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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

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SashulF [63]

Answer: A. A travel agent's main income is from commissions.

Explanation:

Travel agents assist people in planning a trip. They offer advice on companies that can be traveled with such as airlines and luxury buses as well as where travelers can lodge and go on sight-seeing. They are helpful because they can help tailor a trip according to a person's budget.

These agents usually have arrangements with these companies and locations mentioned above such that when the traveler pays those companies, the travel agent gets some commission from that. This represents their main source of income.

6 0
3 years ago
A newspaper report states the following: "On March 2, Bastiaan Vanacker was arrested for indecent exposure"; However, what reall
musickatia [10]

Answer:

a. Bastiaan Vanacker wins a libel suit , Sebastian Van Akker loses.

Explanation:

Libel is where a defamatory statement has been published and that statement is false, this will result in the person able to claim libel charges.

This means that if information about someone is publicised (specially a private figure) for any criminal act and which could lead to damage that person's reputation seriously without any proper evidence or even false evidence then this would become ground for a libel case.

Such as in this case where a journalist reported that Bastiaan Vanacker was arrested for indecent exposure even though this was not really the case. As confirmed through the police report which the journalist had misread. This libel suit filed by Bastiaan Vanacker would be won, as his reputation has been damaged to the falsely alleged report published in the newspaper.

However, in the case of Sebastian Van Akker, who had actually committed the crime and no information was mentioned about him in the newspaper, will lose the libel suit filed. This is due to the fact that he was not defamed for any act which he himself had not conducted.

5 0
3 years ago
Parent Corporation purchased land from S1 Corporation for $220,000 on December 26, 20X8. This purchase followed a series of tran
docker41 [41]

Answer:

$160,000

Explanation:

On February 15, 20X8, S3 Corporation purchased the land from a non affiliate for $160,000.

That was the last operation involving a third party.

<u>The rest of the operation should not recognize any income or loss.</u>

If not, a company can create artificial gains and losses  by selling the asset at diferent prices.

It will sale higher on one company to avoid a net loss

and then sale cheaper on another to decrease the taxable income.

That's why it will be "lock" at 160,00 until an operation is made with a non-affiliate company

5 0
3 years ago
The dedcution SIPOC is an output
Valentin [98]

Answer:

In process improvement, a SIPOC (sometimes COPIS) is a tool that summarizes the inputs and outputs of one or more processes in table form. It is used to define a business process from beginning to end before work begins.

5 0
2 years ago
According to the law of​ demand, as prices​ rise, ceteris paribus A. quantity demanded decreases. B. quantity demanded increases
vodka [1.7K]

Answer:

A) quantity demanded decreases.

Explanation:

The law of demand states that as the price of a good or service increases, the quantity demanded (not the demand) of the good or service will decrease. This happens because less consumers are willing to purchase the goods or services and since the supply doesn't change, overstocking will result, which will decrease the equilibrium price.

*The demand of a good or service is shown by the demand curve, but the points in the curve represent the quantity demanded.

3 0
3 years ago
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