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tatuchka [14]
3 years ago
6

On September 1, 2012, Daylight Donuts signed a $200,000, 8%, six-month note payable with the amount borrowed plus accrued intere

st due six months later on March 1, 2013. Daylight Donuts records the appropriate adjusting entry for the note on December 31, 2012. In recording the payment of the note plus accrued interest at maturity on March 1, 2013, Daylight Donuts would
a. Debit interest expense, $5,333.
b. Debit interest payable, $2,667.
c. Debit interest expense, $2,667.
d. Debit interest expense, $8,000.
Business
1 answer:
Varvara68 [4.7K]3 years ago
3 0

Answer:

c. Debit interest expense, $2,667.

Explanation:

The adjusted journal entry is shown below:

Interest expense A/c Dr $2,667

         To Interest payable A/c $2,667

(Being accrued interest adjusted)

The interest expense is computed below:

= Principal × rate of interest × number of months ÷ (total number of months in a year)  

= $200,000 × 8% × (2 months ÷ 12 months)

= $2,667

The 2 months is calculated from December 31, 2012 to March 1, 2013

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An accounting system  can be regarded as accounting processes  that posses some integrated procedures .

Therefore, accounting systems helps in recording business transactions.

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2 years ago
If a bank has a required reserve ratio of 20% and has required reserves of $300,000,000, how much does the bank hold in deposits
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Answer:

$1,500,000,000

Explanation:

Calculation for how much does the bank hold in deposits

Using this formula

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Let plug in the formula

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DEPOSIT=$1,500,000,000

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A purposeful set of rules designed to direct behavior and produce logical results is called a policy. A policy is a declaration of intent that is carried out through a method or protocol. Typically, a governance board inside a company adopts policies. Both subjective and objective decision-making can benefit from policies. Policies used in subjective decision-making typically help senior management with choices that must be based on the relative merits of a variety of variables and, as a result, are frequently challenging to assess objectively, such as work-life balance policies. In addition, governments and other institutions have policies in the form of laws, rules, guidelines, administrative procedures, rewards, and voluntary practises. Resources are frequently distributed in accordance with policy choices. A policy is a guideline for recurring or routine organizational actions.

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Complete Question:

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B. effectively harnesses the incentives of workers and entrepreneurs.

C. is not consistent with freedom of choice in the long run.

D. has slowly lost ground to emerging command systems.

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B. effectively harnesses the incentives of workers and entrepreneurs.

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An economic system can be defined as a series of governmental or societal arrangements and a coordinating mechanism used for the allocation of available resources, economic inputs, goods and services across a particular country. The economic system differs according to the method used to coordinate economic activities and who the factors of production belongs to.

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