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
Answer:
A. tuition revenues of $4,000 and expenditures of $4,000.
Explanation:
If the student is not employed as a graduate assistant required to assist faculty members with research and other activities, we will have one:
a. The student will have to pay $4,000 tuition. This is a revenue to the university.
b. The private university will employ a research assistant and pay him $4,000. This an expenditure to the university.
Therefore, this transactions have to be required as highlighted in a. and b. above to track the actual revenue and expenditure implication of the waiver despite cash does not exchange hands.
On common-size balance sheets, Company B is better at turning its stock than Company A.The reason, that organization B has an excessive stock turnover ratio is the stock of the employer is properly controlled than the employer A. sales might be much less in agency A.
A balance sheet gives you a photograph of your enterprise's monetary role at a given point in time. along with an earnings declaration and a cash float announcement, a balance sheet can assist enterprise owners to evaluate their organization's financial status.
In financial accounting, a balance sheet is a summary of the economic balances of a character or employer, whether or not it be a sole proprietorship, a business partnership, an organization, a personal limited enterprise, or a different corporation consisting of authorities or now not-for-earnings entity.
A balance sheet affords a picture of a business' fitness at a factor in time. it's far a precis of what the enterprise owns (assets) and owes (liabilities). stability sheets are normally organized at the close of an accounting period together with month-stop, sector-stop, or year-stop.
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