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Basile [38]
2 years ago
13

How is a credit union different from a bank?

Business
1 answer:
valentina_108 [34]2 years ago
7 0

Answer:

a credit union is owned by its costumers (D)

Explanation:

i took the assignment!!

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From a marginal analysis perspective, what is the inventory carry cost for Andrews if the company carries one additional unit of
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2 years ago
Below are transactions for Wolverine Company during 2021.On December 1, 2021, Wolverine receives $4,000 cash from a company that
Nutka1998 [239]

Answer: Please see explanation column for answers

Explanation:

Journal for December 2021

A)To record advance in rent from customers

Date Account. Debit Credit

Dec 31 Deferred

Revenue. $2,000

Rent Revenue. $2,000

Reason--->The rent is paid for 2 months in advance ie January and December, but since the adjusting entry is for only December, we will divide .$4000 / 2=

$2,000 as Rent revenue earned.

B) To record Insurance expense

Date Account. Debit Credit

Dec 31 Insurance

Expense. $6,600

Prepaid insurance $6,600

Reason-- The company paid in advance but we consider only from July to December which is 6months as we are only preparing entry for December

Insurance Expense =13,200x 6/12=

$6600

C) To record accrued Salary

Date Account. Debit Credit

Dec 31 Salary

Expense. $3000

Salary payable $3,000

But will be paid next year.

D) To record accrued interest on loan borriwed

Date Account. Debit Credit

Dec 31 Interest

Expense. $250

Interest payable $250

Calculation

Interest =PxRxT=15,000 X 10%x 2/12=$250

Accrued interest from date of loan which is November to December the date of journal entry will be considered

E)To record supply expense for the year

Date Account. Debit Credit

Dec 31 Supply

Expense. $3,900

Supply $3,900

Calculation=

Supply expense=Supply at the onset +purchased supply - used supply.

1000 +3400 -500=$3,900

4 0
3 years ago
A ———- relationship would include your co-workers and friends?
yan [13]

A social relationship would include your co-workers and friends?

3 0
3 years ago
Sub Sandwiches of America made the following expenditures related to its restaurant.
galina1969 [7]

Answer:

1. Heating Equipment

2. Premises

3. Maintenance Expense

4. Prepaid Insurance

5. Intangible Asset ; Logo

6. Premises

Explanation:

1. Replacement of heating equipment is substantial hence it is capitalized to the Heating Equipment Account.

2. The project is capitalized to the Premises Account as it form part of premises.

3. Annual Building maintenance is a revenue expenditure not capitalized.

4. An Asset Insurance Prepaid for future economic benefits to be realized is recognized.

5. The new sign would result in inflow of economic benefit and is non-tangible hence Intangible Asset is recognized.

6. Work done is capitalized in the Premises Account

3 0
3 years ago
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