Answer:
Using the adjusted balances, give the closing entry for the current year.
Explanation:
1
Db Insurance expense 6000
Cr Prepaid expenses 6000
2
Db Wages payable 4000
Cr Cash 4000
3
Db Depreciation expense 9000
Cr Accumulate depreciation 9000
4
Db Income tax expense 7000
Cr Tax payable 7000
Answer:
Explanation:
Outstanding number of days is the period over which the loan balance remains unpaid. Since this loan earns 5% interest, required adjusting entry for this company would be to Debit<em> interest expense</em> <em>account</em> and Credit the interest <em>payable account. </em>It is an accounting requirement that all expenses be debited . On the other hand, interest payable is the amount that a company owes a lender and is therefore credited as the corresponding journal entry to the interest expense .
Answer:
Correct option is (C)
Explanation:
Mass customization refers to manufacturing products suited for individual needs and preferences at the same time producing huge amount of products at low cost offering value to customers.
Customers are allowed to make modifications as per their requirements in the basic model offered by the organization. So customer is free to pick the color, design and model of their choice.
Spokes bikes is therefore using mass customization.
Answer:
One year from the date of the listing if the transaction is not consummated.
Explanation:
Retention period is the number of years as enforced by the law that a certain records must be kept compulsorily before it is eligible for destruction. The retention period shall be 1 one year from the date of the from the date of listing or closing of the transaction if the transaction is not consummated. Retention period is generally in many cases is 1 year and not more than that.
