Answer:
C.$5,000.
Explanation:
November 1, 2013
Amount of Loan = $500,000
As the Interest is payable at maturity, at December 31, 2013 only one month of interest expense is accrued, which is not paid, Following Journal entry will be passed tor record the interest expense.
Dr. Interest Expense $2,500
Cr. Interest Payable on Note $2,500
Interest Expense = $500,000 x 6% x 2/12 = $5,000
Answer:
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Explanation:
Answer:
June 15
Dr. Account Receivable $24,000
Cr. Service Revenue $24,000
At the time of Receipt in July
Dr. Cash $24,000
Cr. Account Receivable $24,000
Explanation:
As the Services are performed on June 15, and Great Venture has a right to received the payment against the services provided. So, the revenue is recognized and The payment for the services has not been made yet. This result in the creation of account receivable, That is expected to receive in July.
In July the payment is received. The cash account will be debited as the cash is received and on the other hand account receivable will be credited to remove the due balance of $24,000 from receivables balance.
The difference between flow shops and job shops is that unlike flow shops, job shops require frequent machine changeovers and delays.
<h3>What is a job shop?</h3>
The shops, which specialize and are involved in the manufacturing and production processes, which are typically medium-sized enterprise, and conduct different types of job after the completion of one, are job shops.
Hence, option C holds true regarding a job shop.
Learn more about a job shop here:
brainly.com/question/15222686
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Answer:
Debit side $29,660
Credit side $29,660
Explanation:
Preparation of a correct trial balance
DOMINIC COMPANY
Corrected Trial Balance May 31, 2015
DEBIT SIDE
Cash $5,023
($5,050 +$450 - $477)
($530-$53=$477)
Accounts Receivable $2,030
($2,570 - $540)
Prepaid Insurance $930
($830 + $100)
Supplies $450
Equipment $12,750
($13,200 - $450)
Salaries and Wages Expense $4,530
($4,330 + $200)
Advertising Expense $1,447
($970 + $477)
($530-$53=$477)
Utilities Expense $900
($800 + $100)
Dividends $1,600
TOTAL $29,660
CREDIT SIDE
Accounts Payable $5,510
($5,700 - $100 + $450 - $540)
Unearned Service Revenue $690
Common Stock $14,500
($12,900 + $1,600)
Service Revenue $8,960
TOTAL $29,660
Therefore the CORRECTED TRIAL BALANCE will be:
Debit side $29,660
Credit side $29,660
