah does not recognize any gain or loss.

However, given that

She had $56000 basis at end of year prior to distribution.

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3 years ago

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During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $24,000. On the date of delivery, January 2,

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Answer:

Explanation:

January 1 Assets - no effect; Liabilities - no effect; Stockholder's equity - no effect

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Liabilities: Short term note payable +$16000

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July 1 Assets: Cash -$16720; Liabilities: Short term note payable - $16,000

Stockholders equity - $720

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Cash paid $8,000

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Acquisition cost $27,200

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5. Equipment cost = $27,200

Less: Depreciation [$2400*2] $4800

net book value of the machine at the end of 2014 $22,400

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3 years ago

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This is a government regulation that establishes a maximum price for a specific thing.

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It’s c hopefully this helps

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