Answer:
Dr interest expense $2448
Dr interest payable $3060
Dr Notes payable $61,200
Cr cash($2448
+$3060
+$61,200) $ 66,708.00
Explanation:
The interest accrued at 31st December 2022 is interest for 5 months which is calculated thus:
interest as at 31st December=5/12*12%*61,200=$3060
On that interest expense would have been debited while interest payable is credited with $3060
On the due date, interest for another months need to computed as follows:
interest for four months=4/12*12%*61,200=$2448
If a company uses $1,600 of its cash to purchase supplies, the effect on the accounting equation would be one asset increases $1,600 and another asset decreases $1,600, causing no effect.
<h3>What is an accounting equation?</h3>
The relationship between a person's or company's assets, liabilities, and owner's equity are represented by the basic accounting equation, often known as the balance sheet equation. It serves as the system's cornerstone. The sum of the debits and credits for each transaction is equal.
Stockholders' equity is referred to as capital in corporations. Since every business transaction impacts at least two accounts, the accounting equation will always be "in balance," which means the left and right sides of a company's balance sheet should always be equal.
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Answer:
Per year installment shall be $22,101
Explanation:
By using annuity formula we have
P=$58,000
Annuity Factor=2.62432
P=Installment*2.62432
$58,000=Installment*2.62432
Installment=$58,000/2.6243
Installment per year=$22,101
Answer:
D.technological assets such as patents, copyrights, and innovation technologies.
Explanation:
Tangible resources are regarded as a physical asset with a set of value that are been owned by organization, companies. Tangible resources could be equipment, machinery, buildings, cash and so on.
It should be noted that Tangible resources can be in form of technological assets such as patents, copyrights, and innovation technologies.
They are important in finance because their utilization could be for very long time in the business.
:
Answer:
1. Cash $700 Dr
Unearned Service Revenue $700 Cr
2. Unearned Service revenue $35 Dr
Service Revenue $35 Cr
Explanation:
1. When the payment is received in advance, the cash is received so it will be debited as cash is increasing. The service has not been provided so it is a liability of the company and the unearned service revenue will be credited as liability is increasing.
2. The cash received in advance $700 is for the service that is to be provided 20 times.
When the service is provided one time, the revenue for this has been earned so it will be recorded as a decrease to liability and an increase to revenue. So unearned service revenue will be debited and service revenue will be credited.
The revenue from one time service providing is = 700 / 20 = $35
