Adjusting entry on December 31 with a debit to Interest receivable and credit to Interest Revenue for the interest generated in December.
<h3>
What is an Adjusting entry?</h3>
- Adjusting entries and journal entries used in accounting and accounting to assign income and expenditure to the period in which they actually occurred.
- They are often made at the end of an accounting period. Under accrual-basis accounting, the revenue recognition principle serves as the foundation for adjusting entries related to unearned and accrued revenues.
- Because they are done on balance day, they are occasionally referred to as balance day adjustments.
- Revenues and related costs are recorded in the same accounting period according to the matching concept of accrual accounting.
- The actual money, however, can be received or paid at a separate period.
<h3>What is Interest receivable?</h3>
- The amount of interest that has been earned but has not yet been paid out in cash is known as interest receivable.
- Many organizations won't record this number because they believe it to be irrelevant.
Therefore, it will record an Adjusting entry on December 31 with a debit to Interest receivable and credit to Interest Revenue for the interest generated in December.
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#SPJ4
Marketers professionals refer to the strategy of collecting customer names and email addresses and maintaining a presence on social media sites to send messages about promotions and coupons to valued customers like relationship marketing.
This strategy of creating relationships with customers has as its main objective the generation of value and customer loyalty through a closer and more direct relationship.
Relationship marketing is a strategy that has had a greater impact with technological development, social media for example, has strengthened communication between company and customer, making the relationship closer and more dynamic.
Therefore, companies that use relationship marketing create value through content that generates benefits and customer engagement with the company, increasing loyalty and positioning in the market.
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Answer:
With the correcting entry method, the wrongly posted account will transfer the amount that was to be posted elsewhere to the place it was to be posted in. In this case the posting was to be to Accounts Receivable not Service fees so:
Date Account Title Debit Credit
May 23 Service Fees $1,270
Accounts Receivable $1,270
Answer:
a.mechanistic
Explanation:
Based on the scenario being described within the question it can be said that it seems that Fine Lines Inc. is using a mechanistic structure. This type of structure, also known as a bureaucratic structure, is a structure based on a single formal and centralized network where authority comes from the top-level managers who make most of the decisions.
Answer:
$304,720
Explanation:
According to the IRS, qualified principal residence indebtedness may include:
1) Debt incurred in order to purchase, build or improve your house or main residence, and the debt is secured by the house or principal residence (mortgage).
Or
2) Any house debt in (1) that is refinanced in order to improve, build or purchase something of your house or principal residence, e.g. you refinance your mortgage in order to build a swimming pool. The loan balance cannot exceed the original mortgage.
A fishing boat is not considered a home improvement, so the equity loan is not considered qualified residence indebtedness.
