Answer:
Money owing to bank, Motor Van, Stock of goods
Explanation:
Answer: Check attachment and explanation.
Explanation:
a. The question has been solved. Check the attachment.
b. LAKEVIEW COMPANY
Balance sheet (Partial)
December 31
Current liabilities
FICA Payable=$4800 + $4800= $9600
Charitable contribution payable = $2400
Withheld income tax payable = $6400
State and Federal unemployment tax payable = $560
Unearned rent revenue = $5700 - $3800 = $1900
Total current liabilities = $20860
Answer: Law of diminishing marginal utility
Explanation: In simple words, law of diminishing marginal utility states that as a consumer consume more of a good or service then the marginal benefit he or she receives from the additional consumption keeps on decreasing.
In the given case, Jenny's excitement keeps on decreasing with every chocolate she receives after a certain point of time.
Hence we can conclude that the given case illustrates law of diminishing marginal utility.
Answer:
(D) decrease revenues and decrease assets
Explanation:
Since the revenue is unearned, its entry in the books needs to be reversed.
When a revenue was recorded in the books, the like journal entry would have been.
Debit Cash/Bank/Receivables Account (thus increasing asset)
Credit Revenue Account (thus increasing revenue)
There, reversing the entry will involve decreasing revenue and decreasing asset.
Double entry, a fundamental concept underlying present-day bookkeeping and accounting, states that every financial transaction has equal and opposite effects in at least two different accounts. It is used to satisfy the accounting equation:
Assets
=
Liabilities
+
Equity
Assets=Liabilities+Equity
With a double entry system, credits are offset by debits in a general ledger or T-account.
So debit is the answer
