Answer:
Account receivable and revenue account
Explanation:
Since it is given that
The service was performed on the account so the journal entry to record this transaction is shown below:
Account receivable A/c Dr $200
To Service revenue A/c $200
(Being the service is performed recorded)
Both accounts are increases that means the account receivable and the service revenue is increased for $200 each
Answer:
1) In general, is it a good idea to make only minimum payments on your credit cards?
-
No, the small payment requirement is mathematically guaranteed to keep you in debt for many years.
All you have to do is analyze the interest rates charged by the credit card companies and it is really difficult for any investment to match those interest rates.
2) Assuming you have $1,500 in your budget this month with which to pay down your credit cards, how much should you pay on each card?
I would start with the cards that charge the highest interest rates. I would pay the full balance of the department store card and the gasoline card = $600 + $300 = $900
Since I have $600 left, I would then pay the minimum payments for the cards that charge the least interest rates. I would pay $40 to Discover card and $60 to VISA.
The remaining $500 would be used to pay MasterCard 1 card and lower its balance.
Answer:
in case if anything happens
Answer:
Compounding formula would be used here which is as under:
Future Value = Present value * (1+r)^n
FV = (PV is $2000) * ( 1 + 4%)^ 3 number of years
Remember that r is the return that is 4% that Sarah Jones will receive.
So
FV = $2250
So this is the amount that she will receive after three years. I would recommend her to invest in ordinary shares (take higher risk for higher return) so that she is able to buy a better car.
The journal entry to record the accrual of interest includes:
- Dr. Interest Expense $5,000
- Cr. Interest Payable $5,000
<h3>What is an
accrual of interest?</h3>
This mean the interest which has been incurred for specific date on a loan but has not yet been paid out.
Here, the Accrued interest expense on 12/31/15 is paid on 1/1/16.
Based on the calculation, the journal entry to record the accrual of interest includes a Debit to Interest Expense for $5,000 and a Credit to Interest Payable for $5,000.
Missing words "On January 1, 2015, Candlestick, Inc. issues $100,000, five-year, 10% bonds at 100 (100% of face value). Assume that interest is payable semiannually on January 1 and July 1."
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