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erica [24]
3 years ago
14

If total liabilities increased by $6,000 and the assets increased by $8,000 during the accounting period, what is the change in

the owner’s equity amount?
Business
1 answer:
Usimov [2.4K]3 years ago
6 0
The owner has $2,000 more in assets. therefor the equity increased by 2,000
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On April 1, the company retained an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the
nirvana33 [79]

Answer:

A. Adjusting Entries on April 30:

Debit Legal Services Expense $3,500

Credit Legal Services Expense Payable $3,500

To record April legal services expense.

Debit Notes Interest Expense $1,932

Credit Notes Interest Payable $1,932

To record accrued interest expense.

Debit Salaries Expense $5,600

Credit Salaries Expense Payable $5,600

To record 2 days salaries accrued.

B. Journal Entries during May:

May 3:

Debit Salaries Expense Payable $5,600

Debit Salaries Expense $8,400

Credit Cash Account $14,000

To record payment of salaries.

May 12:

Debit Legal Services Expense Payable $3,500

Credit Cash Account $3,500

To record the payment of legal services for April.

May 20:

Debit  Notes Interest Payable $5,787

Credit Cash Account $5,787

To record payment of interest on notes.

Explanation:

Adjusting entries are made at the end of an accounting period to record expenses and revenue that have accrued but are not yet paid or received.  They are also used to account for expenses and revenue made in advance.  The purpose is to ensure that the accounting records reflect the period's actual expenses and revenue incurred and earned.

8 0
3 years ago
Gross earnings are the same as
attashe74 [19]
Gross income. they are incomes before taxes or adjustments
6 0
3 years ago
Acme Home Lending offers home equity loans up to 80% of the home value for its customers. If Sally Johnson has a home valued at
EastWind [94]

Answer:

She can borrow $110,000 in a home equity loan from Acme

Explanation:

Home equity loan is available to the 80% of the Home value. sally has already a mortgage of $50,000 so she can only borrow the differential amount of Allowable loan and existing loan.

As per given data

Home value = $200,000

Allowable Loan limit = $200,000 x 80% = $160,000

Existing Loan = $50,000

Available limit of Loan = Allowable Loan limit - Existing Loan = $160,000 - $50,000 = $110,000

She can borrow $110,000 in a home equity loan from Acme

7 0
3 years ago
Both Nadia and Samantha are applying to insure their car against theft. Nadia lives in a secure neighborhood, where the probabil
Sergio039 [100]

Answer:

Option B

Explanation:

Both Nadia and Samantha have insured their cars and willing to pay $100 over the expected loss for insurance. If the car is stolen the company would pay expected loss and would earn nothing and if the car is not stolen the company would not be liable for any loss and would earn $200, Therefore the company would earn between $0 and $200.

3 0
3 years ago
What is the first step to making sure that the product ends up in the correct spot on the shelf?​
Misha Larkins [42]

Answer:

Know where the product belongs

Explanation:

It won't end up in the right spot if you don't know where it goes

4 0
3 years ago
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