In this case, the assessed value is 28% from the market value. So, we need to get 28% from $123,000.
Expressed in figures, we have;
*$123,000 x 0.28 = $34,440.
The assessed value of Greg's home is $34,440, which is 28% of $123,000.
Answer:
The adjusting entry on 31st July will be;
Salaries Expense (Dr.) $480
Salaries Payable (Cr.) $480
Explanation:
Molly Mocha hires one student who works for 5 days and is paid on Monday. The student who has started working on 28th July Monday then he has worked till 1st August Friday. The adjusting entry need to be made on Thursday 31st July. The student is paid $120 per day so for 4 days of working it will be $120 * 4 days till 31st July. Since Molly Mocha pays salaries on following Monday it should record salaries expense as debit and salaries payable as credit in its accounts.
Answer:
the scope statement; deliverables
Explanation:
"Decomposing" a project will ensure an efficient way of accomplishing the project's goal. Before doing this, it is important to know what "the scope statement" is and the "deliverables" (multiple tasks in the production).
"The scope statement" allows one to know what should be included in the decomposition. It also tells <em>when you are going to stop breaking down </em>and what tasks are to be included. Once you know this, it<em> becomes easier to decompose a projec</em>t with<u> one deliverable at a time.</u> The scope will also be further clarified.
So, this explains the answer.
Answer:
1. Prepaid insurance (Dr.) $6,300
Cash (Cr.) $6,300
2. Cash (Dr.) $15,300
Unearned Income (Cr.) $15,300
3. Purchases (Dr.) $1,750
Accounts payable (Cr.) $1,750
Cost of Goods Sold (Dr.) $1,620
Ending Inventory (Dr.) $130
Purchases (Cr.) $1,750
4. Prepaid office rent (Dr.) $6,300
Cash (Cr.) $6,300
Explanation:
The adjusting entry is a journal entry recorded at end of accounting period to adjust events or transactions to comply with the accrual concept.
The closing entries are journal entries required to close a transaction or event in the period. The purpose is to follow matching concept of accounting.
