Answer:
The following are the adjusting entries and the amounts entered are supposed and imaginary.
Explanation:
Date Account Titles and Explanation Debit Credit
Mar. 31 Supplies Expense Dr 10,000
Supplies Account Cr 10,000
When supplies are expensed out. If supplies have a balance of 30000 and 10000 is used up.
Mar. 31 Depreciation Expense Dr 5000
Accumulated Depreciation Cr 5000
Depreciation expense amounts to 5000 for the current year
Mar. 31 Unearned Service Revenue Dr 3000
Service Revenue Cr 3000
Unearned Service Revenue is a liability of the person or company.
Mar 31. Salaries and Wages Expenses Dr 2000
Cash Cr 2000
Slaries and wages paid in full by cash to 2000
The answer is product development. The formation of products with new or dissimilar features that agreement new or additional welfares to the customer. The product development may include alteration of an current product or its performance or formulation of an completely new product that gratifies a afresh distinct customer want or market place.
Answer: Analysis of company's performance by the management.
Explanation: In the management discussion and analysis, the upper management of the company analyze and comment on the qualitative and quantitative characteristic of a company. This is seen as a secondary information in the company's yearly financial statement.
The MD and A, is considered valuable by investors as sometimes the management also comments about the upcoming projects of the company in such statements.
Answer:
Revenue that has been earned by the end of December is $ 140,000
Explanation:
When entity uses the accrual method of accounting, the transaction is recorded as and when it occurs.
The subscription revenue received relates to services to be rendered over 12 months. Therefore the Revenue is recognised as magazines are issued over - time.
<em>From the first issue June to end of December , there exists 7 issues of magazines.</em>
Revenue to be recognised = $240,000 × 7/12
= $ 140,000
Answer:
A)After the reversing entry is posted for the adjustment made to recognize the salaries expense at the end of the accounting period, the Salaries Expense account will have a zero balance and the Salaries Payable account will have a credit balance
Explanation:
Reversing entry can be regarded as
a journal entry which is been made during an accounting period, it
reverses selected entries that is been made during immediately preceding period. reversing entry typically take placeat the beginning of particular accounting period.
It should be noted thatReversing entries are;
1) made to reverse the effect of certain adjustments.
2) provide a way to guard against oversights, eliminate the review of accounting records, and simplify the entry made in the new period.
3)is the exact opposite (the reverse) of the adjustment.
