Answer:
D.) debit Supplies Expense. $5,500; credit Supplies, $5,500
Explanation:
First, let's talk about the amount.
On June 2 they purchased supplies worth $6,500 and recorded it as an ASSET. Debited on "Supplies" Account
Then on June 30, only $1,000 is on hand. That means that $5,500 worth of supplies must have been used (Solved as 6,500 less 1,000)
Now, the entry should reduce the "Supplies" Account since there were only $1,000 left. So it's correct to credit Supplies for $5,500 to reduce $6,500 into $1,000 worth.
The corresponding debit would consequently be "Supplies Expense" since $5,500 worth of supplies was used for the month.
The type of market is the one in which a person buys stock in type fast food company is Financial market.
What is Financial market?
Any location or system that gives buyers and sellers thew ability to trade financial assets such as bonds, shares, the various international currencies, and derivatives , is referred to as a financial market.
Why is financial market important?
- Markets provide finance for companies so they can hire, invest and grow.
- They provide money for the government to help it pay for new roads, schools and hospitals.
- They can help lower the costs you face buying food at the super market, taking out a mortgage or saving for your retirement.
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Sally is buying a home and the closing date is set for April 20th. the annual property taxes are $1234.00 and have not been paid yet. The answer is $368.51.
Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365 days = $3.38.
Step 2: Seller will credit buyer from January through midnight the day before closing. Calculate the exact number of days; January 31 + February 28 + March 31 + April 19 = 109 days Step 3: Multiply the daily rate ($3.3808219178) x Number of days (109) = $368.51
Property tax is the sum that a landowner must pay to the local government or municipal body in their area. Every year, the tax is due and payable. Real estate assets include real estate, commercial real estate, and residential real estate that is rented to third parties.
Owners of real estate must pay property taxes that are computed by the municipal authority where the asset is situated.
Property tax is calculated based on the value of the property, which can be a tangible personal property or real estate in various countries.
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D for sure is the correct answer
Patrick goes to any U.S bank branch for opening a checking account for the use of groceries with some documents required for opening a checking account.
<h3>
What is a Checking Account?</h3>
A checking account makes it simple to access your money for daily transactions while also assisting in keeping your money safe. It's a flexible account that gives you the freedom to handle your daily spending, including bill payments, purchases, and paycheck management.
As a result, Patrick needs to visit any branch of a U.S. bank with some documentation, such as his Social Security number and a current, government-issued photo ID, such as a driver's license or passport, to open a checking account to pay for groceries or other personal expenses.
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