To complete the measurement process, companies need to update balances of assets, liabilities, revenues and expenses for changes created by adjusting entries.
<h3 /><h3>What is adjusting entry?</h3>
An adjusting entry is the entry that is posted after the posting of all the journal entries for a period, all the transactions are posted and then at the end of the period the adjusting entry is recorded.
The adjusting entry balances and effects the balance of the assets, liabilities, revenue and expenditure at the end of the period.
Adjusting entry is also posted when the reversing effect of the journal entry is to be posted and this results in the change of the account balances of assets and liabilities of the company.
The balance sheet and income statement is prepared after the posting of journal and adjusting entries.
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Answer:
question
1. how much amortization expense on the goodwill can Ingrid deduct in year 1, year 2, year 3?
2. In lieu of the original facts, assume that Ingrid purchase only a phone list with a useful life of 5 years for $16,500.
How much amortization expense on the phone list can Ingrid deduct in year 1, year 2 and year 3?
Explanation:
The explanation is shown in the file attached. Thank you i hope it helps
Answer:
Yeah it's good in some ways coz it helps in life time but sometimes it's useless coz even if you finish your college sonetimes it's hard to find a job
Answer:
The direct materials cost variance is $8,700 (Unfavorable)
Explanation:
What is the direct materials cost variance?
Actual Standarded Cost
Given 7.500*12
98700 90.000
Direct material cost variance =98.700 - 9.000 =$8,700 Unfavorable
