A budget is a plan you make to decide how you spend your money.
To make a budget you must decide how much of your money you want to spend and how much of it you want to set aside. To balance a budget, keep track of all your expenses, payments, and income.
Answer and Explanation:
The Journal entry is shown below:-
Vacation Benefits Expense Dr, $4,575
($21,575 - $17,000)
To Vacation Benefits Payable $4,575
(Being benefit earned but not taken is recorded)
Working Note
The total wages earned excluded benefit paid
= $880,000 - $17,000
= $863,000
Actual vacation benefit
= $863,000 × 1 ÷ 40
= $21,575
Answer:
Debit : Cash $239,811
Credit : Bonds Payable $239,811
Explanation:
Step 1
First, lets determine the price of Bonds at issuance date (1 January). This is because Bonds are issued at their Issue Price not Par Value.
The Price of the Bond is its present value (PV) and this is calculated as :
FV = $230,000
PMT = ($230,000 x 7 %) ÷ 2 = $8,050
N = 5 x 2 = 10
P/YR = 2
R = 6%
PV = ?
Thus, the Present Value (PV) of the Bonds is $239,811.
Step 2
The journal entry to record the issuance of the bond is:
Debit : Cash $239,811
Credit : Bonds Payable $239,811
Fkat regressive is the answer