Answer:
Land, Equipment, and Inventory will be restated on the closing date i.e. December 31, 2020. The rate of the currency exchange from local to foreign currency for equipment is on the day of purchase which is February 1, 2020.
Explanation:
1-Balance sheet items are restated on the closing date.
2-P & L items are restated on the transaction date.
As the items Land, Equipment and Inventory are all the balance sheet items, thus they will be stated on the closing date i.e. December 31, 2020.
Furthermore, the functional currency is foreign currency. Since the equipment is purchased in the domestic currency it has to be translated into the foreign currency at the rate as on the date of purchase i.e; February 1, 2020.
Jj Thomson was the person who first postulated the existence of the electron
The deductible is the amount a person must pay before their insurance will start to pay. For instance, say you have a $1,000 deductible on your car and you have a wreck that causes $3,000 worth of damage. the driver would have to pay the $1,000 first and then the insurance will help cover the other $2,000 at the rate the policy stipulates.
As for pricing, the insurance policies with higher deductibles (meaning the subscriber pays more for losses), the insurance premium would be cheaper than those policies with a smaller deductible.
Answer:
Journal Entries
1) Debit Salaries Expense $6,667 Credit Bank $6,667
2) Debit Fuel and Maintenance expense $600, Credit Bank $600
3) Debit Depreciation Expense $amount Credit Accumulated depreciation $amount
4) Debit Insurance Expense $amount Credit Bank $amount
5) Debit Benefit Expense $amount Credit Accrued Benefit Expense $amount
6) Debit Accounts Receivable ( total of all trips) $amount Credit Service Revenue $amount
Explanation:
The Question is incomplete but i will do the typical journal entries to the transactions without figures.
1) The salaries are for one month and in brackets there is a $80,000*1/12 calculation meaning the $80,000 is for the year, now if it was already recorded then we debit salaries payable $6,667 credit bank $6,667
4) Insurance expense is debited if it is paid as it is incurred but if it has an Prepaid insurance account then we credit the Prepaid insurance account instead of Bank.
