Answer:
1.
Dr. Net Sales ¥ 1,888,622
Cr. Income Summary ¥ 1,888,622
2.
Dr. Income Summary ¥1,770,833
Cr. Cost of sales ¥ 1,254,981
Cr. Advertising expense ¥ 118,308
Cr. Other expense ¥ 397,544
Explanation:
Closing Entries are passed to close the temporary accounts of a business for the year. These accounts are closed and their balances are transferred to income summary account.
First we will close the the revenue / income accounts and then expenses or cost accounts.
Answer:
Kindly see Explanation
Explanation:
JOURNAL ENTRY :
Asset worth = $100,000
Accumulated Depreciation = $40,000
Fair value of asset due to loss impairment = $48,000
Asset ($100,000 - $48,000) - - - $52,000 Cr.
Accumulated Depreciation - - - $40,000 Dr.
Impairment loss - - - - - - - - - - - - $12,000 Dr.
Impairment loss = (Asset value - Depreciation - fair value)
Impairment loss = ($100,000 - $40,000 - $48,000)
$60,000 - $48,000 = $12000
Answer:
The correct answer is option A.
Explanation:
The primary market is the part of the capital market where the securities are initially issued by the companies. The investors can directly purchase securities from the companies.
Securities are created in the primary market.
The secondary market is the part of capital market where the previously issued securities are traded. The investors buy and sell stocks and bonds that have already been sold in the primary market.
Answer: A) debit to Salaries and Wages Expense for $88,800
Explanation:
When recording the payroll for the month, the gross pay of $88,800 will be debited to the Salaries and Wages expense account.
The relevant deductions are then made which in this case would be FICA taxes, Income taxes withheld and Medical insurance deductions. The unemployment taxes are the responsibility of the employer so will not be deducted.
The Journal entry will therefore be;
Debit Credit
April 30 Salaries and Wages Expense 88,800
FICA Taxes withheld 6,790
Income taxes withheld 18,500
Medical Insurance deductions 3,300
Salaries and Wages Payable 60,210
Answer:
The sentence that applies the correct number style is:
c. Dan Yannotti, Director of Health Initiatives, turns 32 this year.
Explanation:
Sentence A's number style should have been formatted like: "More than $5 million ..." Alternatively, it could be formatted as "Five Million Dollars."
Sentence B's number style should have been formatted like: "27% of our ...."
This leaves sentence C as the sentence that applies the correct number style.