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artcher [175]
3 years ago
9

Russell Co. received a $520 utility bill for the current month's electricity. It is not due until the end of the next month whic

h is when they intend to pay it. What is the general journal entries will Russell Co. make to record the receipt of the bill?
Business
1 answer:
nekit [7.7K]3 years ago
5 0

Answer:

Journal Entry to reflect the event is as follow;

                                  Dr.       Cr.

Utility Expense       $520

Utility bill payable              $520

Explanation:

Utility bill is received it means the expense is accrued and it is not due until the month end so a liability will be created and will be paid next month.

You might be interested in
Determine if the statement is true or false.
o-na [289]

That statement is true

In united states, there are only two things that considered as a primary source of criminal law.

The first one is the court ruling that is made by both state and supreme courts.  The second one is the legislation that are passed by the representatives in state and federal government.

4 0
3 years ago
At the beginning of 2016, robotics inc. acquired a manufacturing facility for $12 million. $9 million of the purchase price was
Serhud [2]

Answer:

$667,826

Explanation:

Straight Line depreciation is a method of depreciation in which the cost of the asset net of residual value is divided over useful life.

As per given data

Cost of building = $9,000,000

Residual Value = $1,000,000

Useful life = 25 years

Depreciation per year = ($9,000,000 - $1,000,000 ) / 25 years = $320,000

Net Book Value at beginning of 2018 = $9,000,000 - $320,000 = $8,680,000

Switched to Double Declining Method

In double declining method the double depreciation is charged on the asset's book value at the beginning of the year. The Depreciation is accelerated in this method.

Depreciation for 2018 = 2 x (Asset's book value at the beginning of the year - Salvage Value ) / Numbers of Useful life remaining

Depreciation for 2018 = 2 x ($8,680,000 - $1,000,000 ) / (25 - 2)

Depreciation for 2018 = 2 x ($8,680,000 - $1,000,000 ) / (25 - 2)

Depreciation for 2018 = $667,826

7 0
3 years ago
What are adjustable rates for life policy loans in florida based on?
cestrela7 [59]
The adjustable rates for life policy loans in Florida are based on Moody's Corporate Bond Index. These bonds have a maturity life of 30 years and are highly rated to earn more value and money as time progresses. The Moody Corporate Bond Index is also know as Moody's Seasoned Corporate Bond Yield.
8 0
3 years ago
During the year, Lillie rented her vacation home for three months and spend one month there. Gross rental income from the proper
77julia77 [94]

Answer:

$8,100

Explanation:

The home was rented for more than 14 days, you must pay taxes for the rental income

Since Lille used the house for more than 15 days herself, limits her deduction. The home cannot be treated as rental home nor personal use vacation home.

total days used = (30 x 3) + 30 = 120 days

rental days = 90/120 = 75% (this doesn't apply to mortgage interest nor real estate taxes, they are still 100% deductible)

mortgage interest and real estate taxes still qualify as personal expenses = $3,000 + $1,500 = $4,500

utilities and depreciation will be deducted only 75% = ($800 + $4,000) x 75% = $3,600

total deductions = $4,500 + $3,600 = $8,100

7 0
3 years ago
In the straight line method the yearly percentage of cost lost through accured depreciation is found by
alexandr402 [8]

Answer:

Cost of asset less expected residual value /Expected useful life (years

Explanation:

Where the depreciable amount is charged in equal amounts to each reporting period over the expected useful life of the asset, this method of calculating depreciation is known as straight line method.

The yearly percentage of cost lost through accrued depreciation in straight line method is found by following formula:

Cost of asset less expected residual value /Expected useful life (years)

8 0
3 years ago
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