Answer:
$2,900 Increase
Explanation:
Considering the transaction
- Bassett sold inventory that had cost the company $1,400 for $4,300 on accounts receivable - Here, inventory reduces by $1,400 while accounts receivable increase by $4,300. This leaves a net impact of $2,900 (4300-1400) on total assets.
Hence the results of this one transaction is an increase of total assets by $2,900.
Answer:
Option A
Explanation:
In simple words, Bank runs refers to the scenario when a significant amount of individuals begin to make bank withdrawals since they are afraid the organizations will run out of liquidity. Usually a run on the banks is the product of confusion instead of a true bankruptcy.
Bank run caused by panic that drives a bank into real bankruptcy provides a traditional example of a prediction that fulfills itself. The institution does defaults risk, as customers are continuing to withdraw money. So what starts out as fear will ultimately turn into some kind of true fallback situation.
D. $18,188
FDIC covers up to $250,000 per depositor
Answer:
The adjusting entry at the end of January:
Debit Unearned revenue: $480
Credit Revenue: $480
Explanation:
When recceived $600 on January 15 from customer, the company must record:
Debit Cash: $600
Credit Unearned revenue: $600
because all lessons are not provided by the company, the company can't recording revenue.
On January 31, the company provided 8 lessons, so the company must recording revenue for these lesson (8x$60=$480) by adjusting entry.
