A journal entry that debits manufacturing overhead and credits property taxes payable records the purchase materials.
Journal entries can also include multiple statistics factors however usually include A header, that's a descriptor of the access kind, and the date entered within the journal; a unique numerical identifier or reference range; · One or extra debts and quantities with a view to being debited through the transaction and the date those debits are made; One or greater bills and amounts the transaction will credit and the date those credits are made; and A brief description of the transaction. magazine entries may additionally consist of statistics precise to the enterprise, along with the subsidiary or subsidiaries concerned within the transaction and the foreign money or currencies used.
Every magazine access contains the information tremendous to a single enterprise transaction, Journal entries which include the date, the amount to be credited and debited, a quick description of the transaction, and the accounts affected. relying upon the organization, it can list affected subsidiaries, tax info, and different information.
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Answer:
January 1, 202x, bank loan obtained from Taylor Bank (9 months, 9% interest rate)
Dr Cash 117,933
Cr Notes payable 117,933
Explanation:
Since this is an interest bearing note that will be paid in less than a year, we should record it at face value. All current liabilities must be recorded at face value.
Income before tax is the income that is before it has been taxed or before applying deduction.
<u>Explanation:</u>
An individual or organization's salary before taxes and deductions is before tax income for that company, organisation or for a single individual.
For singular pay, it is determined as the person's wages or pay, venture and resource gratefulness, and the sum produced using some other wellspring of pay. In an organization, it is determined as incomes less costs.
Answer:
the exchange rate and the trade deficit to decrease.
Explanation:
A deficit can be defined as an amount by which money, falls short of its expected or required value.
Generally, deficit in financial accounting is usually as a result of expense exceeding revenue or revenue falling below expenses at a specific period of time.
For instance, when liabilities exceeds assets or import exceeds export there would be a deficit in the financial account.
Generally, a deficit on the current account ultimately implies that the value of goods and services exported is lower than the value of goods and services being imported in a particular country.
In 2013, government began with a budget deficit and a trade deficit. During the year, the government changed its policy and is now running a budget surplus.
Hence, this change in policy will cause the exchange rate and the trade deficit to decrease if all other factors hold constant
