Answer:
Explanation:
The adjusting journal entry is shown below:
Interest receivable A/c Dr $200
To Interest revenue A/c $200
(Being the interest earned is recorded)
Since the interest would not be received but it is earned so we debited the interest receivable account and credited the interest revenue account.
The other accounts which are given in the brackets are wrong.
Answer:
The quarterly deposit required is $ 20,578.36
Explanation:
in order to determine the needed quarterly deposit, we make use of pmt formula in excel, which is given as :
=-pmt(rate,nper,-pv,fv)
rate is the rate of return on the deposit at 8% per year but 2% per quarter(8%/4)
nper is number of deposits required in the fund,which number of years ,5 multiplied by 4(4 deposits per year)
pv is the present of the value of the future amount which is zero as it is not required.
Fv is the amount expected in 5 years which is $500,000
=-pmt(2%,20,0,500000)
pmt= $20,578.36
Expenses likely to be classified as prepaid expense (asset) are Prepaid Rent & Insurance Premiums. Enter a prepaid rent payment on the balance sheet as an asset until the month when the company is actually using the facility to which the rent relates, and then charge it to expense. Any insurance premium costs that have not expired as of the balance sheet date should be reported as a current asset such as Prepaid Insurance.
Answer:
there is no need for diverse input
Answer:
Dividends - <em>Statement of Changes in Retained Earning</em>
Dividends are payments to shareholders from a company's net income. They are derived from the Statement of Changes in Retained Earning because this is where Net Income is sent to. After they are deducted from Retained Earnings, the Earnings form part of Equity.
Differed Revenue - <em>Balance Sheet</em>
Differed Revenue refers to money that was received from a customer or client for goods and/or services that have not yet been delivered. The business will treat them as a liability until they are delivered so they will go under Current Liabilities in the Balance Sheet assuming they are to be fulfilled in 12 months or less which is usually the case.
Service Revenue - <em>Income Statement</em>
These are revenue that the business earns for providing a service when their main source of revenue is by selling goods. It is listed in the Income Statement just after Revenue and is added to Revenue to get Total Revenue.
