Answer:
The required adjusting entry would be to debit the Interest <u>expense</u> account and <u>credit</u> the Interest<u> </u><u>payable</u> account.
Explanation:
The number of days that a loan debt stays unpaid is referred to as the outstanding number of days.
In line with the general accounting rules, all expenses must be debited. Therefore, the interest expense has to be debited.
Interest payable, however, is the amount owed to a lender by a firm and is thus credited as the matching journal entry to the interest expense.
Therefore, we have:
The required adjusting entry would be to debit the Interest <u>expense</u> account and <u>credit</u> the Interest<u> </u><u>payable</u> account.
The answer is true, hope that helps!!
Answer:
current floating exchange rate
Explanation:
Exchange rate is the rate at which one currency will be exchanged with another. For example, 1 United States Dollar is equivalent to 4.24 Poland Zloty as of March 2020.
There are two common types of exchange rates:
1. Floating exchange rate: This is set by the FOREX market, and is based on the current supply and demand of currencies. When demand for a currency is high, its value increases and vice versa.
2. Fixed exchange rate: A fixed or pegged exchange rate is whereby a government entirely determines the rate and value of the currency.
Generally, a floating exchange rate system is used in the global market. This does not mean countries allow their currencies to fluctuate endlessly. The central bank of a country and it's government does intervene and manipulate the currency to make it favorable for them during international trade but it is done in a more indirect manner as opposed to a fixed exchange rate system.
Answer:d. $30,000
Explanation:
The reduction of loan amount from $80,000 to $50,000 means carry has gained the difference of $30,000 by paying less than the value of loan he has received.
On an overall analysis the net asset will improve from -$10,000 to $20,000 but the income from the loan reduction is $30,000 i.e,$80,000 minus $50,000.
Answer:
A. True
Explanation:
For her it is a specialty good because it not sold everywhere, therefore she makes the extra effort.
