Answer:
a. Reversal entry:
Debit Rent expense $4,650
Credit Miscellaneous Expense $4,650
Correct Entry:
Debit Rent expense $4,650
Credit Cash $4,650
b. Reversal entry:
Debit Accounts payable $3,700
Credit Cash $3,700
Correct Entry
Debit Cash $3,700
Credit Accounts Receivable $3,700
Explanation:
Reverse entry is to simply close to zero the original entry that has been made in mistake. Afterwards, record the correct entry to properly account the transaction.
To reverse the previously made entry, we simply debit what is credited and debit what is credited.
a. We need to close the rent expense credited by debiting it and credit the miscellaneous expense that is previously debited to zereod out the mistake recording. Then to record the correct entry, Debit Rent expense and Credit Cash at the amount $4,650
b. Just ike what we did on the previous transaction, we will debit the Accounts payable and credit the cash that has been recorded by mistake to zereod out the balance and then make the correct entry. Debit Cash $3,700 and credit Accounts receivable $3,700.
Answer:
r = 5%
Explanation:
Construction cost 800.000
# of barrels produced 10.000
Price per barrel $4
let the interest rate = r
Equate the net present value = 0
800000 = 10000 x 4/(1 + r) + 40000/(1 + r)2 + .......
800000 = 10000 x 4/r
r = 5%
Answer:
The mississippi college savings account program helps children save for more expensive schools by starting a savings account at a very young age.
The Mississippi College Savings Account Plan is helping bridge the economic drive by allowing the students to become familiar with the banking service, getting them used to the banking system and saving accounts.
Answer:
C. Buddy System
Explanation:
As James has just joined CoraTech Systems, where he has been assigned to Paul and Natalie for sources of information about the company. Paul and Natalie introduce James to others at Coratech, give him an office tour, and assure him that they will meet him regularly for the first few weeks, to help him in the transition to the new company. In this scenario, Paul and Natalie are part of the CoraTech's buddy system. Buddy system is one of the important concepts used by HR managers where train and orientate new employees by assigning them someone from the workplace who has much working experience in order to get the new employee trained and familiar with the organization. This system motivates and encourages new employees to share their tools, technologies, knowledge and techniques gained from their previous job experience.
