Answer:
It has a greater impact than service industries.
Explanation:
Answer:
We do this so that people can see your business and how it is
The income statement shows a detailed picture of the transactions of all revenue and expenses. The income summary account then summarizes these figures in order to produce the statement of retained earnings. Both the income statement and income summary show the revenue and expenses of a company.
Answer:
Debit Credit
July 2021
Cash 17,500
Loan payable 17,500
June 30, 2022
Loan Payable 17,500
Interest payable 2,100
Cash 19,600
Adjusting Entry's
Debit Credit
Interest expense 1050
Interest Payable 1050
Explanation:
Interest for the year = 0.12*17500=2100
Interest expense 2021= 6/12*2100= 1050
Annual interest rate that factors in compounding effects.
Formula: APY = ( 1 + APR/n )^n - 1
