Answer:
C) payroll.
Explanation:
Expenses can be defined as the amount of cost that is being incurred in the generation of revenue and smooth operations or running of a business by an organization or business firm. There are basically two (2) types of expenses associated with business and these are; operating and non-operating expenses.
One of the largest expense categories for most businesses is payroll. A payroll can be defined as a comprehensive list of employees working for an organization and are eligible to receive wages, as well as the amount of money that they are entitled to receive. It constitutes about 70% of an organization's total expense or overhead.
Answer:
A. Adjusting Journal Entries:
Dec. 31, 2019:
Debit Accounts Receivable $22,650
Credit Service Fee Revenue $22,650
To record fees earned, but not yet billed to clients.
B. No. If the cash basis rather than the accrual basis had been used, an adjusting entry would not have been necessary.
Explanation:
Adjusting entries are only required to align the cash-basis accounting records to the accrual basis. Adjustments are made for prepayments of expenses, unpaid expenses, deferred revenue, unearned earned and earned revenue, and depreciation charges. For an entity operating on a cash basis, adjusting entries are not required.
Adjusting entries ensure that accounting records comply with the accrual concept and matching principle of generally accepted account practises. The requirement under this concept with the matching principle is to accrue and match expenses and revenue to the related revenue and expenses and period.
Answer: a limited agency capacity.
Explanation: An escrow officer or personnel is usually a third party who represents both the interests of the buyer and seller in a business transaction. The escrow acts in a limited agent capacity in the sense that the funds from the buyer is released to the escrow once the buyers confirms satisfaction with service rendered by the seller the escrow releases the funds to the seller.
Answer:
ARPANET Network.
Explanation:
ARPANET network was the basis for the internet. It was created under the direction of the U.S. Advanced Research Project Agency which is often called ARPA. This is why the network is called ARPANET. The major purpose of the network was to enhance communication. Also, it made good use of the new idea of sending message in small units which were referred to as packets. These units could be sent along different paths and reconstructed at their destination.
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