Answer:
Debit Salaries Expense $400 and Credit Salaries payable $400.
Explanation:
Consider, we are told the company pays each of its <em>two</em> office employees, meaning, the 2 employees combine will earn $200 a day
.
Furthermore, we are told that even though the monthly accounting period ends on Tuesday the two employees work on Monday and Tuesday, meaning, the adjusting entry to record at the month-end will be a summation of the amount earned by the two employees on the two days. That is, = $200 × 2 days
<u> = $400 </u>(which is a salary expense).
Therefore, going by the rule of double-entry, we are obliged to debit salaries expense account and credit salaries payable account.
Answer: Option (B) is correct.
Explanation:
Capital contribution by David = $40,000
Interest of David in partnership = 
Total capital of the partnership after the admission of new partner:
= 
= $200,000
Total capital of partnership before decreasing of obsolete inventory:
= $140,000 + $40,000 + $40,000
= $220,000
Therefore, value of decrease in inventory:
= Total capital before decrease - Total capital after decrease
= $220,000 - $200,000
= $20,000
The reduction in value of inventory will be distributed in old partners in ratio of 3:1
Hence,
Capital balance of Allen after admission of David:
= 
= $125,000
Capital balance of Daniel after admission of David:
= 
= $35,000
Answer:
Short-term operational efficiency
Explanation:
A formal rotational program is when employees of a firm are rotated among the different departments in an organisation according to a schedule.
A disadvantage of this program is that the company only gets to observe employees for a short period of time. This time might not be sufficient to determine the talent of the employee in a department. Also, the employee might show efficiency in a particular department in the short term but if left for a longer period, the employee might in fact be inefficient in that department.
