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Anna [14]
3 years ago
5

Paradise Realty Co. pays weekly salaries of $45,500 on Friday for a five-day workweek ending on that day. a. Journalize the nece

ssary adjusting entry at the end of the accounting period assuming that the period ends on Monday. b. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Thursday.
Business
1 answer:
Ainat [17]3 years ago
3 0

Answer:

JOURNAL ENTRY

Dr Weekly Salary..............9,100

Cr. Accrued Salaries........................9,100

Explanation:

a. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Monday.

The week ending on Monday implies that there would be one day weekly salary unpaid which 45,500 / 5 = $9,100

JOURNAL ENTRY

Dr Weekly Salary..............9,100

Cr. Accrued Salaries........................9,100

Being one day of weekly salaries accrued but unpaid at the end of the period

b. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Thursday.

The week ending on Thursday implies that there would be four days weekly salary unpaid which (45,500 / 5)  x 4 days = $9,100 x 4 = $36,400

JOURNAL ENTRY

Dr Weekly Salary..............36,400

Cr. Accrued Salaries........................36,400

Being four days of weekly salaries accrued but unpaid at the end of the period.

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If government spending occurs, there will be a(n) _______ of private-sector investors, described as a(n) _______ of that spendin
MrRa [10]

If government spending occurs, there will be a(n)crowding out of private-sector investors, described as a(n) opportunity cost of that spending.

<h3>What is government spending?</h3>

This is the term that is used to refer to all forms of expenditures that the government of a place may embark on.

Spending is an expansionary policy that helps to stimulate the government of a place.

Read more on government spending here:

brainly.com/question/25125137

#SPJ1

3 0
1 year ago
Beautiful Lawns Company estimates its doubtful accounts by aging its accounts receivable and applying percentages to various age
mr_godi [17]

Answer:

$3,000

Explanation:

Calculation to determine How much bad debts expense will Beautiful Lawns report in 2016

Using this formula

Bad debts expense=Estimated doubtful accounts -Allowance for Doubtful Accounts credit balance

Let plug in the formula

Bad debts expense=$3,600-$600

Bad debts expense=$3,000

Therefore The amount of bad debts expense that Beautiful Lawns will report in 2016 is $3,000

8 0
2 years ago
What is the largest source of revenue in california?
MArishka [77]
The three largest sources of revenue are personal income taxes, sales and use taxes, and corporate income taxes (in that order).
8 0
3 years ago
James Company began the month of October with inventory of $19,000. The following inventory transactions occurred during the mon
Juli2301 [7.4K]

Answer:

<u>1. Entries using periodic inventory system</u>

October 12

J1

Purchases $28,000 (debit)

Trade Payable$28,000 (credit)

j2

Freight Charges $540 (debit)

Cash $540 (credit)

October 31

Trade Payable $28,000 (debit)

Cash $28,000 (credit)

October 31

Trade Receivable $28,800 (debit)

Revenue $28,800 (credit)

October 31

Inventory $28,100 (debit)

Cost of Goods Sold $28,100 (credit)

<u>2. Entries using periodic inventory system</u>

October 12

J1

Merchandise $28,000 (debit)

Trade Payable$28,000 (credit)

j2

Freight Charges $540 (debit)

Cash $540 (credit)

October 31

Trade Payable $28,000 (debit)

Cash $28,000 (credit)

October 31

J1

Trade Receivable $28,800 (debit)

Revenue $28,800 (credit)

J2

Cost of Sales $18,600 (debit)

Merchandise $18,600 (credit)

October 31

Merchandise $28,100 (debit)

Cost of Goods Sold $28,100 (credit)

Explanation:

<u>1. Entries using periodic inventory system</u>

With periodic system, inventory valuation is done at end of a specific period.

<u>2. Entries using periodic inventory system</u>

Perpetual system is the method of recalculating the value of goods held after each transaction

5 0
3 years ago
Which one of the following best illustrates that the management of a firm is adhering to the goal of financial management?a. An
-BARSIC- [3]

Answer:

increase in the market value per share

Explanation:

Market value per share is the price that the share of a company can be traded if it is to be sold to a willing investor in a stock market.

The market value per share is determined by the company's financial performance, favorable market information concerning the enterprise, perceived future prospects plus investors or public confidence.

One of the goals of financial management is the maximization of the shareholders wealth, this will find expression in how the business actions or inaction of the management has enriched the shareholders.

5 0
3 years ago
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