Answer:working trial balance
Explanation:
A trial balance is a statement prepared to test the mechanical accuracy of ledger transactions
Answer:
Preparation of the journal entry that Jervis should make on June 28 to record the deposit
Dr Cash ($5,800 - $261) $ $5,539
Dr Credit card expense ($5,800 X 4.5%) $ 261
Cr Sales $5,800
(5,539+261)
Explanation:
Since Jervis assesses a 4.5% charge on sales for using its card in which On June 28, he had $5,800 in NB Card credit sales this means we have to Debit Cash with $5,539 ($5,800 - $261) and as well Debit Credit card expense with $261 ($5,800 X 4.5%) while we Credit Sales with $5,800 (5,539+261)
Answer:
True
Explanation:
The reason why every business exists is to make a profit. Hopefully businesses will be able to make a profit by selling products or services that satisfy the needs of their customers. The problem with higher profits is that they are always associated with higher risks, and business owners and investors are risk averse.
Business owners and managers will continually search for ways to increase their profits while keeping the risks as low as possible. This includes choosing organizational layouts and forms that might help them increase their profits while reducing risks or at least keeping them under a certain level.
Question Completion:
Journalize the adjusting entries:
Answer:
Yazici Advertising
Adjusting Journal Entries:
Date Account Titles Debit Credit
October 31:
1. Supplies Expense $1,500
Supplies $1,500
To record the supplies expense for the year ended October 31.
2. Insurance Expense $50
Prepaid Insurance $50
To record the insurance expense for the month of October.
Explanation:
a) Data and Analysis:
October 31:
1. Supplies Expense $1,500 Supplies $1,500 ($2,500 - $1,000)
2. Insurance Expense $50 Prepaid Insurance $50 ($600 * 1/12)
3. From the scenario, the year-end is October 31.
Answer:
C) Any of the above (or below)
- B) The potential that another government could unilaterally dissolve the entity and assume their assets and liabilities
- D) The power to enact and levy a tax.
- E) The power to directly issue debt, for which its interest is exempt from federal taxation
Explanation:
Government Accounting Standards Board (GASB) is a private non-governmental organization that develops accounting standards that state and local governments must follow. The GASB works along with the Federal Accounting Standards Advisory Board (FASB), which is the organization that develops accounting standards for the federal government.
Both the GASB and the FASB help to ensure that financial information regarding the use of public funds is standard across different government entities.
