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Harlamova29_29 [7]
3 years ago
11

In making adjusting entries at the end of its accounting period, Chao Consulting mistakenly forgot to record: $4,100 of insuranc

e coverage that had expired (this $4,100 cost had been initially debited to the Prepaid Insurance account). 2,450 of accrued salaries expense. As a result of these two oversights, the financial statements for the reporting period will:
Business
1 answer:
dybincka [34]3 years ago
3 0

Answer and Explanation:

In case when the initially $4,100 would be debited to the prepaid insurance account and there is $2,450 of accrued salaries expense

So, the financial statement for the same would be

= $4,100 + $2,450

= $6,550

The same amount i.e. $6,550 would be understated

In that case if these are not adjusted so the same would be understated

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What is potentially problematic about using religious symbols in<br> advertisements?
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Answer:

They might offend the intended audience.

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3 years ago
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the contract is a. void.

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if it was Inez who came into the contract, then the contract would have been legally binding.

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4 years ago
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Check the explanation

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The journal entry:

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31 Jan 2020                 Notes Acc Dr.        $300000  

                                To Customer                                       $30000

( Being Zero interest Notes

Accepting from customer.)  

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                                 To Interest acc                                    $19250

( Being Interest on notes 300000 at 7% 11 month.)  

                  Interest A/cc DR.                         $19250  

                                To Profit & Loss                                       $19250

( Being Transfer to Profit & loss Account)  

7 0
3 years ago
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