Answer and Explanation:
The journal entries required to adjust the balance of cash as follows:
1. Cash Dr $1,128
To Notes receivable $1,100
To Interest revenue $28
(Being the cash is recorded)
Here cash is debited as it increased the assets and credited the notes receivable and interest revenue as it decreased the assets and revenue
2. Service expense Dr $78
Account receivable Dr $280
To cash $358
(being the cash paid is recorded)
here service expense and account receivable is debited as it increased the expenses and assets and credited the cash as it decreased the assets
Because <span>It is based on self-interest.
Classical economists believe that when driven by self-interest, humans are capable in dedicating their life to pursue things that never been achieved before.
This led to the creation of many technological inventions and business ventures that drive the society forward</span>
Because plants give us oxygen yay
Answer:
$150,876.91
Explanation:
To calculate, the present value of an ordinary annuity formula is used as follows:
PV = P × [{1 - [1 ÷ (1+r)]^n} ÷ r] …………………………………. (1)
Where;
PV = Present value of the payments =?
P = yearly payment = $30,000
r = interest rate = 11% = 0.11
n = number of years = 5
Substitute the values into equation (1) to have:
PV = $30,000 × [{1 - [1 ÷ (1+0.11)]^5} ÷ 0.11] = $110,876.91
Amount to record = $40,000 + $110,876.91 = $150,876.91
The following statements is correct a) Brenda and John would claim Ben as a qualifying child unless they both choose not to claim their son as a qualifying child.
<h3>What is a qualifying child?</h3>
A Qualifying Child is a child who satisfies the IRS requirements to be your dependent for tax objectives. Though it does not have to be your youth, the Qualifying Youth must be related to you. If someone is your Qualifying Child, then you can proclaim them as a dependent on your tax retrieval.
<h3>What age qualifies as qualifying child?</h3>
To meet the qualifying child test, your child must be more youthful than you and either younger than 19 years old or be a "learner" younger than 24 years old as of the end of the calendar year. There's no age limit if your child is "always and totally disabled" or meets the qualifying comparative test.
To learn more about Qualifying child, refer
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