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worty [1.4K]
3 years ago
11

Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000 of unpaid and unrecord

ed salaries. The next payday is January 3, at which time $30,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.
Business
1 answer:
mamaluj [8]3 years ago
3 0

Answer:

The journal entry for the following is shown below:

Explanation:

The journal entry for the salary which is paid on January 3 is as:

January 3

Salaries expense A/c..........................Dr     $30,000

             Cash A/c..............................................Cr    $30,000

As the salary is paid worth $30,000, so the salary expense is decreasing and any decrease in expense is debited. Therefore, the salary expense account is debited. And it paid against the cash and the cash is going out of the business and any decrease in cash will be credited. Therefore, the cash account is credited.

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A recession is a period of significant, widespread declines in:
Harrizon [31]

Answer:

Letter B. real income and employment.

Explanation:

Economic cycles describe the fluctuations that occur in income and employment in the economic system. This cycle may be one of expansion, a lasting movement of real income and employment growth, or it may be of recession, where the economic economy presents a significant and widespread decline in real income and employment. For example, the 2008 crisis has caused recession in many countries, leading to a fall in real income and employment.

6 0
3 years ago
Gianna put $1,000 in a savings account for 18 months. The interest on the account is 3.5%.
Nadya [2.5K]

Answer:

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Consider a mutual fund with $300 million in assets at the start of the year and 10 million shares outstanding. The fund invests
djyliett [7]

Answer: Start = $300 million

End = $318.59 million

Explanation:

NAV can be calculated by dividing the funds Assets net of Liabilities by the total number of outstanding shares.

At start of the year NAV is $300 million and NAV per share is therefore,

= 300 million/ 10 million

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Ending NAV

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= 300 million (1 + 0.07)

= $321 million

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= 321 million * (1 - 0.0075)

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Dividing this by the total number of outstanding shares we have,

= 318.59 /10

= $31.86

$31.86 is the NAV per share at year end.

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3 years ago
For each transaction, indicate the transaction's effect on the company's accounting equation by selecting either increase, decre
lbvjy [14]

Answer:

C

Explanation:

8 0
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