The request ought to be Derived Demand. This is a term utilized as a part of the financial investigation that portrays the request put on one great or administration because of changes in the cost for some other related great or administration. It is an interest for some physical or immaterial thing where a market exists for both related products and ventures being referred to. The determined request can significantly affect the inferred great's market cost.
Answer:
Dr. Trading securities $4,800
Cr. Unrealized gain on trading securities $4,800
Explanation:
Trading securities are recorded reported on the fair market value. The gain or loss arise from the increase or decrease in the value of trading securities. There is a gain if the price of trading security increases and loss when the price of the trading security decreases. Unrealized gains are reported in the separate section of stockholders equity.
Gain on Trading securities = Fair value of security portfolio - Cost of security portfolio = $46,300 - $41,500 = $4,800
Answer:
1. Prepaid insurance (Dr.) $6,300
Cash (Cr.) $6,300
2. Cash (Dr.) $15,300
Unearned Income (Cr.) $15,300
3. Purchases (Dr.) $1,750
Accounts payable (Cr.) $1,750
Cost of Goods Sold (Dr.) $1,620
Ending Inventory (Dr.) $130
Purchases (Cr.) $1,750
4. Prepaid office rent (Dr.) $6,300
Cash (Cr.) $6,300
Explanation:
The adjusting entry is a journal entry recorded at end of accounting period to adjust events or transactions to comply with the accrual concept.
The closing entries are journal entries required to close a transaction or event in the period. The purpose is to follow matching concept of accounting.
Answer:
Rent Expense (Dr.) $5,000
Cash (Cr.) $5,000
Inventory (Dr.) $35,380
Accounts Payable Martin Co. (Cr.) $35,380
Accounts Receivable Korman Co. (Dr.) $62,000
Sales (Cr.) $62,000
Cost of Goods Sold (Dr.) $48,500
Inventory (Cr.) $48,500
Explanation:
Advertising Expense (Dr.) $21,800
Cash (Cr.) $ 21,800
Cash (Dr.) $62,000
Accounts Receivable Korman Co. (Cr.) $62,000
Customer Refund Payable (Dr.) $31,500
Cash (Cr.) $31,500
Sales Salaries Expense (Dr.) $12,000
Office Salaries Expense (Dr.) $ 38,000
Cash (Cr.) $50,000
Store Supplies Expense (Dr.) $2,200
Cash (Cr.) $2,200
