Answer: Debit Vacation Benefits Expense $6,600; credit Vacation Benefits Payable
Explanation:
Based on the information given in the question, the journal entry will be:
Debit Vacation benefits expense $6600
Credit Vacation benefits payable $6600
Therefore, the correct option is D.
Answer: Incomplete question.
Match the following terms to there definition.
Explanation:
1. Tells whether a company can pay all its current liabilities if they become due immediately - Quick Ratio
2. Measures a company's success in using assets to earn income - Return on Assets
3. The practice of comparing a company with other companies that are similar - Benchmarking
4. Indicates how rapidly inventory is sold - Inventory turnover
5. Shows the proportion of a company's assets that is financed with debt - Debit Ratio
6. Tells the percentage of a stock's market value that the company returns to stockholders annually as dividends - Dividend Yield
7. Measures a business's ability to pay interest on its debt - Interest coverage ratio
8. Measures a company's ability to collect cash from credit customers -
Account Receivable Turnover
Answer and Explanation:
The adjusting entry is as follows:
Supplies expense ($1,823 + $4,344 - $286) $5,881
To supplies payable $5,881
(being the supplies expense is recorded)
Here the supplies expense is debited as it increased the expense and supply payable is credited as it also increased the liabilities
Answer:
NEUTRALITY, COMPLETENESS AND FREE FROM ERRORS.
Explanation: IASB( International accounting standards board) is board regulating the preparation of accounting Reports or statements. It released its first framework called CONCEPTUAL FRAMEWORK in the year 1989.
The qualities of a faithful conceptual framework by IASB is to guarantee NEUTRALITY, COMPLETENESS AND ENSURE THAT THE STATEMENT IS FREE FROM ERRORS.
This framework will help to prevent disputes and manage standards in preparation of account statements.
When interest rates increase, the demand for commercial and residential real estate will <u>decrease</u> and the price of real estate will <u>decrease</u>.
Hope that helps!