Answer:
Journal Entry to record the first interest payment
June 30, 2019
Dr. Interst Expense $19,979.32
Dr. Premium on Bond $1,620.68
Cr. Cash $21,600
Explanation:
First, we need to calculate the premium on bond amortization as follow
Premium on bond amortization = Coupon Payment - Interest Expense
Premium on bond amortization = ( $480,000 x 8% x 6/12 ) - ( $499,483 x 8% x 6/12 )
Premium on bond amortization = $21,600 - $19,979.32
Premium on bond amortization = $1,620.68
Answer:
meal option is cheaper with total cost = $2000 and hall only option is total cost $2700
Explanation:
given data
The meal option = $50 per person.
Hall free = $ 0 per person
total guest = 40
hall-only option = $1,500
external caterer = $30 per person
solution
when we go for meal option than hall free so total cost will be as
total cost = total guest × $50 per person
total cost = 40 × $50
total cost = $2000
and
when we go for hall only option than total cost will be
total cost = total guest × external caterer charge + hall-only option
total cost = 40 × $30 + $1500
total cost = $2700
so
meal option is cheaper with total cost = $2000 and hall only option is total cost $2700
Ion really get your question
Answer: 1. B. Petty Cash
2. D. Petty Cash
3. D. Debit petty cash and credit cash
Explanation:
1. When creating the Petty Cash fund, Cash is credited because money is being removed from it. It is then put into the Petty Cash account hence a debit.
2. When taking money from Petty Cash, it is an asset and so is credited to reflect the outflow.
3. Similar to the transaction in question 1. You are taking money from cash account to.put in Petty Cash so the right procedure is to debit Petty Cash and credit Cash.
Answer:
D. Helps managers to act rapidly and with autonomy
Explanation:
The management control system defines that every policy and procedure should be followed in a proper manner and work on new strategies for the benefit of the organization. It helps in managing the hierarchy level and differentiates the performance company resources like finance, marketing, sales, Human resource management, operations, etc.
Therefore the management control system provides to work with sovereignty so that the work runs in a smooth and inefficient and effective manner. It also helps the managers to take the action quickly before things go out of control.
