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lapo4ka [179]
2 years ago
9

Andy Roddick is the new owner of Ace Computer Services. At the end of August 2014, his first month of ownership, Roddick is tryi

ng to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August.
(a) At August 31, Roddick owed his employees $3,247 in salaries and wages that will be paid on September 1.
(b) At the end of the month, he had not yet received the month's utility bill. Based on past experience, he estimated the bill would be approximately $761.
(c) On August 1, Roddick borrowed $48,000 from a local bank on a 15-year mortgage. The annual interest rate is 8%.
(d) A telephone bill in the amount of $134 covering August charges is unpaid at August 31.
Prepare the adjusting journal entries as of August 31, 2014, suggested by the information above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Business
1 answer:
Verdich [7]2 years ago
6 0

Answer:

A)

wages expense 3,247 debit

      wages payable   3,247 credit

b) utilities expense 761 debit

     utilities payable          761 credit

c) interest expense 320 debit

     interest payable         320 credit

d) telephone expense 134 debit

     telephone payable        134 credit

Explanation:

a) we recognize the expense and we also need to disclosure the obligation to pay this expenses in the near future.

b) we must place the expense in the period it was generated, which is August.

c) principal x rate x time = interest

rate and tiem must be expressed atthe same metric

8% annual  --> 12 months

we need interest for 1 month so 0.08/12 = 0.0066667

48,000 x 0.08 / 12 = 320

d) same as b we adjust to a associate the expense with the period it occur.

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Option D

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8 0
3 years ago
Why is the zero-based budget the most effective type of budget?.
sasho [114]

The zero-based budget is the the most effective type of budget because its keeps the firm aware of how much money is flowing in and out.

<h3>What is a zero-based budget?</h3>

A zero-based budget means a method of budgeting where all the expenses must be explained for each new period.

The zero-based budget is very important because its process ensure that that is a justification for all operating expenses and areas that company are generating revenue.

In conclusion, the zero-based budget is the the most effective type of budget because its keeps the firm aware of how much money is flowing in and out.

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6 0
2 years ago
Which of the following statements is true in the context of selecting the best alternative? a. The decision maker can only selec
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Answer:

d. The decision maker must only stick to completely rational, mathematical analysis while selecting an alternative.

Explanation:

It is most ideal for a decision maker to stick to completely rational way of selecting an alternative as this means that the decision maker will only make choices that will be of maximum benefits and low costs. Factors such as personal feelings, or sense of obligation do not interefere when a decision maker sticks to completely rational and mathematical analysis method of decision making.

7 0
3 years ago
A political leader suggesting that an economic downturn will be cushioned by nondiscretionary fiscal policy is referring to:____
pishuonlain [190]

Answer:

Option A is the correct approach.

Explanation:

  • This is indeed a connection to compulsory tax and government expense stabilizers which weren't at the discretion including its government. Throughout the event of a recession, expenses are cut, rising discretionary income to something like the extent that the economic depression is pacified.
  • Unemployment insurance, as well as other social programs, are consequently expanded without the clear intervention of the government

The other options offered are also not relevant to the scenario presented. So, the solution above is the right one.

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JulsSmile [24]

Answer:

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