Answer:
Explanation:
On July 1, 2019, Cullumber Company pays $12,000 to Kalter Insurance Co. for a 3-year insurance contract.
For Cullumber Company:
July 1 Debit:Prepaid Insur $12000
Credit: Bank. $12,000
Being payment for prepaid Insurance.
Dec 31. Credit:prepaid insur $2,000
Debit:Insurance exp $2,000
Being insurance expenses for the year.
For Blossom Company:
July 1 Credit:Unearned Revenue $12000
Debit: Bank. $12,000
Being unearned revenue on Insurance.
Dec 31. Debit:unearned revenue $2,000
Credit: Revenue $2,000
Being insurance revenue for the year.
Answer:
Spending variance $100 unfavorable
Explanation:
The spending variance is the difference between the standard cost allowed for the actual activity and the actual cost of the activity
$
Standard cost allowed for the actual activity
=7,850 + (402×203) + (952×112)= 196,080
Actual cost <u>196,180</u>
Spending variance <u> 100</u> unfavorable
<span>Answer : Chart of accounts
Explanation:
A chart of accounts (COA) is a created list of the accounts used by an organization to define each class of items for which money or the equivalent is spent or received. It is used to organize the finances of the entity and to segregate expenditures, revenue, assets and liabilities in order to give interested parties a better understanding of the financial health of the entity.</span>
Answer:
The rate at which money circulates through an economy.
Explanation:
In Macroeconomics, the term velocity refers to the speed at which money circulates in an economy, and it is a variable in a fundamental macroeconomic equation, the quantity theory of money equation:
M x V = P x T
Which states that the price of goods and services is equal to the amount of money in an economy, or its money supply (M) multiplied by the Velocity of circulation of money, which is in turn equal to price (P) multiplied by the number of transactions (T).
