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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.

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Suppose the Fed carries out an open market sale of $100m and simultaneously decreases the minimum required reserve ratio from 10
andrey2020 [161]

Answer:

loanable amount after Fed operation = $950 M

Securities after fed operation = $50 M

attached below is the T-account table

Explanation:

Given data:

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For Liabilities :  Constant demand deposit = $1000 M

difference between the assets and liability = $100 M  and this makes the Banking system unbalanced hence the Banking system needs the intervention of the Fed. and the reduction in the required reserve ratio from 10% to 5% is the right action

How with the reserve ratio reduced to: 0.05

hence required  Minimum required securities after operation = 0.05 * 1000 M = 50 M

Note : Total demand deposits = securities + loanable amount

therefore loanable amount after Fed operation = $1000 M - $50 M = $950

Attached below is the T-table

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3 years ago
To verify the quality and integrity of completed visuals ask yourself all of the following questions, except
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In order to verify the quality and integrity of completes visuals, you should NOT ask yourself the question “Is the visual doing the job?”

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3 years ago
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define Goodwill......... should it be considered as an asset and State the reason why it is controversial in a business today​
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Answer:established reputation of a business regarded as a quantifiable asset and calculated as part of its value when it is sold.

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3 years ago
Prior to May 1, Fortune Company has never had any treasury stock transactions. A company repurchased 140 shares of its common st
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Answer: $70

Explanation:

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= (70 × $2) + ($70 × $-1)

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