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Aleks [24]
3 years ago
11

On April 1, the company hired an attorney for a flat monthly fee of $2,000. Payment for April legal services was made by the com

pany on May 12. Prepare the required adjusting entry, if any.
Business
1 answer:
docker41 [41]3 years ago
5 0

Answer:

The Journal entries are as follows:

(i) On April 1,

Legal fees expenses A/c Dr.$2,000

              To Legal fees payable         $2,000

(To record the legal fees expenses)

(ii) On May 12,

Legal fees payable A/c Dr. $2,000

            To Cash A/c                          $2,000

(To record the payment of legal fees)

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A(n) ________ may be defined as a description of a proposed company that explains how it expects to achieve its marketing, finan
sattari [20]

Answer:

Correct option is (c)

Explanation:

Before a business is about to start, a written proposal that states the mission vision, finance, marketing, operational goals and objectives. It also states the short term and long term plans and how they would be achieved.

A business plan help in seeking funds from banks or investors. It also helps companies in staying in track.

8 0
4 years ago
Accounts Receivable. At year-end, the L. Cole Company has completed services of $23,500 for a client, but the client has not yet
Andre45 [30]

Answer and Explanation:

for Accounts Receivable. At year-end, the L. Cole Company has completed services of $23,500 for a client, but the client has not yet been billed for those services:

accounts receivable is debited and service revenue is credited for $23,500 because the company has provided service to customer and so company would recognize revenue by crediting service revenue for increase in revenue and since the payment is not yet made accounts receivable being asset is debited for increase in balance.

for Interest Receivable. At year-end, the company has earned, but not yet recorded, $570 of interest earned from its investments in government bonds:

interest receivable is debited and interest income is credited for $570 because the company has earned interest and so interest is income for the company and so interest income is credited for increase in revenue. The interest is yet to be received by the company and therefore interest receivable being asset is debited for increase in balance.

for Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job is now complete. The customer has not yet been billed for the $1,660 of work.:

accounts receivable is debited and service revenue is credited for $1,660 because the company has provided service to customer and so company would recognize revenue by crediting service revenue for increase in revenue and since the payment is not yet made accounts receivable being asset is debited for increase in balance.

6 0
3 years ago
As a CA employer, in terms of record retention, what three types of records do I need to pay special attention to? Group of answ
ra1l [238]

CA Employers need to pay attention to the following records:

  • Safety and toxin/chemical exposure records, including safety data sheets: keep for 30 years.
  • Pension and welfare plan information: keep for six years.
  • First-aid records of job injuries causing loss of work: keep for five years.

<h3>Which records need to be kept by CA employers?</h3>

The state of California requires that employers in the state should keep certain records.

Pension and welfare records should be kept for 6 years while first-aid records should be kept for 5 years.

Safety and chemical records are placed a high value on and should be kept for 30 years.

Find out more on California employer requirements at brainly.com/question/26463698.

#SPJ12

8 0
2 years ago
The acquisition of caremark rx, inc. , (a pharmacy benefits manager) by cvs corporation (a retail pharmacy) is an example of a__
IRISSAK [1]

The acquisition of caremark rx, inc. , (a pharmacy benefits manager) by cvs corporation (a retail pharmacy) is an example of a <u>backwards vertical acquisition </u>and allows cvs to gain<u> increase market power</u>.

The American healthcare firm CVS Health Corporation (formerly CVS Corporation and CVS Caremark Corporation) is the owner of numerous brands, including Aetna, a health insurance provider, CVS Caremark, a chain of retail pharmacies, and CVS Pharmacy.

The specialized pharmacy section known as CVS Specialty offers specialty pharmacy services to people with hereditary or chronic disorders who need sophisticated and expensive pharmacological treatments.

The largest specialty pharmacy in the United States is CVS Health, which runs 24 retail specialty pharmacy shops and 11 specialized mail order pharmacies.

To learn more about CVS here

brainly.com/question/27929890

#SPJ4

3 0
2 years ago
A Japanese insurance company purchases U.S. government securities. From the perspective of the United States, the balance of tra
Zinaida [17]

Answer:

The balance of trade will not change but the balance of payment will improve.

Explanation:

A balance of trade is defined as the difference between country's export and import value during a given period of time.

A balance of payment can be defined as a statement which keeps record of all the monetary transaction, that are made between the country's resident and rest of the world during a specific period of time.

Purchase of U.S government securities by Japanese insurance company will surely improve the balance of payment from the U.S perspective but the balance of trade with Japan is not likely going to change.

5 0
4 years ago
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