The phrases that describes money the best would be: Medium of exchange
Before money were made, in order to obtain a product that we don't own, we need to exchange it with another product that we own. This system is commonly known as barter.
With money, we can obtain a product that we don't own without exchanging it with anything. This function is the reason why money is called medium of exchange
Answer: C. seller
Explanation:
The filing of SEC Form 144 is the responsibility of a representative of the company that wishes to sell the stock. The company can be represented by an executive officer, a director, or a recognised affiliate of the company.
This form is filled when the restricted stock to be sold either exceeds 5,000 in number or would command a price greater than $50,000.
Answer:
Debit Insurance expense $10,000
Credit Prepaid Insurance $10,000
Being entries to recognize insurance expense for the period (August to December).
Explanation:
Given;
Insurance policy was purchased on July 10 to run for 3 years.
Cost of policy = $72,000
Start date is August 1st. As at 31 December, the policy should have been amortized for 5 months (August to December)
Monthly depreciation = $72,000/(3 × 12)
= $2,000
Total amortization between August and December = 5 × $2,000
= $10,000
Journal entries
Debit Insurance expense $10,000
Credit Prepaid Insurance $10,000
Being entries to recognize insurance expense for the period (August to December).
Answer:
$35,000
Explanation:
As the Allowance of Doubtful Accounts account already has the balance of $12,000, and we need $35,000 at the end of the year. We know that Allowance of Doubtful Accounts account account has credit nature so it needed $23,000 ($35,000 - $12,000) to be adjusted at the end of the year to make the adjusted balance equals to $35,000. So, the adjusted account balance will be $35,000.