Examples of the bs of our society?

The adjusting entry for a prepaid expense includes a debit to a(n) ______ account

ziro4ka [17]

The adjusting entry for a prepaid expense includes a debit to a expense account and a credit to an asset account.

<h3>What is adjusting entry ?</h3>

An adjusting journal entry can be described d as the entry in a company's general ledger which is been carried out at end of an accounting period in order to have the record of any unrecognized income or expenses.

It should be noted that The adjusting entry for a prepaid expense includes a debit to a expense account and a credit to an asset account.

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4 0

2 years ago

What type of policy is President Obama referring to when he says, “More people spending more money means more businesses will be

Vera_Pavlovna [14]

He is referring to an expansionary policy.

8 0

3 years ago

Read 2 more answers

Accrued salaries payable of $100000 were not recorded on December 31, 2017. Office supplies on hand of $57000 on December 31, 20

SOVA2 [1]

Answer:

In 2017

Net Income and Retained Earning are overstated by $100,000

Expenses and Payables are understated by $100,000.

In 2018

Inventory, Net Income and Retained Earning are understated by $57,000

Expenses are overstates by $57,000

Explanation:

Accrued Salaries is Recorded as follow

Dr. Salaries Expense

Cr. Salaries Payament

Non recording of this entry will result in understatement of Expenses and Payables by $100,000 over statement of Net income and retained earning by the same amount.

Treatment of Office supplies of $57,000 as expense will overstate the expenses and understate the the inventory, Net income and Retained Earning.

8 0

3 years ago

Which ideas are good ones to keep in mind when trying to come up with a research idea?

Andreyy89

The key to locating a good research idea is to find a topic that:

4) You want to know more about

<h3>What are the 5 most important things you will require to research about your topic?</h3>

5 Steps for How to Research

Step 1: Pick a Subject.

Step 2: Are There Adequately Sources?

Step 3: Validation: Find the Finest Sources.

Step 4: Make Reminders.

Step 5: Organize Your Details.

Ideas for research problems or topics can emerge from a range of sources such as personal or professional knowledge, a theory, the media, or other research studies.

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6 0

2 years ago

Universal Foods issued 10% bonds, dated January 1, with a face amount of $176 million on January 1, 2021 to Wang Communications.

natima [27]

Answer:

January 1, 2021

Dr Investment in bonds $176 million

Cr Discount in Investment in bonds $24,226,136

Dr Cash $151,773,864

June 30, 2021

Dr Cash $8,800,000

Dr Discount in Investment in bonds $897,538

Cr Interest Revenue $9,607,538

December 31, 2028

Dr Cash $8,800,000

Dr Discount in Investment in bonds $897,538

Cr Interest Revenue $9,607,538

Explanation:

1. to 3. Preparation of the journal entries to record the purchase of the bonds by Wang Communications on January 1, 2021, interest revenue on June 30, 2021 and interest revenue on December 31, 2028

January 1, 2021

Dr Investment in bonds $176 million

Cr Discount in Investment in bonds $24,226,136

($151,773,864-$176 million)

Dr Cash $151,773,864

(To record purchase of bonds)

June 30, 2021

Dr Cash $8,800,000

($176 million*10%/2)

Dr Discount in Investment in bonds $897,538

($24,226,136/30)

Cr Interest Revenue $9,607,538

($8,800,000+$897,538)

(To record Interest Revenue)

December 31, 2028

Dr Cash $8,800,000

($176 million*10%/2)

Dr Discount in Investment in bonds $897,538

($24,226,136/30)

Cr Interest Revenue $9,607,538

($8,800,000+$897,538)

(To record Interest Revenue)

Present value of an ordinary annuity of $1 n=30 I=6%

Present value of an ordinary annuity of $1 =13.76483

Present value of $1 n=30 I=6%

Present value of $1=0.17411

Interest ($176 million *5%*13.76483) $121,130,504

Principal ($176 million*0.17411) $30,643,350

=$151,773,864

5 0

3 years ago