Answer:
The required adjusting entry would be to debit the Interest <u>expense</u> account and <u>credit</u> the Interest<u> </u><u>payable</u> account.
Explanation:
The number of days that a loan debt stays unpaid is referred to as the outstanding number of days.
In line with the general accounting rules, all expenses must be debited. Therefore, the interest expense has to be debited.
Interest payable, however, is the amount owed to a lender by a firm and is thus credited as the matching journal entry to the interest expense.
Therefore, we have:
The required adjusting entry would be to debit the Interest <u>expense</u> account and <u>credit</u> the Interest<u> </u><u>payable</u> account.
Answer:
A) True
Explanation:
Monumental can discharge the contract by frustration. In order for a contract to be discharged by frustration, four conditions have to occur:
- An unforeseeable event must occur: In this case the zoning changes were unforeseeable.
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No party is at fault: the zoning board made the changes to the zoning of the land.
- Performance is impossible: there is no reason why an office building should be built in a residential only area.
- The result is radically different than expected: neither Monumental or Champion Builders expected a zoning change to occur.
I'm going to guess, but i would say the best answer would be B. They could file for Chapter 7 bankruptcy and discharge most of their debt.
A non- profit organisation cannot gain profit from the business.
Explanation:
In case of non profit organisation the main aim is to help with health care as well as education. Non- profit organisation is important because it helps in building healthy communities and it also helps in maintaining mobility and stability.They help in strengthening communities as well as non profit leader acted as people's voice.
The circumstances that impact a business ability to share their profits with non profit organisations are the non profit organisation acts as a pulse for the community, non profit organisation helps to develop corporate culture, the volunteers grow as organisation grows.
