Answer:
Explanation:
The adjusting entry is shown below:
Supplies expense A/c Dr $6,100
To supplies A/c $6,100
(Being supplies account is adjusted)
The supplies expense is computed by
= Supplies beginning balance + purchase of supplies - supplies on hand
= $3,500 + $4,800 - $2,200
= $6,100
To find out the adjusting balance we added the purchase of supplies and deducted the supplies on hand from the beginning balance of supplies account
D) as closing entries are apart og the accounting cycle, and only temporary accounts like expenses are closed.
When property is sold in the middle of year, both the buyer and seller can deduct their pro rated portion of the property tax.
The property taxes are based on the assessed value of the property. So when the property tax is pro rated at the time of the transfer, both the buyer and seller can deduct their pro rated portion of the property tax.
Buyer and seller prorations are often applied during real estate closing transactions to divide the cost of expenses like property taxes. Thus, the buyer gets a deduction for the prorated amount of property tax due after closing, and the seller gets the same deduction for the taxes.
Hence, both the buyer and seller receives the deduction for the real property tax.
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Checkable deposit claims that depositors have against the assets of the bank. Thus, option 'A' is the correct option.
<h3>What are Checkable Deposits?</h3>
Any demand deposit account for which checks or drafts of any sort may be drawn is referred to as having checkable deposits in the technical sense. (The owner of a demand deposit account has the right to immediately, notice fewer withdrawals of funds.) The most liquid accounts available to consumers are checkable deposit accounts.
They also include any sort of negotiable draft, such as a Super NOW account or a negotiable order of withdrawal (NOW). (Withdrawing funds from NOW accounts may be subject to a seven-day written notification requirement, however, this is seldom necessary.)
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In the rooms because that is where the amenities are located ie the bed comfort, the TV, the view, the room size and then the leaning services and the room service (for food from the restaurants)
