<h3>
Answer:</h3>
Debiting salaries Expense $400 and Crediting Salaries payable $400.
<h3>
Explanation:</h3>
We are given;
1 employees earns $ 100 a day
Therefore;
2 employees will earn $ 200 a day
The month ends on Tuesday, but the two employees works on Monday and Tuesday.
- Therefore, the month-end adjusting entry to record will be the amount earned by the two employees on the two days.
Two employees for 2 days = $200/day × 2 days
= $400
- But, salary is an expense, and in the accounts an increase in expense account is debited.
- According to the rule of double entry, an increase in salaries expense decreases the salaries payable. Therefore, we debit salaries expense account and credit salaries payable account.
- Therefore, the month-end adjusting entry to record the salaries earned but unpaid would be;
Debiting salaries Expense $400 and Crediting Salaries payable $400.
Answer:
B. No, approval by an individual other than the requestor establishes greater accountability over inventory.
Explanation:
This step is required as it will ensure control over inventory usage.
Answer:
d. Mexico has nothing to gain from importing United States pork.
Explanation:
The principle of comparative advantage asserts that countries (in this case Mexico) are better off importing certain goods (in this case pork), given that the opportunity cost of importing such goods are less in comparison to the production costs of manufacturing them within the country.
By definition, a country is said to have a <em>comparative advantage</em> over another, when they can produce a certain good or service at a lower marginal or opportunity cost.
Answer:
Cole should record amortization expense for the leased machine at $9,000.
Explanation:
Machine cost would be recorded in book at = present value of Aggregate lease payments
Machine cost would be recorded in book at = $108,000
Depreciation (amortization) expense for the leased machine in first year= (Machine cost - salvage value)/Useful life
Depreciation (amortization) expense for the leased machine in first year= ($108,000 - 0)/12
Depreciation (amortization) expense for the leased machine in first year= $ 9,000
Therefore, Cole should record amortization expense for the leased machine at $9,000.
