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Oksi-84 [34.3K]
3 years ago
12

On March 1, 2021, Bearcat lends an employee $20,000. The employee signs a note requiring principal and interest at 9% to be paid

on February 28, 2022. Record the adjusting entry for interest at its year-end of December 31.
Business
1 answer:
almond37 [142]3 years ago
5 0

Answer:

Debit interest receivable $1,500

Credit interest revenue $1,500

Explanation:

Adjust entries are used in accounting to record accrued revenue or expense at the end of an accounting period.

On March 1, 2021, Bearcat lends an employee $20,000. The employee signs a note requiring principal and interest at 9% to be paid on February 28, 2022.

We are to calculate the adjustment at December 31, 2021.

We need to calculate interest accrued at year end. The loan would have stayed for 10 months.

Interest= principal* rate* time

Interest= 20,000* 0.09* (10/12)

Interest = $1,500

So we will debit interest receivable for $1,500 and credit interest revenue.

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Susan Daniels works for an event management company and is discontent with her job because she was passed over for a promotion.
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Answer:

The correct answer is Voice.

Explanation:

Taking into account the framework of exit, voice, loyalty and negligence, voice means directly raising comments on a particular situation that influences within the work team, so that superiors are aware of situations and can ask themselves solutions for the benefit of all.

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She violated the duty of loyalty

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One of the fiduciary duties of a director is to always act in the best interest of the company .

Similar to this is the duty of loyalty that prevents the director from acting against the interest of the company and also guide the director against activities that could bring conflict of interest whereby he is involved in reaping personal benefits from the position she occupies .

This describes Wendy's action of personal dealing based on her position as the president of Kite sale

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3 years ago
In 2017, Orear Manufacturing signed a contract with a supplier to purchase raw materials in 2018 for $700,000. Before the Decemb
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Answer:

d) as a current liability

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The credit against the purchase of inventory is classified as the trade payable and it is paid in a short time, so it will be reported on the balance sheet in current liability section.

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Indicate whether the following statements are positive or normative. a. Raising interest rates encourages people to save: b. The
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a. Raising interest rates encourages people to save: positive statement

b. The government ought to be more concerned with reducing unemployment: normative statement

c. The government should raise the tax on tobacco to discourage people from smoking: normative statement

d. The government should limit immigration: normative statement

e. Increasing gasoline taxes results in less disposable income: normative statement

f. The government should raise gasoline taxes and fix bridges: normative statement

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Normative statements come from a viewpoint or an opinion. As a result, the terms "should," "ought," or "it is preferable to" are commonly used. Normative statements can never be proven to be true.

Conversely, positive statements can often be put to the test in theory, if not always in practice. Positive statements are not value judgments. They are predictions of what it is, was, or will become.

Thus, option A is a positive statement and rest are normative statements.

Learn more about positive and normative statements here:

brainly.com/question/14408475

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