Answer:
Option D is the correct answer.
d) debit to interest Receivable of $10
Explanation:
Under the accrual basis or principle of accounting, we match the revenue with the expenses and record the transactions in the period to which they relate to rather than when the cash is paid or received. This means that the interest receivable that is accrued for time period relating to this year should be recorded as a revenue in the current period and as an asset under interest receivable as it will be received in the next period.
Thus, the interest on the note relating to 1 month of December will be recorded as follows,
Interest Revenue = 1500 * 0.08 * 1/12 = 10
31 Dec 2021
Interest Receivable 10 Dr
Interest Revenue 10 Cr
The answer is D. Click on the star or favorites icon.
The best thing to do in this situation is to ask the customer who is impatient to wait in line, it is best to inform the customer in a calm and professional manner to prevent conflict or misunderstandings to arise. It is also best to explain why the customer should wait in line for all other customers are waiting patiently to get their turn. It is only appropriate to follow the rules in order to prevent misunderstandings from happening.
Answer:
Cash $1,050 (debit)
Accounts Receivable :Sun City Kiwanis $1,050 (credit)
Explanation:
When Kiwanis makes a partial payment to settle their account, in Trails Ends records, we recognize (1) an the increase in the assets of cash and (2) recognize a decrease in the assets of accounts receivable.
Answer:
materials quantity variance: 1,200 unfavorable
Explanation:
std quantity 5400.00
actual quantity 6000.00
std cost $2.00
difference -600.00
quantity variance $(1,200.00)
The difference between standard and actual quantity is negative. We used more pounds than expected, the variance will be unfavorable.
600 extra pounds at $2.00 each = 1,200
