Answer:
(a) Dec 31:
Dr Interest Expense 370
Cr Interest Payable 370
(b) Dec 31:
Dr Account Receivable 1,830
Cr Service Revenue 1,830
(c) Dec 31:
Dr Salaries & wages expense 900
Cr Salaries & wages payable 900
Explanation:
Preparation of Journal entries
(a) Based on the information given we were told that Interest on notes payable of the amount of $370 was accrued which means that the Journal entry will be:
Dec 31
Dr Interest Expense 370
Cr Interest Payable 370
(To record accrued interest on note payable)
(b) Based on the information given we were told that Services was performed but unbilled totals of the amount of $1,830 which means that the Journal entry will be :
Dec 31
Dr Account Receivable 1,830
Cr Service Revenue 1,830
(To record unbilled service revenue)
(c) Based on the information given we were told that Salaries of the amount of $900 earned by employees have not been recorded which means that the Journal entry will be :
Dec 31
Dr Salaries & wages expense 900
Cr Salaries & wages payable 900
(To record salaries earned but not recorded)
Answer:
b. Cultural Relativism
Explanation:
Cultural relativism is the ability to understand a culture on its own terms without making judgments using the standards of one’s own culture. This is based on the idea that there is no superior standard of good or evil, so every judgment about right and wrong is a product of society.
Answer:
Purchase discounts is a contra revenue account. Revenue accounts carry a natural credit balance; purchase discounts has a debit balance as a contra account. On the income statement, purchase discounts goes just below the sales revenue account.
Answer: Statement that “There is no need to evaluate mutual fund investments because investment companies hire the best professional managers they can to manage their funds “ is FALSE
A mutual fund is a pool of stocks, bonds or other funds where an investor purchase his shares. He gets one to meet his investment goals so evaluating a mutual fund's performance is needed and must involve thorough research to lessen risk.
Professional fund managers do make mistakes, so it is a must that investors continually evaluate their mutual fund investments.
Answer:
The demand for candy bars is inelastic
Explanation:
The midpoint rule calculate the price elasticity of demand as percentage change in quantity divided by the percentage change in price:
<u>% change in quantity </u>
The quantity demanded increased from 500 to 600. We have
<u>% change in price</u>
The price changed from 1 dollar to 0.8 dollars.
Price elasticity if demand is
The negative sign tells us that there is an inverse relationship between price and quantity demanded.
Since 0.82 is less than 1, the demand for candy bars is inelastic
