Answer:
The journal entry at the time when great adventures obtains the $30,000 loan is:
Account Title Debit Credit
Cash 30,000
Notes Payable 30,000
The interest accrued at the end of each month would be:
30,000 * 6% = 1,800/12 = $ 150
Interest entry would be made at the end of each month to record the interest expense.
The term BUSINESS CYCLE is a popular way to describe the rescission-expansion pattern followed by the economy.
The Consumer Credit Act is protections to apply between agreements between traders and individuals, sole traders, partnerships and unincorporated associations. But not agreements made between traders and bodies.
Answer: The correct answer is to safeguard the inventory and reporting the inventory on the financial statements.
Explanation: One of the primary objectives of control over inventory is to safeguard the inventory from damage or theft. The second objective is to report the inventory on the financial statements.
Answer:
e. $ 282,000
Explanation:
To determine the assets of the company at year end, we need to find the equity at year end, this is calculated as follows:
Opening Equity $ 145,000
Net Income for the year $ 45,000
Revenues $ 210,000
Expenses $ 165,000
Equity at end of year $ 190,000
The accounting equation is
Assets = Liabilities + Stockholders' Equity
Assets = $ 92,000 + $ 190,000 $ 282,000
