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Charra [1.4K]
3 years ago
6

On June 30, 2009, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Apricot follows a

policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31, 2009 for Apricot would include:
Business
1 answer:
Nikolay [14]3 years ago
7 0

Answer:

A debit to Management Services Expense for $1,250.

Explanation:

The adjusting entry for apricot would include that

There is a debit to the  Management Services Expense for

= $5,000 ÷ 2 years × 6 months ÷ 12 months

= $1,250

Hence, the adjusting entry for apricot would include a debit to the  Management Services Expense for $1,250

The same should be considered and relevant

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Alyssa was complaining about her workload before the staff meeting began. Later, when the manager announced that twelve parking
Novosadov [1.4K]

Answer: a. Set ground rules to be followed. b. Ignore conflict so that it will blow over. c. Start meetings promptly. d. Introduce a tentative agenda.

Explanation: All the answers given are correct, but Alyssa should be cautioned around her conduct during the staff meeting.

8 0
2 years ago
Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from the ledger of Apex Systems Co. for
AfilCa [17]

Answer:

Explanation:

The preparation of the statement of stockholders' equity at the end of the year is presented below:

                                          Apex Systems Co.

                             Statement of stockholders' equity  

                            For the fiscal year ended December 31, 2016

Particulars                  Common Stock          

Beginning

Balance                      $1,340,000

Add: Net income       $356,000    

Less:

Bart Nesbit, Drawing  -$91,200

Ending balance          $1,604,800                

                       

6 0
3 years ago
The following transactions occur for Cardinal Music Academy during the month of October: Provide music lessons to students for $
Masteriza [31]

Answer:

a. Journal entry to record music lesson

Date         Account title and Explanation     Debit     Credit

October   Cash                                              $12,500

                       Service revenue                                    $12,500

                (To record music lesson for cash)

b. Journal entry to record prepaid insurance purchase

Date         Account title and Explanation     Debit     Credit

October   Prepaid insurance                         $3,660

                       Cash                                                        $3,660

                 (To record  prepaid insurance paid for next year)

c. Journal entry to record musical equipment purchased

Date         Account title and Explanation     Debit     Credit

October    Equipment                                    $15,500

                        Cash                                                      $15,500

                  (To record musical equipment purchase for cash)

d. Journal entry to record

Date         Account title and Explanation     Debit     Credit

October    Cash                                              $21,000

                        Notes payable                                       $21,000

                  (To record loan taken by signing a note)

6 0
3 years ago
Which of the following companies is most likely to use nonprice competition rather than price competition? a. Recreational Equip
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Answer: REI

That’s the answer

7 0
2 years ago
In the weekly computer run to prepare payroll checks, a check was printed for an employee who had been terminated the previous w
Gre4nikov [31]
<h2>A control total for hours worked, prepared from time cards collected by the timekeeping department.</h2>

Explanation:

An employee should get salary only based on the number days / number hours worked for the organization. So the time card will help the organization to solve the problem.

So the time card should be collected and then only the salary needs to be calculated. The salary calculation should take number of leaves (paid / unpaid), permissions and On-duty in to account so that the expected outcome can be achieved.

8 0
3 years ago
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