Answer:
Insurance is the procedure by which persons or companies exposed to a specific risk agree with an institution specializing in compensation for damage that the institution will indemnify the damage caused when the risk materializes. The resulting contract is called insurance.
From a commercial point of view, insurance can be defined as the means by which the cost of incidental damage can be converted evenly into a continuous annual cost on an annual basis.
I think the correct answer among the choices listed above is option C. <span>Bringing account balances up to date before preparing financial reports is called journalizing. This step involves the writing of financial accounts in a journal.</span>
Answer:
C) a debit to Merchandise Inventory and a credit to Accounts Payable
Explanation:
The journal entry to record the purchase of inventory on account by using the perpetual inventory system is shown below:
Merchandise Inventory A/c Dr XXXXX
To Accounts Payable A/c XXXXX
(Being merchandise is purchase on credit)
Simply we debited the merchandise inventory account and credited the account payable account so that the correct posting can be done.
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Answer:
Instructions are below.
Explanation:
Giving the following information:
Investment= $4,500
Interest rate= 11.45%
For both options, we will use the following formula:
FV= PV*(1+i)^n
a. Number of years= 43
FV= 4,500*(1.1145^43)
FV= $476,053.37
b. Number of years= 33
FV= 4,500*(1.1145^33)
FV= $161,010.77