Answer:
c-$20,000 to discounts
d-$520,000 to cash
Explanation:
At 2/1/18 the balance of investment account is debt $500,000 and discount account is credit $20,000. On sale of Investment $520,000 the cash and discount account will be debited. Journal Entry Should be as follow:
Account DR. Cr.
Discount $20,000
Cash $520,000
Securities Investment $500,000
Gain on sale $40,000
$2,000 is the amount of money that the Development associates may recover. When the Eastside fails to go through with the deal on the agreed date, when the market price of the land is $17,000 then the price of the land on the agreed date is only $15,000. So the DA may recover the $2,000.
Answer: Independent bank reconciliations.
Explanation:
A bank reconciliation is a process by which the records of a bank account are verified to be correct, by comparing the personal records with the records that appear on the bank statement. This process is usually done independently when a company wants to audit its accounts and reconcile its processes.
Because this is a review of bank accounts (savings, payroll, checking accounts), no physical control is needed to do it, but rather a monetary control.
<em>I hope this information can help you.</em>
Answer:
1. Dr Interest expense 54
Cr Accrued interest 54
( To record interest expense )
Explanation:
Interest expense = 7200 * 9% = $648 * 1 /12 = $54 for the m/o dec
I’m pretty sure the answer is a. commission
