1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
castortr0y [4]
3 years ago
13

For each of the following, journalize the necessary adjusting entry. (a) A business pays weekly salaries of $15,000 on Friday fo

r a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that the fiscal period ends (1) on Wednesday, (2) on Thursday.
Business
1 answer:
Helen [10]3 years ago
5 0

Answer:

Part 1:

Account                                    Debit                                Credit

Salary Expense                     $9,000

 Salary Payable                                                                $9,000

Part 2:

Account                                    Debit                                Credit

Salary Expense                     $12,000

 Salary Payable                                                                $12,000

Explanation:

Part 1:

Wednesday (3rd day of the week)

Salary of week =$15,000

Salary of each day=$15,000/5

Salary of each day=$3,000

Salary on Wednesday=$3,000*3

Salary on Wednesday=$9,000

Journal Entry:

Account                                    Debit                                Credit

Salary Expense                     $9,000

 Salary Payable                                                                $9,000

Part 2:

Salary of week =$15,000

Salary of each day=$15,000/5

Salary of each day=$3,000

Salary on Wednesday=$3,000*4

Salary on Wednesday=$12,000

Journal Entry:

Account                                    Debit                                Credit

Salary Expense                     $12,000

 Salary Payable                                                                $12,000

You might be interested in
Starting last December, one of the three major credit-score trackers, Experian, added paying monthly rent as one of its criteria
sattari [20]
<span>People who are renters of apartments would be positively affected by this addition to credit score calculation. In addition, people who rent equipment for construction of buildings and other long-term projects would see their scores go up if they stayed on-time with their payments for the use of the equipment.</span>
4 0
3 years ago
Which of the following is the best summary of GDP? Select one:
Fiesta28 [93]

Answer:

Letter B is correct.

Explanation:

GDP is the sum of all that is produced, consumed and distributed in the country over a period of one year. This is the main measure for assessing and comparing one economy with others in the world. There are two approaches to measuring GDP, namely: Expenditure Approach and Income Approach. Demand for consumption, exports and imports and government spending is represented by the expenditure approach. The income approach is all income earned from everything that is produced in the economy.

7 0
3 years ago
All of the following are characteristics exhibited by winning products EXCEPT: good product quality, according to the customer's
iragen [17]

Answer:

All of the characteristics belong to winning products.

Explanation:

The six main characteristics of winning products are:

  1. winning products satisfy their customers' needs better than its competitors.  
  2. winning products solve unsatisfied needs that other competitors couldn't.
  3. winning products offer great value for the money spent.
  4. winning products provide excellent perceived quality.
  5. winning products are considered very useful by its customers.
  6. winning products provide a range of highly visible benefits to its customers.
3 0
3 years ago
The central bank of Albernia likes to use changes in the reserve requirement to manage the money supply. The commercial banks of
andreev551 [17]

Answer:

$10,000 million

Explanation:

The computation of  the change in the money supply is shown below:

At 10%

Required reserves= deposits × required reserve ratio

= $1000 million × 10%

= $100 million

Now

The total amount of money supply is

New deposits= 1 ÷ required rate of return  x deposits

= 1 ÷ 10% × $1000 million  

= 10 x $1000

= $10,000 million

At 5%

As we know that

Required reserves= deposits × required reserve ratio

= $1000 million × 5%

= $50 million

Now

The total amount of money supply is

New deposits= 1 ÷ required rate of return  x deposits

= 1 ÷ 5% × $1000 million  

= 20 x $1000

= $20,000 million

Now change in supply is

= $20,000 million -$10,000 million

= $10,000 million

7 0
3 years ago
Occasionally it is said that issuing convertible bonds is better than issuing stock when the firm's shares are undervalued. Supp
Debora [2.8K]

Answer:

Generally convertible bonds are cheaper than normal corporate bonds since the warrants that allow bondholders to convert them to stocks carry a price. If the stock price is undervalued, so will the warrants. This means that yes, the company will also lose money if they issue convertible bonds.

But what is really important here is what action results in the lowest loss. Issuing common stock will probably result in higher losses than issuing convertible bonds.

4 0
3 years ago
Other questions:
  • A producer of medical devices makes a single model that can be customized to talk in and display any of 47 different languages.
    15·1 answer
  • JACK Mchen
    5·1 answer
  • Waldman Associates received a written, approved contract to deliver economic consulting services, with service and payment comme
    11·1 answer
  • On January 1, 2018, D Corp. granted an employee an option to purchase 6,000 shares of D's $4 par common stock at $22 per share.
    10·1 answer
  • What do some unethical job candidates do to alter their employment dates? List how many weeks instead of months that they worked
    9·1 answer
  • Comparing how many dollars it takes you to run your car each year to annual earnings on a job insteadof keeping track of costs i
    12·1 answer
  • __________ is a growing tool for managers to enhance communication and collaboration in support of empowered or bossless work en
    6·1 answer
  • In the manufacture of 9,600 units of a product, direct materials cost incurred was $174,800, direct labor cost incurred was $113
    7·1 answer
  • How does a global economy impact you?
    12·1 answer
  • The spot price of silver is $12.75 per ounce. The storage costs are proportional and equal to 1.95% per ounce per annum continuo
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!