Answer:
Debit to Salaries and Wages Expense for $40,000
Explanation:
Based on the information given we were told that Salaries and wages was the amount of $40,000 which means that The Appropriate journal entry to record the monthly payroll on June 30 would include a DEBIT TO SALARIES AND WAGES EXPENSE FOR $40,000
Debit to Salaries and Wages Expense for $40,000
(To record monthly payroll)
Answer:
(C) Unaffected.
Explanation:
This is a change in estimate. No prior period adjustment is needed.
Answer:
FV= $1,181.62
Explanation:
Giving the following information:
Your bank offers a savings account that pays 3.5% interest, compounded annually. How much will $500 invested today be worth at the end of 25 years?
We need to use the following formula:
FV= PV*(1+i)^n
FV= 500*(1+0.035)^25
FV= $1,181.62
Answer:
d. debit to an expense account and a credit to an asset account.
Explanation:
When a prepayment is made, the entries recorded are Debit prepaid expense and credit Cash account to recognize the amount prepaid.
As time passes and the expenses are incurred, the entries required are debit expense account and credit prepaid expense (an asset) with the amount of the expense incurred as a result of the passage of time.
A surplus<span> is used to describe many </span>excess<span> assets including income, profits, capital and goods. A </span>surplus<span> often occurs in a budget, when expenses are less than the income taken in or in inventory when fewer supplies are used than were retained. </span>Economic surplus<span> is related to supply and demand</span>
