Answer:
Salaries and wages payable...................Dr $20,000
Salaries and wages expense $20,000
Explanation:
As per accrual system, an expense is incurred when it is accrued irrespective of when it is paid. So, $20,000 was accrued in December 31, salary and wages expenses would have been debited then amounting to $20,000.
In order to rectify the mistake of double counting, the entry passed by the accountant would be reversed to nullify the effect.
Adjusting Journal entry:
Particulars Debit Credit
Salaries and wages payable $20,000
Salaries and wages expense $20,000
(Being double counting of salaries and
wages expense rectified)
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Answer:
4.86%
Explanation:
Given that,
First-class postage for a 1-ounce envelope = 4 cents
On August 1, 2007
A first-class stamp for the same envelope cost = 41 cents
Period, n = 49 years
i = 1.0486 - 1
= 0.0486 or 4.86%
Therefore, the interest rate is 4.86%.
