<em>The journal entry to record $5.6 million in sales on account includes a </em><em>credit to Sales Revenue of $5.6 million and debit to Accounts Receivable of $5.6 million.</em>
<h3>What does journal entry mean?</h3>
A journal entry is a record of a business's financial transactions kept in its accounting books. An accurate date, the sums to be debited and credited, a description of the transaction, and a special reference number are all components of a properly documented journal entry. The accounting cycle begins with a journal entry.
<h3>What is an example of a journal entry?</h3>
A purchase of machinery by a nation, where the cash account will be credited and the machinery account debited, is an example of a journal entry.
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Answer:
Option b is correct
Net income = $370,000
Explanation:
Dividend paid to common stock holders = Dividend payout ratio× earnings available to common stockholder
Let the total earnings be "y"
120,000 =80%× y
y = 120,000/0.8
y= 250,000
Net income = Earnings payable to common stockholders + Preferred dividend
Net income = 250000 + 120,000 = $370,000
Net income = $370,000
Answer:
unethical communication
Explanation:
unethical communication
unethical communication is that type of communication that sometime unethical for both side of business. it is practice of communication that give rise to doubtfulness in the business.
in the given question , unethical feeling arose due to doubtfulness of job of some employee because they may lost their job when both companies combined to form new one.
Answer:
Explanation:
a. Parties who legally own the company
The kind of corporation that is owned by the shareholders is a stock insurer. While when policy holders elect board of directors then that is call a mutual insurer. This board of director enjoys control over the management control of the corporation.
b. Right to assess policyholders additional premiums
An asses sable policy can not be issued by the stock insurers, however policy of such kind can be issued by the mutual insurer. For mutual insurer, this policy depends on what kind of insurer is in place.
c. Right of policyholders to elect the board of directors
For stock insurer, its is the stockholders who elect the board of directors. While for mutual insurer, its the owners who elect the board of directors who have an effective control over the management.
Answer: D. debit to Payroll Tax Expense of $26,950.
Explanation:
We should note that the payroll tax expense will consist of the federal unemployment tax, the state unemployment tax and the FICA taxes. This will then be:
= 3500 + 1750 + 21700
= 26950
Therefore, the journal entry to record the monthly Payroll Tax Expense would include debit to Payroll Tax Expense of $26,950.
