Answer and Explanation:
The journal entry is shown below:
On dec 5
Purchase Dr $4,000
To account payable $4,000
(being inventory purchase on account is recorded)
Here the inventory is to be debited as it increased the assets and credited the account payable as it also increased the liabilities
Answer:
The Journal entry is as follows:
On December 31st, 2021
Cash surrender value A/c Dr. $3,000
Insurance expense A/c Dr. $17,000
To cash A/c $20,000
(To record the payment of the insurance premium)
Working note:
Increase in cash surrender value of the policy:
= $15,000 - $12,000
= $3,000
Insurance expense:
= Annual premiums - Increase in cash surrender value of the policy
= $20,000 - $3,000
= $17,000
In a Perfectly Competitive Market or industry, the equilibrium price is determined <u>by the forces of demand and supply.</u> Equilibrium signifies a state of balance where the two opposing forces operate subsequently. An equilibrium is typically a state of rest from which there is no possibility to change the system.
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workplace in New York City and delivered a summons to appear in court in Maryland. The lawsuit against her relates to property damage that occurred in a home sh rented in New Jersey, which
The leading causes for workplace deaths in the construction industry are falls, struck by object, caught-in/between, and electrocution. Actually these are called the fatal four and were responsible for nearly three out of five construction worker deaths which means the 59% of these acccidents.