Answer:Woodmier journal $
1. Date
2021
Warranty expenses Dr 90,000
Warranty liability Cr. 90,000
Narration. Amount of warranty incurred for the year.
2021
Warranty liability Dr 90,000
Bank/Cash. Cr. 90,000
Narration. Payment of warranty expenditures.
2. No entry require
Explanation:
The warranty expenses since is a period of one year can be accounted for at the end of the year without requirements for provision at the beginning of the year. The actual warranty is debited to the income statement and the liability recognized as a creditor until payment.
The discontinuation of the sales of the product in 2021 will not affect the already incurred warranty liability and the account posting thereon in the following years.
Answer:
A) Accounting for bonds and notes under US GAAP and IFRS is similar.
Explanation:
US GAAP and IFRS do not have the same accounting guideline for bond issue cost:
Under US GAAP, bonds payable is recorded at face value while premiums or discounts are recorded separately. While under IFRS, bonds payable is recorded using the carrying value, and amortization or premiums or discounts is done by using the effective-interest method.
Answer:
Plaintiff
Explanation:
The Plaintiff is the person who brings the case against the another in the court of the law.
On the other hand, the defendant is the person who defends himself/herself against the suit filed by Plaintiff in the court of the law.
In the given case, Jill has filed the suit against Jack in the court of the law which means that Jill is the Plaintiff.
Answer:
The correct answer is letter "A": Digital technology.
Explanation:
When talking about commerce, digital technology has allowed buyers and sellers from different parts of the world find and offer goods and services without the need to physically meet. The transaction also includes all the steps and efforts necessary to deliver consumers the product at the door of their houses.
Besides, digital technology has allowed consumers to express their ideas massively based on the experience they had with the digital vendors and price so other prospective consumers have an idea of the service provided by the merchant is good or if they should look for a different seller.
