Answer:
Credit to Prepaid insurance for $400 and Debit to Insurance expense for $400
Explanation:
The journal entry is given below:
Insurance expense ($4800 × 1 ÷ 12) $400
Prepaid Insurance $400
(To record insurance expense)
Here the insurance expense is debited as it increased the expense and credited the prepaid insurance as it decreased the assets
The mean of salary for these options is $30.76
Answer:
C. The speed with which general prices are rising
Explanation:
Inflation measures the rate at which the general prices of goods and services are increasing in an economy. During inflation, the purchasing power of a country's currency is eroded. Inflation means a selected basket of goods will cost more this period than it did in the previous season.
The consumer price index or CPI is the most acceptable index used in determining the rate of inflation. Inflation may result from high economic growth where firms and individuals have increased incomes resulting in too much money in circulation. A moderate level of inflation is required to promote spending and sustain favorable economic growth.
Answer:
a. $11,000
b. $2,200
Explanation:
According to the cash basis accounting, the cash is recorded when actual cash is received
But as per the accrual basis of accounting, the revenue is recorded when it is realized or earned whether cash is received or not
So,
a. Cash basis = $11,000
b. Accrual basis
= $11,000 ÷ 10 months × 2 months
= $2,200
