Explanation:
The journal entries are as follows
On December 31, 2020
Cost of goods sold $24,650
To Allowance for reduction in inventory to NRV $24,650
(Being the cost of goods sold is recorded)
It is computed below:
= $379,880 - $355,230
= $24,650
On December 31, 2021
Allowance for reduction in inventory to NRV $3,640
To Cost of goods sold $3,640
(Being the allowance for reduction is recorded)
It is computed below:
= $24,650 - ($445,440 - $424,430)
= $24,650 - $21,010
= $3,640
Answer:
I and IV
Explanation:
A proceed transaction is a type of transaction in securities where a broker uses the proceeds of the sales of a security to buy another security , still constituting a transaction. (option 1)
A proceed transaction is subjected to a combined mark - up or commission , where the mark up earned on the disposed security is added to the mark up earned on the new security bought in replacement , which must be reasonable and fair. (option iv)
Answer:
Truly, it is imperative for the organization to follow the exacting budget plan despite the fact that they can be encountering incredible benefits. There will a predisposition towards covetousness while making the budget limit for this organization. On the off chance that the organization is encountering the exceptional benefits, a considerable lot of the organizations will attempt consistently and extricate the budget limit; it might cause the huge issue like as the benefits not are effectively re-put resources into to the said organization. The extraordinary benefits exceptionally uncommon happens over the extensive stretch of the time they are for the most part in one to a quarter of a year spells whereas the monetary allowance is generally quarterly at the greater part of the implying that when we are encountering the incredible benefits this is nearly ensured for being fleeting separated from when this is the imposing business model market. To set up the detail budget plan for New Year.
Answer: Reconveyance deed
Explanation: A Reconveyance deed is used to indicate that a borrower has paid his loan or debt in full. A Reconveyance deed is issued by the trustee or lender to signal the transfer of title to the original owner after he or she must have satisfied the term of loan issued by the trustee. A Reconveyance deed is usually notarized containing a legal description of the property and its parcel number.
Answer:
The journal entry on maturity is as follows:
Dr bonds payable $240,000
Cr cash $240,000
Being redemption of bonds
Explanation:
At the end of the life of the bond,the bond premium or discount would have been fully amortized,hence the only entry left to be made is to debit bonds payable account with face value of the bond and a credit of the same amount to cash account to record the outflow of cash.
The face value of the bond is $240,000,hence the $240,000 is debited to bonds payable in order to finally cancel the debt obligation.
