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iris [78.8K]
2 years ago
14

During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liabili

ty accounts. At the end of its annual accounting period, the company must make three adjusting entries: (1) Record salaries expense incurred for which the cash was paid in advance, (2) Accrue utilities expense, and (3) Record services revenue earned for which cash will be received the following period. For each of the adjusting entries (1), (2), and (3), indicate the account to be debited and the account to be credited—from a through i below. Salaries expense Prepaid salaries Utilities expense Accounts payable Accounts receivable Service revenue Intangible assets Current assets Cash Adjusting entries: 1. Record salaries expense incurred for which the cash was paid in advance. 2. Accrue utilities expense. 3. Record services revenue earned for which cash will be received the following period.
Business
1 answer:
bonufazy [111]2 years ago
3 0

Answer:

(1) accrue salaries expense

Debit [e.] Salaries Expense

Credit [g.] Salaries Payable  

--------------------

(2) adjust the Unearned Services Revenue account to recognize earned revenue

Debit [a.] Unearned Services Revenue  

Credit [f.] Services Revenue  

--------------------

(3) record services revenue for which cash will be received the following period.  

Debit [b.] Accounts Receivable

credit [f.] Services Revenue

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Assume your goal in life is to retire with $2,500,000. How much would you need to save at the end of each year if interest rates
LUCKY_DIMON [66]

Answer:

Annual deposit= $60,982.31

Explanation:

Giving the following information:

Future Value= $2,500,000

Number  of periods= 20 years

Interest rate= 0.07

<u>To calculate the annual deposit, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (2,500,000*0.07) / [(1.07^20) - 1]

A= 60,982.31

4 0
3 years ago
With regards to interpretation, what are the important areas that appear on a cvp graph?.
NeTakaya

The important areas that appear on a CVP graph includes break-even point, loss area, and profit area

<h3>What is CVP graph?</h3>

A Cost volume profit (CVP) graph is a graph that shows the relationship between the cost of production and the overall sales.

In conclusion, the important areas that appear on a cvp graph includes break-even point, loss area and profit area.

Read more about cvp graph

<em>brainly.com/question/26574343</em>

7 0
2 years ago
Verizon is running two TV ads to attract new customers. Ad A is run once a week, and it costs $20 per showing. Ad B is run once
maria [59]

Answer:

TRUE The Statement is correct

Explanation:

We need to add up both advertizement contract to knwo the total acquisition cost of the advertizement.

<u>First contract cost:</u>

365 daysper year / 7 dayts per week = 52 week per year

52 week per year x $20 dolllar per weke = $1,040

<u>Second contract cost:</u>

12 months per year x $100 per month =       $1,200

Total acquisition cost: 2,240

4 0
3 years ago
In its​ year-end income​ statement, Black Knights Company reported cost of goods sold of​ $450,000. Changes occurred in several
torisob [31]

Answer:

The answer is $330,000

Explanation:

Cash paid to suppliers is the total amount of cash paid to its creditors.

We can find that through:

Cost of sold

Minus: Decrease in inventory

Plus: Decrease in accounts payable

=Cash paid to suppliers.

Now let's start:

Cost of sold - $450,000

Decrease in inventory - $160,000

Decrease in accounts payable- $40,000

$450,000 - $160,000 + $40,000

=$330,000

Therefore, Cash paid to suppliers is $330,000

5 0
2 years ago
The brinton clothing company wants to create and build brand awareness. It would use ________ advertising.
dolphi86 [110]

Answer:

Informative

Explanation:

It would use <u>informative</u> advertising

6 0
1 year ago
Read 2 more answers
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