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konstantin123 [22]
3 years ago
14

A Roth IRA and a Tax Deferred investment plan are just two of many ways you can invest into for your retirement. If you wanted t

o contribute amounts greater than $5,000 a year, which of the two investment plans would you consider and why?
Business
2 answers:
UNO [17]3 years ago
8 0

If an amount greater than $5,000 is made on an annual bases, then the Tax Deferred Annuity will be the best investment plan. A Roth IRA will only allow a maximum of $5,000 to be deposited annually, where as the Tax Deferred Annuity has no contribution limit.

Firdavs [7]3 years ago
7 0
<span>If I want to contribute amounts greater than $5,000 on an annual bases, I would consider the Tax Deferred Investment Plan; the Tax Deferred Annuity most suitable in this situation because a Roth IRA has a contribution limit of $5,000 annually, whereas the Tax Deferred Investment Plan has no contribution limit.</span>
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Answer:

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Adjusting Journal Entries:

Account Titles and Explanation     Debit      Credit

Interest Expense                            $1,152

Interest Payable                                          $1,152

To record accrued interest for 8 months.

Rent Revenue                               $2,600

Deferred Revenue                                       $2,600

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Supplies                                                       $1,570

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Explanation:

a) Data and Calculations:

1. Interest Expense $1,152 Interest Payable $1,152 ( $28,800 * 6% * 8/12)

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b) The above adjusting journal entries are made in order to reverse the earlier entries made.  The purpose is to bring the accounts in line with the accrual concept and the matching principle of generally accepted accounting principles.  These require that expenses and revenues for the period are matched and recognized whether or not cash is exchanged.

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