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3 years ago

What is liability???????????????????

Business

2 answers:

Klio2033 [76]3 years ago

7 0

Answer:

It's the state of being responsible for anything especially under law.

Alenkasestr [34]3 years ago

6 0

Answer:

The state of being responsible for something, especially by law.

Explanation:

Dictionary

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On August 10, a credit card account had a balance of $325. A purchase of $56 was made on August 15, and $157 was charged on Augu

igomit [66]

Answer:

The finance charge on the September 10 bill is $5.08.

Explanation:

Note: See the attached excel file for the calculation of the sum of total amount owed each day (in bold red color).

From the attached excel file, we have:

Sum of total amount owed each day = $11,675

Average daily balance = Sum of total amount owed each day / Number of days in the billing period = $11,675 / 31 = $376.61

Finance charge = Average daily balance * Interest rate per month = $376.61 * 1.35% = $5.08

Therefore, the finance charge on the September 10 bill is $5.08.

Download xlsx

6 0

3 years ago

Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Account

alexgriva [62]

Answer:

Explanation:

The journal entries are presented below:

On Oct 1

Rent expense A/c Dr $ 5,000

To Cash A/c $5,000

(Being payment of rent is made in cash)

On Oct 3

Advertising expense A/c Dr $3,170

To Cash A/c $3,170

(Being payment of adverting expense is made in cash)

On Oct 5

Supplies A/c Dr $ 1,360

To Cash A/c $1,360

(Being payment of supplies is made in cash)

On Oct 6

Office equipment A/c Dr $20,800

To Accounts payable $20,800

(Being purchase of office equipment on account is recorded)

On Oct 10

Cash A/c Dr $6,800

To Accounts receivable $6,800

(Being cash is received from customer is recorded)

On Oct 15

Accounts payable A/c Dr $1,990

To Cash A/c $1,990

(Being payment is made in cash is recorded)

On Oct 27

Miscellaneous expense A/c Dr $860

To Cash A/c $860

(Being miscellaneous expenses is paid in cash is recorded)

On Oct 30

Utilities expenses $320

To Cash A/c $320

(Being telephone expenses is paid in cash is recorded)

On Oct 31

Accounts receivable A/c Dr $45,300

To Fees earned $45,300

(Being feed earned and billed customer is recorded)

On Oct 31

Utilities expenses $540

To Cash A/c $540

(Being electricity expenses is paid in cash is recorded)

On Oct 31

Drawings A/c Dr $3,400

To Cash A/c $3,400

(Being personal use amount is recorded)

7 0

4 years ago

This information relates to Sage Hill Co.

fiasKO [112]

The preparation of the journal entries to record the transactions of Sage Hill Co. are as follows:

<h3>Journal Entries:</h3>

April 5 Debit Inventory $27,900

Credit Accounts Payable (Oriole Company) $27,900

Credit terms 4/10, n/30.

April 6, Debit Freight-in $520

Credit Cash $520

April 7, Debit Equipment $32,700

Credit Accounts Payable $32,700

April 8, Debit Accounts Payable (Oriole Company) $4,800

Credit Inventory $4,800

April 15, Debit Accounts Payable (Oriole Company) $23,100

Credit Cash $22,176

Credit Cash Discounts $924

<h3>Transaction Analysis:</h3>

April 5 Inventory $27,900 Accounts Payable (Oriole Company) $27,900

Credit terms 4/10, n/30.

April 6, Freight-in $520 Cash $520

April 7, Equipment $32,700 Accounts Payable $32,700

April 8, Accounts Payable (Oriole Company) $4,800 Inventory $4,800

April 15, Accounts Payable (Oriole Company) $23,100 Cash $22,176 Cash Discounts $924

Learn more about recording transactions at brainly.com/question/24835236

3 0

3 years ago

What is FAFSA? Who is eligible?

marishachu [46]

The Free Application for Federal Student Aid (FAFSA<span>) is used to calculate the Expected Family Contribution (EFC), a somewhat harsh measure of the family's ability to pay for college. The EFC is the sum of a student contribution and a parent contribution.</span>

6 0

3 years ago

Anthony Delivery Service has a weekly payroll of $32,000. December 31 falls on Tuesday and Anthony will pay its employees the fo

3241004551 [841]

Answer:

$937,800

Explanation:

The adjusting entry would be

Salaries expense A/c $12,800

To Salaries payable A/c $12,800

(Being salary is adjusted)

The salaries expense is computed below:

= Total five days × number of days ÷ total number of days

= $32,000 × (2 ÷ 5)

= $12,800

Now the ending balance of salaries expense would be

= Unadjusting balance + adjusting balance

= $925,000 + $12,800

= $937,800

8 0

4 years ago