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iris [78.8K]
3 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]3 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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A. How much would you pay for a Treasury bill that matures in 182 days and pays $10,000 if you require a 1.8% discount rate?
Sonja [21]

Answer: $9909

Explanation:

Let the amount that will be paid be represented by y. The question can now be solved as:

(10000 - y)/10000 × 360/182 = 0.018

(10000-y)/10000 = 0.018 × 182/360

(10000 - y)/10000 = 0.0091

10000-y = 0.0091 × 10000

10000 - y = 91

y = 10000 - 91

y = $9909

4 0
3 years ago
Katie’s Cleaning Service has cleaning contracts for 15 apartments, 45 family homes, and 25 office buildings. She estimates that
Tomtit [17]

Answer:

correct option is B: $29,000

Explanation:

given data

apartments = 15

family homes = 45

office buildings = 25

pay for cleaning staff =  $12.50/hour

solution

we get here Total Budgeted hours that is

type                      Number     Hrs/Clean      No of Cleans    Total Hours

Apartments           15                  4                    4                      240

Homes                   45                 6                    4                      1080

Office                     25                10                    4                     1000

Total Budgeted hours need per month                                2320

Budgeted cost per month that is 12.50/hrs so it will           29000

so correct option is B: $29,000

3 0
3 years ago
Arondale Aeronautics has perpetual preferred stock outstanding with a par value of $100. The stock pays a quarterly dividend of
german

Answer:

Annual Rate of Return = 12%

Effective Annual Rate of Return = 9.6%

Explanation:

Nominal Annual Rate of return = \frac{Dividend\: per\: share\: for\: each\: year}{Par\: price\:per\:share} \times 100

Annual Dividend per share = $3 per quarter \times 4 = $12 per share

Current price per share = $125

Par Price per share = $100

Thus Annual Rate of return = $12/$100 = 12%

Effective Annual Rate of Return = \frac{Dividend\: per\: share\: for\: each\: year}{Current\: price\:per\:share} \times 100

= \frac{12}{125} \times 100 = 9.6%

Final Answer

Annual Rate of Return = 12%

Effective Annual Rate of Return = 9.6%

4 0
3 years ago
The supply of product X is perfectly inelastic if the price of X increases by _______ and, as a result of the price change, the
konstantin123 [22]

Answer:

c) 10%; stays the same. 

Explanation:

Elasticity of supply measures the degree of responsiveness of quantity supplied to changes in price.

Supply is perfectly inelastic if a change in price has no effect on quantity supplied. The quantity supplied remains unchanged despite changes in price.

I hope my answer helps you

7 0
3 years ago
[7×(2+3)]-20= ?<br>This is a grouping symbols math. This one is hard.
malfutka [58]
First solve the inner parenthesis.

[7 * (5)] - 20

Solve what is in the parenthesis.

35 - 20= 15

Hope this helps!
7 0
3 years ago
Read 2 more answers
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