Answer:
1. Prepaid insurance (Dr.) $6,300
Cash (Cr.) $6,300
2. Cash (Dr.) $15,300
Unearned Income (Cr.) $15,300
3. Purchases (Dr.) $1,750
Accounts payable (Cr.) $1,750
Cost of Goods Sold (Dr.) $1,620
Ending Inventory (Dr.) $130
Purchases (Cr.) $1,750
4. Prepaid office rent (Dr.) $6,300
Cash (Cr.) $6,300
Explanation:
The adjusting entry is a journal entry recorded at end of accounting period to adjust events or transactions to comply with the accrual concept.
The closing entries are journal entries required to close a transaction or event in the period. The purpose is to follow matching concept of accounting.
Answer:
Answer in below mark me as brainlist plz
Explanation:
In 1861 McCoy began to work in the mule and cattle industry. He expanded his business to shipping large herds of cattle to slaughter and quickly recognized flaws in the system. ... One of the first cow towns, Abilene was built with extensive advertisement in Texas that encouraged cattlemen to send herds its way.
Answer:
The central government is, essentially, the public body in charge of managing the nation's resources and controlling compliance with the laws. In other words, it applies its power within the entire national territory, but in turn delegating certain powers to state and local governments, which have a much stronger contact with the population of cities and states. Thus, within the regional development process in each nation, local and state governments are the main executors of development policies, but with the supervision and guidance of central governments.
Answer:
Value of scholarship today = $30,484.90
Explanation:
The value of the Scholarship is the present value of the annual payment of $9,000 discounted as the annual interest rate of 7% per annum.
This can be computed using the formula below
Present Value = Annual cash flow × (1- (1+r)^(-n)/r)
n -number of years, r-interest rate
rate r- 7%, n=4, Annual cash flow = 9,000
Present Value = 9,000× (1-1.07^-4)/0.07
= 9,000× 3.3872
= $30,484.90
Value of scholarship today = $30,484.90
