Answer and Explanation:
The journal entries are shown below:
1. Equipment Dr $21,300
To cash $21,300
(Being the equipment is purchased for cash)
For recording this we debited the equipment as it increased the assets and credited the cash as it reduced the assets
2. Cash Dr $6,100
To Service revenue $6,100
(Being the cash received is recorded)
For recording this we debited the cash as it increased the assets and credited the service revenue as it increased the revenue
3. Rent expense $900
To Cash $900
(Being the rent is paid)
For recording this we debited the rent expense as it increased the expenses and credited the cash as it reduced the assets
4. Office supplies Dr
To Account payable
(Being the office supplies purchased on account)
For recording this we debited the office supplies as it increased the assets and credited the account payable as it increased the liabilities
5. Salaries expense
To cash
(Being the salaries paid is recorded)
For recording this we debited the salaries expense as it increased the expenses and credited the cash as it reduced the assets
Answer:
A company has grown in size to the point that it is expanding its operations
into other countries. They are finding that the government regulations and
societal expectations for CSR issues differ drastically from place to place.
They are facing the realities of being involved in the AWESER IS C
Explanation:
Downturn and exceeds. If the economy in a market down turns more busisinesses fail and come up for sale.
Answer: Option B and C
Explanation: In simple words , contingent liabilities refers to the liabilities the occurrence of which depends on the happening of an event that may or may not occur in the future.
These are recorded in the accounts only when the payment is to be made in future and that payment could be reasonably estimated.
Hence the correct option is B and C
The audit expectation gap is caused by unrealistic user expectations. The auditors provides reasonable gap examples that would not be included in unrealistic user expectations.
NASBA believes the expectancy gap relating to fraud and going problems in a financial statement audit may be caused by a few factors: lack of knowledge by way of the general public as to what an audit is and what auditors do; inconsistent audit execution in these regions by some auditors due to lack of expertise.
The expectation hole exists while auditors and the public keep distinct beliefs about the auditors' obligations and obligations and the messages conveyed by way of audit reports. apparently, there's an opening between what the public expects and what it virtually receives.
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