Answer:
Correct answer is D. Credit to Salaries Payable for $8,000
Explanation:
Based on the basic underlying guideliness in accounting, specifically matching principle. All income and expenses should be reported during the period it incurred. Thus, all expenses incurred during the period even though it wasn't paid yet shoud be recorded to the book and that's the moment that the year-end adjusting entry is necessary.
On the above given problem, the salaries paid of $24,000 is presumed to have been recorded in the book already. Because it incurred and paid within the calendar period. In addition, the salaries accrued by the year end needs year-end adjustment<em> to recognize the salaries expense applicable for the period</em>. Journal entry of it is to debit salaries expense and credit salaries payable in the amount of $8,000.
Answer:
The correct answer is E
Explanation:
M1, M2 and M3 are the terms which measure the money supply of United States, referred to as money aggregates.
The formula for computing the M1 is as:
M1 = coins as well as currency in circulation + checkable or demand deposit + traveler checks
where
Currency in circulation is $20 million
Demand deposit is as:
= Required reserve × Actual reserve
= 10 × $10 million
= $100 million
Putting the values above:
M1 = $20 million + $100 million
M1 = $120 million
Answer:
The Erie Canal
Explanation:
When it opened it dramatically decreased the cost of shipping while reducing the time to travel to the West.
Answer:
the question is false
Explanation:
you can't sell stock for ownership
