Answer:
The Adjustment Entry for accrual of Interest Expense will be as follows:
Dr. Cr.
Interest Expense $840
Interest accrued Payable $840
Explanation:
Interest per day = $28
Interest expense for the Month = $28 x 30 = $840
$840 of Interest expense will be accrued at the end of the month and it should be adjusted accordingly.
Answer:
Groups hurt by inflation: Fixed Salary Earners and Pensioners, Creditors and Savers.
Explanation:
Inflation refers to a quantitative measure of a rate at which a basket of selected goods and services’ average price level in an economy up rises over some time period. Inflation is indicative of a rise in general price level wherein a single currency unit buys less than what it did formerly. Expressed in percentage, inflation is indicative of a decline in the national currency’s purchasing power.
<u>GROUPS HURT BY INFLATION
</u>
<u>Fixed Salary Earners</u>: Their real income is eroded by inflation.
<u>Creditors</u>: When loan is repaid, its purchasing power is reduced.
<u>Savers</u>: This group is most hurt since the official nominal interest of the bank cannot resist the real rate of interest (inflation rate).
Explanation:
The computation of the ending inventory and the beginning inventory is shown below:
Ending inventory is as follows
December = 438,00 units × 5.5 gallons × 15% =
= 36,135 units
January = 41,000× 5.5 gallons × 15%
= 33,825 units
February = 50,250 units × 5.5 gallons × 15%
= 41,457 units
And, the beginning inventory for January is December ending inventory i.e 36,135 units
When a bank account is reconciled, then it means that the bank transactions are checked and compared to the bank statement to be sure that the inflows and outflows tallies and are accurate.
Basically, the steps to reconciling an account are as follows:
- Make comparisons of the deposit in the account
- If you find any discrepancy, make adjustments on the bank statement
- Make an adjustment of the cash account
- Make a comparison of the balance.
Please note that your question is incomplete so I gave you a general overview to help you better understand the concept.
Read more about bank statements here:
brainly.com/question/15525383
