Answer:
Debit to Salaries Expense $2,700; Credit to Salaries Payable $2,700
Explanation:
In accounting, we have to recognize all expenses even though we haven't paid it yet. This is one of those instances.
The employees have worked for 3 days at the end of January but will not receive their payment on that day. That equates to $2,700 of salaries accrued at the end of January.
Accrued Expenses are recorded as payables, in this problem it's "Salaries Payable".
So to complete the adjusting journal entry:
(Debit) Salaries Expense $2,700
(Credit) Salaries Payable $2,700
In the past, the policy-making relationship between states and the federal government was called Dual federalism, since there was a clear separation of policy responsibility between the two levels.
Dual federalism, also known as hierarchical federalism or shared sovereignty, is a political arrangement in which powers are clearly divided between federal and state governments, with state governments exercising delegated powers without federal interference. .
Even the House and Senate are examples of dual federalism. Both houses may be involved in approving federal laws that affect different states and require state involvement, but issues can only be passed through the senator's desk or state senators. representative.
Learn more about Dual federalism here: brainly.com/question/5544302
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Answer:
The answer is: full disclosure principle
Explanation:
Full disclosure principle in accounting refers to the requirement that businesses are supposed to provide all material information pertaining to their operations to the stakeholders of the business so as to facilitate better decision-making frameworks when evaluating the business.
The going concern principle is based on the assumption that the business will not cease operating in the foreseeable future. The matching principle requires that the expenses incurred in carrying out an economic activity are recorded in the same period as the revenues earned from that activity. The historical cost principle requires assets or liabilities to be recorded at their acquisition value.
Answer:
Annual depreciation= $10,000
Explanation:
Giving the following information:
The total acquisition cost was $33,000. The machine has an estimated useful life of 3 years and a salvage value of $3,000.
To calculate the depreciation expense under the straight-line method, we need to use the following formula:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (33,000 - 3,000)/3
Annual depreciation= $10,000
Answer:
B) add deposits, subtract withdrawals and fees
Explanation:
A checking account is a deposit and saving account held in a financial institution, mostly a bank. The user or owner of the checking account is allowed to deposit and withdraw money as frequently as they deem necessary without incurring access fees.
Money held in a checking account is accessible using different ways, including debit cards, ATMs, and over the counter. When reconciling a checking account, one needs to subtract the sum of "money out" from "money in. "
"Money in" comprises mostly of deposits. "Money out" is the total of withdraws plus other bank charges levied to the account.
