Yes i do will you please ask me a question
Answer:
a. Salaries expense (Dr.) $18,000
Salaries Payable (Cr.) $18,000
b. Interest Receivable (Dr.) $375
Interest Earned (Cr.) $375
c. Interest Expense (Dr.) $1,000
Interest Payable (Cr.) $1,000
Explanation:
The adjusting entries will be made once the expenses are paid. For now these expense are recorded as current liability because the payment needs to be made for the expenses that has already incurred. The salaries expense is recorded in contra account of salaries payable, once these salaries are paid then the expense will recorded as cash outflow.
identifying, acquiring, and managing resources needed to successfully complete the project
Answer:
$4,918,356
Explanation:
We know that
Average collection period in days = (Account receivable ÷ credit sales) × total number of days in a year
32 days = (Accounts receivable ÷ $56.1 million) × 365 days
So, the accounts receivable would be
= (32 days × $56,100,000) ÷ 365 days
= $4,918,356
Simply we apply the average collection period formula so that the accurate amount can come.