Answer:
Eric Pense Journal Entries:
a. Dr Cash$23,000
Dr Office Equipment12,000
Cr Pense, Capital$35,000
b. Dr Land $8,000
Dr Building $33,000
Cr Cash$15,000
Cr Notes payable$26,000
c.Dr Supplies 600
Cr Accounts payable$600
d.Dr Automobile$7,000
Cr Capital$7,000
e.Dr Office Equipment$1,100
Cr Accounts payable$1,100
f.Dr Salary $800
Cr Cash$800
g.Dr Cash$2,700
Cr Fees Earned$2,700
h. Dr Utilities Expense$430
Cr Cash$430
i.Dr Account payable$600
Cr Cash$600
J. Dr Office Equipment $4,000
Cr Cash$4,000
k. Dr Accounts receivables$2,400
Cr Fees Earned$2,400
l. Dr Salary$800
Cr Cash$800
m. Dr Cash$1,000
Cr Accounts Receivable$1,000
n.Dr Pense, Withdrawal$1,050
Cr Cash$1,050
Explanation:
Answer:
$200
Explanation:
Calculation for How much of the $3,000 fee may Z deduct on his Schedule C for the current year.
Amortized over life of loan = ($3,000/60 months) x 4 months
Amortized over life of loan=$50×4 months
Amortized over life of loan=$200
Note that September 1 to 31 December will give us 4 months
Therefore what Z deduct on his Schedule C for the current year is $200
Answer: True
Explanation: In simple words, rule of thumb refers to generally accepted guidelines or principles that are not necessarily strict or accurate. These are nearly accurate as these are based on practical experiences rather than theory.
These guidelines helps the authorities in decision making if in case of any conflict the conflicting parties chooses to have an open discussion.
Hence from the above we can conclude that the the given statement is true.
Answer: (A)
If both companies collude and agree on the best joint strategy, then neither of them will advertise.
Explanation:
If PM Inc. and Brown Inc. agree on a strategy that is best for both of them, then they would decide not to advertise as this line of action will earn them both $50 million, which is higher than they stand to earn if they both advertise.
Both A and B so answer C.
