Answer and Explanation:
The adjusting entry is as follows
Interest receivable Dr ($18,600 × 10% × 42 days ÷ 360 days) $217
To Interest revenue $217
(being the interest revenue is recorded)
Here the interest receivable is debited as it increased the assets and credited the interest revenue as it also increased the revenue
The 42 days are calculated from Nov 19 to Dec 31
<span>These two services are substitutes. The demand for one good has an effect on the demand for another good. In this case, the lowered price of the taxi fares will lead to a lowered price for the use of the limo rentals, all else held constant.</span>
Answer:
46.666666666
Explanation:
I have braces too!! TWINS
Answer:
increase total assets by $1,300.
Explanation:
The net effect is shown below
The first entry is
Cost of goods sold Dr $2,300
To Merchandise Inventory $2,300
(Being the cost of inventory is recorded)
Now the second entry is
Account receivable Dr 3,600
To Sales revenue 3,600
(Being the sales is recorded)
Now the net effect is
= 3,600 - 2,300
= 1,300
This 1,300 reflect the increase in the total assets
