Answer:
Interest expense $80
Explanation:
the journal entry to record the issuance of the note:
December 1, 202x, note issued in replacement of account payable
Dr Accounts payable 24,000
Cr Notes payable 24,000
the journal entry to record accrued interests payable is:
December 31, 202x, accrued interests payable
Dr Interest expense 80
Cr Interests payable 80
Interest expense = $24,000 x 4% x 1/12 = $80
Answer:
update the customer regularly and keep the customer informed of any further delay.
Explanation:
Since in the given situation it is mentioned that tom received the order of 25 personal computers that should be delivered in two days but at the same time he know there is delay in shipment as there is bulk order so in order to maintain the trust he has the responsibility to update the customer on regularly basis and if there is any further delay so the same should be informed to the customer as the customer has also the right to know for the same.
Therefore the above statement should be the answer
Answer:
(A)
income summary 728,776
cost of goods sold 509,030
adminsitrative expenses 183,720
income tax expense 36,026
to record close of expense account
(B)
revenues 822,958
income summary 822,958
to record close of revenues account
(C)
income summary 18,372
dividends 18,372
to record close of dividends account
(D)
income summary 75,810
retained earnings 75,810
to record close of income summary to retained earnings
Explanation:
(A)
expenses normal balance is debit, to close them, we credit them
(B)
revenues normal balance is credit, to closethem, we debit it.
(C) dividends normal balance is debit, we credit in order to close it.
(D) to close incom summary we will calcualte their balance:
debit for 728,776
debit for 18,732
credit for 822,598
balance 18,372 credit
to close we will debit against retained earnings.
The answer is: 145-390
Explanation:
According to the studies noted in the textbook, fractional aircraft ownership is cost effective with a travel budget less than $200,000 and an expectation of flying “145-390” hours per year.