It will hurt your credit on the long run
Answer:
(b) Shane has to pay $20,000 to Morgan for breach of contract
Explanation:
In the situation, it is given that Shane decides to quit as he gets another job so he breaks the contract instead of finishing his work on time.
Due to breach of contract, Shane has to pay $20,000 to Morgan because it is written in the party that if any party breaks the contract than he has to pay the amount. But due to some unnatural causes, no one has to pay.
In the given case, Shane has deliberately broken the contract so it is compulsory to pay the $20,000 to Morgan.
Hence, option b is correct
Answer:
December 31
Dr Pension expense $182,100
Cr Unfunded pension Liabiltiy $182,100
January 15
Dr Unfunded pension Liabiltiy $182,100
Cr Cash $182,100
Explanation:
Preparation of the entry to record the accrued pension liability payment to the funding agent on January 15
December 31
Dr Pension expense $182,100
Cr Unfunded pension Liabiltiy $182,100
(Being to record quarterly pension Liabiltiy)
January 15
Dr Unfunded pension Liabiltiy $182,100
Cr Cash $182,100
( Being to record the accrued pension liability payment to the funding agent)
Answer:
The correct answer is letter "C": a result of more efficient resource allocation than would be observed in the absence of trade.
Explanation:
Trade has allowed societies to exchange their products according to their needs. Thanks to trade those goods are distributed accordingly more <em>efficiently </em>since, in isolation, countries would be specialists of certain types of products only which is unlikely to be enough to cover all the individuals' needs in those societies.
The Journal entry which Nicholson company will prepare on June 2 will be like when goods are returned the reverse entry is made which is
Accounts Payable A/c Dr. $480
Purchase Return / Inventory A/c Cr. $480
A journal entry is an act of recording any transaction, whether it is economic or not. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
Accounting journal entries are transferred from the journals and posted to the general ledger in order to record financial transactions in the accounting system. Modern accounting software handles the majority of this process automatically, but it's crucial to understand what's going on since there are instances when manual entries will need to be made to adjust or correct account balances at the conclusion of an accounting month.
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