Answer and Explanation:
The journal entries are shown below:
For the month of January
Cash $480,000
To Mortgage Payable $480,000
(Being the mortgage payable is recorded)
For recording this we debited the cash as it increased the assets and credited the mortgage payable as it also increased the liabilities
For the month of February
Mortgage Payable $400
Interest Expense $4,000 {($480,000 × 10%) ÷ 12 months}
To Cash $4,400
(Being the cash paid is recorded)
For recording this we debited the mortgage payable and interest expense as it decreased the liabilities and increased the expenses and credited the cash as it decreased the assets
Now the balance left is
Beginning balance of Mortgage Payable $480,000
Less: February Deduction (400)
Ending Balance of Mortgage Payable $479,600
Answer:
The appraisal interview should be held in two segments because the rater must perform the role of both evaluator and counsellor.
Explanation:
Following are the purpose of appraisal interview:
1) Rate and evaluate the past performance.
2) Feedback for development and recommend the training program.
3) Discuss the growth plan of employee.
Therefore, role of one who is taking appraisal is very vital for the growth and development of employee. So, he has to play two role, both evaluator and counsellor.
Answer: a. Assets increase by $125,000 and liabilities increase by $125,000
Explanation:
The Office equipment bought are considered PPE which means they are fixed assets. Their acquisition will increase the assets held by the company by the value of the equipment, $125,000.
The equipment was however, bought on credit. This means that the company still owes the suppliers, payment for it which will see their liabilities increase by the same amount of $125,000.
Answer and Explanation:
journal entry amount amount
cash A/c (500,000*$10) DR $5,000,000
common stock A/c (500,000*$1) $500,000
additional paid in excess of value A/c $4,500,000
(500,000*$9)
Answer:
It is an example of the shoes leather costs.
Explanation:
Shoe leather cost is the cost which involve the time as well as the efforts which people spend on trying to counter-act the inflation effects like holding less amount of cash and make additional trips to the bank.
In this scenario, Alyssa in order to protect herself from the effect of the inflation, she sends employee to bank for depositing the money into the bank four times a day. Therefore, it is an example of Shoe leather cost
