Answer:
C.Principal
The amount of the loan is called the principal, and the extra amount they charge you to borrow the money is called interest.
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Answer:
Dr. Cr.
Employees Bonus Expense $15,000
Bonus Payable $15,000
Explanation:
Bonus is paid to employee on a decided amount or decided percentage or ratio. It is an expense for the organization and it should be recorded in the relevant period as per accrual concept even it is not paid. The Entry will be made as Bonus expense is debited and Bonus payable is credit because at the end of year it is unpaid.
Answer:
B. Supplies for $1,200
Explanation:
(A) The $2,700 balance in Supplies Expense represents supplies purchased in January. At December 31, there was $1,200 of supplies on hand.
The journal entry was incorrect, supplies account should have been debited, not supplies expense account.
Supplies expense for the year = beginning balance + purchases - ending balance of supplies account = $0 + $2,700 - $1,200 = $1,500
the adjusting journal entry should be:
Dr Supplies 1,200
Cr Supplies expense 1,200
