1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Naily [24]
3 years ago
15

Javier computer services began operations in July 2017. At the end of the company prepares monthly financial statements. It has

the following information for the month.
a. At July 31, the company owed employees $1,800 in salaries that the company will pay in August.
b. On July 1, the company borrowed $40,000 from a local bank on a 10-year note. The annual interest rate is 12%.
c. Service revenue unrecorded in July totaled $3,000.

Required:
Prepare the adjusting entries needed at July 31, 2017.
Business
1 answer:
defon3 years ago
5 0

Answer and Explanation:

The adjusting entries are shown below:

a. Salaries expense Dr $1,400

        To Salaries payable $1,400

(being salaries expense is recorded)

b. Interest expense ($40,000 × 12% × 1 ÷12) $400

     To interest payable $400

(being interest expense is recorded)

c. Account receivable Dr $3,000

         To Service revenue $3,000

(being revenue is recorded)

These 3 entries should be recorded

You might be interested in
Pakistan State Oil - the leading oil marketing company of Pakistan, operated approved funded defined benefit pension schemes sep
mamaluj [8]

The reasons for PSO to switch from DB to DC Scheme are:

  • It has gold standard for pensions.
  • They are more secure.
  • More generous than DC pensions and pay an income that increases along with inflation.

<h3>What are the reasons for a shift?</h3>

The movement from defined benefit (DB) to defined contribution (DC) pension plans is known to be one that has made workers to decide or make choices that may affect their financial resources in terms of retirement.

Therefore,   DC Scheme is more of a benefit to the employees that the company as it tends to lower an employee's taxable income.

Learn more about pensions from

brainly.com/question/10318001

#SPJ1

3 0
1 year ago
York Casting Services started the year with total assets of $110,000 and total liabilities of $50,000. The revenues and the expe
Wittaler [7]

Answer:

Net income:                             $

Revenue                             140,000

Expenses                            (50,000)

Dividend paid                    <u> (70,000)</u>

Net income                        <u> </u><u>20,000</u><u>   </u>      

Net income is the amount of increase in stockholders' equity.                                                          

Explanation:

Net income is the excess of revenue over expenses and dividend. A positive net income increases the stockholders' equity. Common                                                                                                                                                      stockholders are legal owners of a company, thus, any income not distributed as dividend increases their equity.                                                            

6 0
2 years ago
Which of the following are consistent with the efficient markets hypothesis? Check all that apply. You should spend several hour
denis23 [38]

Answer:

1. Stock markets reflect all available information about the value of stocks AND

2. Changes in stock prices are impossible to predict.

Explanation:

The characteristics that are consistent with the efficient markets hypothesis are that

1. Stock markets reflect all available information about the value of stocks

<em>By definition efficient markets are those whose asset prices reflect all available information.</em>

2. Changes in stock prices are impossible to predict.

<em>The efficient market hypothesis has been described as a backbreaker for forecasters. In its crudest form it effectively says that the returns from speculative assets, are </em><em><u>unforecastable</u></em><em>.</em>

3 0
2 years ago
Irene wants to make a copy of a housing design from a magazine. Which tool does she require? A.
luda_lava [24]

Answer:

B

Explanation:

Had the same question and it was the correct answer

5 0
2 years ago
How can investors receive compounding returns? aby selecting a savings account that has a higher interest rate bby investing the
Novay_Z [31]
Investors can receive compounding returns by investing their earnings back into their original investment. For example, if they earn $10 from a stock they invested in, they would place that $10 back into the stock that earned them that money.
7 0
3 years ago
Other questions:
  • You work for a pharmaceutical company that has developed a new drug. The patent on the drug will last 1717 years. You expect tha
    10·1 answer
  • What is the difference between a public and a private corporation?
    10·1 answer
  • Irving Fisher took the view that the institutional features of the economy which affect velocity change ________ over time so th
    11·1 answer
  • Your study partner is having trouble getting total debits to equal total credits in the trial balance. Trial Balance Accounts De
    9·1 answer
  • Richard donates publicly traded Gold Company stock with a basis of $1,000 and a fair market value of $15,000 to the college he a
    8·1 answer
  • Which description is correct about a tool used by organizations to verify whether or not a staff member has been involved in mal
    11·1 answer
  • A machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $40,000 cash. The amount of the loss relat
    12·1 answer
  • For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance.
    6·1 answer
  • How to generate leads on LinkedIn safely?
    12·1 answer
  • The main reason price ceilings are set is so that consumer prices
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!