Answer:
True
Explanation:
Revenue accounts are accounts were entries of the sales of products as well as the revenue generated by firm or company are properly recorded.
Expense accounts are accounts where that show us the expenses generated by a firm or company. Such expenses are the things the company spends money on which could be purchase of raw materials, payment of labour, repairs of machineries e.t.c.
An accounting period is a duration of time where accounts in a firm or company are balanced and closed for that period.
Revenue and expense accounts must be closed out because their balances apply to only one accounting
period.
Answer:
(B) are subject to a self-employment tax of approximately 15%.
Explanation:
Answer:
A) $0
Explanation:
Seco City will record $0 as special revenue funds during year 1 with respect to the foregoing resources.
The $6,000,000 for acquisition of major capital facilities would be recorded as capital projects fund.
$2,000,000 to create a non-expendable trust would be recorded as private purpose trust fund.
Answer:
Cash shorting = 36,010 - 36,006 = $4
DR Cash $36,006
Cash Short and Over $ 4
CR Sales $36,010
There is a shortage of cash as the sales figure is more than the cash amount. The Cash Short and Over account will therefore be debited to reflect this expense.
