Answer and Explanation:
The adjusting entries are as follows:
a. Insurance expense $275
To Prepaid insurance $275
(To record the insurance expense)
b. Supplies expense $785 ($1,500 - $715)
To Supplies $785
(To record the supplies expense)
We assume the balance of supplies before adjustment is $1,500
c. Depreciation - office equipment $330
To Accumulated depreciation $330
( To record the depreciation expense)
d. Salary Dr $325
To Accrued salary $325
(To record the accrued salary)
e. Rent expense $1,600
To Prepaid rent $1,600
(To record the rent expense )
f. Unearned fees $790
To Fees revenue $790
(To record the unearned fees is recorded)
We assume the balance of unearned fees before adjustment is $4,000
Therefore, $790 is arrive from
= $4,000 - $3,210
= $790
Well managers learn more efficient ways than most others which helps them alot such as having people on task, making sure no one is lacking on working times or any thing is messed up. managers are the ones who keep tracks on tasks that not alot of others can.
Answer:
For whom to produce.
Explanation:
This fundamental question tends to answer the sector of the customers the company will produce for. It reflects the customer's buying power and willingness.
- For example, If the customer we are producing has enough money, so we should go for first come first served basis, OR, If the customer lacks money and it hinders the customer to watch a movie so we motivate them to participate in a lottery so are in guise targeting that section as well.
Answer:
The gain that Sheridan should recognize on this exchange is $135000
Explanation:
Where Exchange Transaction lacks commercial substance, the asset that is acquired is measured at the <em>Carrying Amount or Undepreciated Cost </em> of the asset given up.
The gain will then include an <em>further consideration acquired</em> on the exchange of an asset.
<u>Entries to record the exchange are as follows :</u>
Cash $135000 (debit)
New Asset at undepreciated cost $420300 (debit)
Cost of Old asset given up $420300 (credit)
Gain on exchange $135000 (credit)
Conclusion :
The gain that Sheridan should recognize on this exchange is $135000
