Which of the following is a style trend

Which of the following statements is NOT correct? Multiple Choice The description of a journal entry should include a reference

Rom4ik [11]

Answer:

The credit portion of a general journal entry is always recorded first.

Explanation:

A journal entry involves the process of keeping the records of business transactions made by an organization.

The journal entry is used by bookkeepers and accountants. Ideally, it is important that a journal has all of following informations; date, reference number, debit balance, credit balance and transaction description.

Also, the total amount of money credited must equal the total amount of money debited.

The following statements are correct and true about the general journal;

I. The description of a journal entry should include a reference to the source of the information contained in the entry.

II. If goods are purchased on credit, the supplier's invoice number is used as the source document for the transaction.

III. A firm should be able to trace amounts through the accounting records and back to their source documents.

5 0

3 years ago

Franklin Corporation issues $50,000, 10%, 5-year bonds on January 1, for $52,100. Interest is paid semiannually on January 1 and

Karo-lina-s [1.5K]

Answer:

Bond interest expense = $2,290

so correct option is b. $2,290

Explanation:

given data

Bond issued = $50,000

Interest rate = 10%

interest semi-annually = 5%

time period = 5 year

to find out

amount of bond interest expense

solution

we get first Cash interest payment that is here

Cash interest payment = $50,000 × 5%

Cash interest payment = $2,500 ....................1

and Bond premium will be

Bond premium = $52,100 – $50,000

Bond premium = $2,100 .......................2

we know interest paid semi annually so time period will be = 10

so Amortization of bond premium will be here as

Amortization of bond premium = $\frac{2100}{10}$

Amortization of bond premium = $210 .................3

so Bond interest expense will be calculate as

Bond interest expense = Cash interest payment - Amortization of bond premium .......................4

put here value

Bond interest expense = $2,500 - $210

Bond interest expense = $2,290

so correct option is b. $2,290

8 0

4 years ago

Superior Company has provided you with the following information before any year-end adjustments: Net credit sales are $131,750.

aleksklad [387]

Answer:

$3,553

Explanation:

Credit losses = Net credit sales × Historical percentage of credit losses

= $131,750 × 3%

= $3,953

Allowance for doubtful account has a credit balance of $400

The estimated bad debt expense can therefore be calculated as:

Bad debt expense = Credit losses - Allowance for doubtful accounts credit balance

= $3,953 - $400

= $3,553

Hence, the estimated bad debt expense using the percentage of credit sales method is $3,553

5 0

3 years ago

The goal of contractionary fiscal policy is to shift the ________ curve to the ________.

Mandarinka [93]

The goal of the contractionary fiscal policy is to shift the Aggregate demand curve to the Left.
The contractionary fiscal policy is a form of fiscal policy that involves increasing taxes, decreasing government expenditures or both in order to fight inflationary pressures.

3 0

3 years ago

The following is a list of account titles and amounts (dollars in millions) from a recent annual report of Hasbro, Inc., a leadi

vichka [17]

Answer:

Hasbro, Inc.

Balance Sheet

Assets

Current Assets:

Cash and cash equivalents $893

Accounts receivable 1,111

Allowance for doubtful accounts (16) 1,095

Inventories 340

Prepaid expenses and

other current assets 392

Total current assets $2,720

Property, Plant, and Equipment (net):

Buildings and improvements $ 234

Land and improvements 7

Machinery, equipment, and software 504

Other noncurrent assets 658

Accumulated depreciation (509)

Property, Plant, and Equipment (net) $894

Other Assets:

Goodwill $ 593

Other intangibles 1,123

Accumulated amortization

(other intangibles) 798 325

Other assets $918

Total assets $4,532

Explanation:

a) Data and Calculations:

Current Assets:

Cash and cash equivalents $893

Accounts receivable 1,111

Allowance for doubtful accounts (16) 1,095

Inventories 340

Prepaid expenses and

other current assets 392

Total current assets $2,720

Property, Plant, and Equipment (net):

Buildings and improvements $ 234

Land and improvements 7

Machinery, equipment, and software 504

Other noncurrent assets 658

Accumulated depreciation (509)

Property, Plant, and Equipment (net) $894

Other Assets:

Goodwill $ 593

Other intangibles 1,123

Accumulated amortization

(other intangibles) 798 325

Other assets $918

8 0

3 years ago