The statement in situations where an annual budget deficit exists, cutting expenses from the budget is optimal is True.
<h3>What is budget deficit?</h3>
Budget deficit tend to occur when the expenses or expenditure is higher then the revenue.
Cutting down expenses from the budget is most desirable if we want to have budget surplus. Budget surplus is when revenue is higher than expenditure.
Therefore the statement in situations where an annual budget deficit exists, cutting expenses from the budget is optimal is True.
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Answer: Contract is voided
Explanation:
From the question, we are informed that Jillian and Chase are making a contract in which Jillian ships beaver pelts to Chase, who will then makes the pelts into hats to sell.
We are further told that a year into their contract, it becomes illegal to buy or sell beaver pelts in the United States. Based on the scenario explained, the contact will be voided.
A void contract is referred to as a formal agreement that cannot be enforceable and is not legitimate. Since it is illegal to either purchase or sell beaver pelts, it means that the context cannot be carried out anymore and should the be void.
Answer:
d. Credit to Accounts Receivable.
Explanation:
Hutley Inc. is not going to pay the $8,000 to Searcy, therefore Searcy will make the following entry to write off the balance from Account Receivables.
Debit: Allowance for Doubtful Accounts $8,000
Credit: Accounts Receivables $8,000
To write-off Hutley Inc. receivables.
Answer:
The amount of Depreciation Expense for the equipment used in the business is $1,700
Explanation:
In order to calculate the amount of Depreciation Expense for the equipment used in the business we would have to make the following calculation:
amount of Depreciation Expense for the equipment used in the business= Adjusted Trial Balance-Unadjusted Trial Balance
amount of Depreciation Expense for the equipment used in the business= $ 9,400-$7,700
amount of Depreciation Expense for the equipment used in the business= $1,700
The amount of Depreciation Expense for the equipment used in the business is $1,700
