A automobile would be a asset
Flexible exchange rate systems are calculated according to supply and demand. Every currency decides the type of exchange rate arrangement to uphold.
Answer:
1. Prepaid insurance (Dr.) $6,300
Cash (Cr.) $6,300
2. Cash (Dr.) $15,300
Unearned Income (Cr.) $15,300
3. Purchases (Dr.) $1,750
Accounts payable (Cr.) $1,750
Cost of Goods Sold (Dr.) $1,620
Ending Inventory (Dr.) $130
Purchases (Cr.) $1,750
4. Prepaid office rent (Dr.) $6,300
Cash (Cr.) $6,300
Explanation:
The adjusting entry is a journal entry recorded at end of accounting period to adjust events or transactions to comply with the accrual concept.
The closing entries are journal entries required to close a transaction or event in the period. The purpose is to follow matching concept of accounting.
The statement above is TRUE.
Social mobility refers to the movement of individuals or families within or between social strata in a particular society. It means a change in social status relative to one's present location with a given society. Social mobility in US does not depend on where one start in the class system; one can come from the lowest class strata and become one of the richest individual and an individual from a very rich family can also end up as a p.auper. A lot of factors come to play in these situations.
The condition when a payment cap is applied and the required payment does not cover the interest expense, the unpaid interest is added to the loan thereby increasing the loan balance even though the required payment is being made, is known as a negative amortization.
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What is negative amortization?</h3>
A condition where the amount owed by an individual keeps adding even after the repayments are done is known as negative amortization.
Such condition of a negative amortization arises as the amount being repaid does not fully or partly cover the interest amount.
Hence, the significance of negative amortization is aforementioned.
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