Answer:
Requirement: Prepare the September 2015 bank reconciliation for this company. Note: Missing table are attached as picture below
Adjusted Bank Balance
Bank statement balance $18,453.25
Add: Deposit in transit <u>$1,682.75</u>
$20,136
Less: <u>Outstanding checks</u>
CH #5893 $494.25
CH #5906 $982.30
CH #5908 <u>$388.00</u> <u>$1,864.55</u>
Adjusted Bank Balance <u>$18,271.45</u>
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Adjusted Book Balance
Books Balance $17,404.20
Add: Collect $1500 note, Less $15 $1,485
Interest earned <u>$12.50</u>
$18,901.70
Less: NSF Check $600.25
Error in entry in check #904 <u>$30 </u>
Adjusted Book Balance <u>$18,271.45</u>
The journal entry to record the purchase of merchandise on account for $2,750 with freight of $125 prepaid and added to the invoice is debit Purchases $2,750, debit Freight in $125, credit Accounts Payable $2,875. To accurately record the journal entry for each part of the transaction it is imperative to make sure each go into their designated section.
I feel stressed reading this question as it has no context but the question is asking for your opinion. there really is no wrong answer
Compound interest: FV = PV / (1+I)^N
Simple interest: FV = PV + (PV x I x N)
a. True
b. False
a. True
Explanation:
Compound interest
FV = PV / (1+I)^N
Simple interest
FV = PV + (PV x I x N)
All other variables held constant, investments paying simple interest have to pay significantly higher interest rates to earn the same amount of interest as an account earning compound interest.
a. True
All other factors being equal, both the simple interest and the compound interest methods will not generate the amount of earned interest by the end of the first year.
b. False
After the end of the second year and all other factors remaining equal, a future value based on compound interest will exceed a future value based on simple interest.
a. True
Answer:
The life of the firm is limited to the life span of the owner
Explanation:
A sole proprietorship is a type of person run by only one person.
Because the business is run by only one person, the business tends to end when the owner dies. most sole proprietorship lack continuity after the death of the owner
The owner can raise limited amount of capital
The owner and the business are viewed as one entity. So, they don't pay separate taxes.