Answer:
Dr Unearned fees $24,510
Cr Fees earned $24,510
Explanation:
Preparation of the December 31 adjusting entry required
Based on the information given if the balance shown in the unearned fees account was the amount of $37,040 before adjustment at the end of the year which means that if the amount of unearned fees at the end of the year is the amount of $12,530 the December 31 adjusting entry required will be :
Dr Unearned fees $24,510
Cr Fees earned $24,510
($37,040-$12,530)
Answer: c. it ensures productive efficiency.
Explanation:
The average cost pricing is used by the government in order to control the price that may be charged by the monopolist.
With the average cost pricing, monopolists are forced to reduce the price that twhy charge for a product to a point whereby the average total cost of the firm and the market demand curve will intersect.
This is vital as it brings about productive efficiency, increase production and also the reduction in the price of a good.
Therefore, the correct option is C "it ensures productive efficiency".
Answer:
DR Inventory $609,000
Land $1,086,750
Buildings $2,138,250
Customer Relationships $842,250
Goodwill $965,750
CR Accounts Payable $102,000
Common Stock $56,400
Additional Paid-In Capital $1,353,600
Cash $4,130,000
Working
Common Stock = 28,200 shares * $2 = $56,400
Additional Paid in Cap = 28,200 shares * ( 50 - 2) = $1,353,600
DR Additional Paid-In Capital $32,400
CR Cash $32,400
DR Professional Services Expense $49,800
CR Cash $49,800
At least 20% should go to ur savongs
Complete question:
Assume the following general flow of documents in an accounting system. Reply to the following question:
"Source Documents --> Journals --> Ledgers"
The auditors are concerned about source documents that reflect valid transactions that have not been recorded in the journals. Which procedure would be most effective?
(1) Trace from source documents to journals.
(2) Vouch from journals to source documents.
Either (1) or (2).
Answer:
(1) Trace from source documents to journals.
Explanation:
Tracing is the method of tracking the transaction back to the source document in accounting records. Transaction failures are monitored and auditors are often used to ensure whether transactions have been properly reported.
Tracing relates to the compilation and the follow-up to the record of an financial transaction (the source document).
Tracing checks to see that the transactions that happened in the financial reports are registered. Therefore it would be most effective to translate "Trace documents from source into journals."
