Answer:
<u>Journal 1</u>
Debit : Prepaid Expense $37,600
Credit : Cash $18,800
Credit : Insurance Expense $18,800
<u>Journal 2</u>
Debit : Dividends $18,000
Credit : Wages $18,000
Explanation:
Journal 1
The first error has to be corrected by debiting the Prepaid Expenses by twice the amount paid to cancel the effect of a credit entry made to that account. Cash is credited to show the correct credit entry that was supposed to be made. Insurance expense is credited to cancel the debit entry made to this account in error.
Journal 2
The error made is called error of principle. This is were the transaction is recorded in the wrong class of accounts. Simply, Debit the Dividends and credit the Wages Account to record and reverse the error out of the Wages Account into the Dividends Account.
Answer:
$2,166.60
Explanation:
Divide the salary by 12 months that are in a year, then divide my 2 because bi-weekly is every 2 weeks.
Small businesses are actually the major engine of the economy, especially
now that much of our manufacturing jobs have moved overseas, so they
play a crucial role in employment.
Answer: Because 12 = 13 which is not aloud which ends up becoming 14 but is acutally 923
Explanation: Hope that helps1
No, it would cost $210.
Each hour charges $40. 4 hours alone is $160.
On top of that, calling the electrician is a flat rate of $50. In total, it would cost $210.
More mathematically, you could set up an equation.
(Price) = $50 + $40 * (hours)
Then plug in 4 hours
price = 50 + 40*4
= 50+160
= 210
