Answer:
Cash accounting method
Explanation:
The cash accounting method records receipts and expenses during the period in which cash changes hands. In this method, revenue will be recorded when payment from a customer is received. Expenses are not recorded unless money is paid out. In short, revenues and expenses are recognized and recorded only when cash is received or paid.
Cash accounting contrasts with the accrual accounting system, which recognizes revenues and expenses when their respective events occur.
Answer:
$7,000
Explanation:
For the purchase of office supplies, the entries required are
Debit Office supplies account
Credit cash/accounts payable
When supplies are used up, the entries required are
Debit Supplies expense account
Credit Office supplies account
As such where the Office Supplies account has a debit balance of $9,000 on the Unadjusted Trial Balance. In the Adjustments there is a credit of $2,000.
The balance in the office supplies account after adjustments
= $9,000 - $2,000
= $7,000
Answer:
c. $1,424.09.
Explanation:
present value = CF1 / 1.058 + CF2 / 1.058² + CF3 / 1.058³ + CF4 / 1.058⁴
$6,423.71 = $1,665 / 1.058 + $1,845 / 1.058² + CF3 / 1.058³ + $2,505 / 1.058⁴
$6,423.71 = $1,573.72 + $1,648.26 + CF3 / 1.058³ + $1,99.24
$1,202.49 = CF3 / 1.058³
$1,202.49 = CF3 / 1.18429
CF3 = $1,202.49 x 1.18429 = $1,424.09
Although it is the most liquid asset, money is a flawed store of value. M1 is recognized as the measure of the money supply that is the most precisely specified.
What is term money?
Money is a good that is widely acknowledged as a means of economic exchange.
Because of inflation, money is actually an imperfect store of value. A monetary system where gold or silver, for example, is used as the actual medium of exchange. A form of money where paper money is backed by gold.
As a result, option (b) is correct.
Learn more about on money, here:
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Answer:
Capitalized cost of land$852,000 Capitalized cost of building$0
Explanation: