Answer:
a. debit Insurance Expense, $740; credit Prepaid Insurance $740
Explanation:
Insurance payment for 5 years = $3,700
On January 1, $3,700 has been recorded as prepaid expense by debiting prepaid insurance and crediting cash.
At the end of first year an insurance expense for one year is accrued and should be recorded by transferring balance of $740 from prepaid insurance account to insurance expense account
Insurance payment per year = $3,700 / 5 = $740 per year
The adjusting entry will be
Debit Insurance Expense $740
Credit Prepaid Insurance $740
Answer:
Sherlok asked him wasssupppp and got job.
Explanation:
Question Completion with Options:
Money, Currency, Time Deposit
Answer:
1. Terms Definitions
Time Deposit An interest-earning deposit with a specified maturity date
Money Any good that is widely accepted for purposes of exchange
and in the repayment of debt
Currency Coins and paper money
2. The statements about the history of banks that are true:
Warehouse receipts, issued by goldsmiths were often used instead of gold itself to make payments.
Goldsmiths held deposited gold and issued receipts to their customers.
Explanation:
Banking evolved with the activities of goldsmiths who warehoused gold brought by customers for safeguarding by issuing them with warehouse receipts. Before long, the warehouse receipts were used as a means of payment (or exchange). That is, the warehouse receipts were used as currency, which is the modern-day equivalent of coins and paper money.
Answer:
1080
Explanation:
Compound interest involves the reinvesting of interest.
The formula for compound interest is given by:
Where P is the principal (i.e the beginning balance),
r is the rate,
n is the number of times it is compounded,
t is the number of years
A is the ending balance.
Given that P = 1000, r = 8% = 0.08, t =1 years and it is compounded annually (i.e n = 1).
Substituting values into the formula and calculating gives:
You are a manager of a u. S. Firm that plans on exporting a product that is designated as a dual use product and you need to have a u. S. Government approval before export can take place. To preserve national securityTo is the political motive behind this intervention.
The Agreement Establishing the WTO recognizes the necessity for positive efforts to confirm that developing countries, and particularly people who are least-developed, share within the political motive growth of international trade.
Trade barriers include tariffs (taxes) on imports (and occasionally exports) and non-tariff barriers to trade like import quotas, subsidies to domestic industry, embargoes on trade with particular countries (usually for Perhaps the foremost common political argument for state intervention is that it's necessary for shielding jobs and industries from unfair foreign competition.
Competition is most frequently viewed as unfair when producers in an exporting country are subsidized by their government. Unwanted cultural influence during a nation can cause governments to dam imports that it believes are harmful. The Directorate General of Foreign Trade (DGFT) issued a Notification to the present effect today (Notification Link below).
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