Answer:
The journal entry to be recorded for the payment of the note on date of maturity is shown below:
Explanation:
The journal entry to be recorded for the payment of the note on date of maturity is as follows:
Notes Payable A/c..........................Dr $9,000
Interest expense A/c......................Dr $148
Cash A/c..........................................Cr $9,148
Being payment of the note payable is reported on the maturity date
As on the day of the payment, the cash is going out of the business which means assets is decreasing and any decrease in assets is credited. Therefore, the cash account is credited. And the notes payable is paid so the notes payable account is debited and interest expense account will also be debited.
Working Note:
Interest expense = $9,000 × 10% × 60/ 365
Interest expense = $148
You don't communicate to convey activities, or to integrate activities. We can, therefore, eliminate answers "a," "b," and "e."
So is our purpose to discuss or organize an activity? Either answer fits. We discuss activities to gather the opinions of others regarding said activities. But discussing is, itself, a form of communicating, it is not an outcome. The other points listed are outcomes "we provide... influence... [through communication]." Therefore, the answer must be "c. organize".
Answer:
Balance sheet
Explanation:
Balance sheet: In the balance sheet, the assets, liabilities, and stockholder equity is recorded. In this the accounting equation is used which is shown below:
Total assets = Total liabilities + stockholder equity
The debit and credit side of the balance sheet should always be equal and balanced.
Moreover, it always is prepared on the specified date.
It analyzes the financial profitability, position, performance of the business organization
Answer:
<u>b. Sales tax in a state with no income tax</u>
Explanation:
- Under the laws of the united states, itemized deductions are eligible expenses that an individual taxpayer can claim on federal income if available.
- Based on there taxable incomes the taxes can be deduced and the sales taxes with no income tax do not come under the deductible tax.
- The list of expenses can also be itemized by there are limited to the tax year.
