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2 years ago

Beth has just been hired as a cocktail waitress. she must be certified as a seller-server within:

1 answer:

6 0

The answer to this question is 30 days
This 30 days delay after certification is to make sure that the certification holder still stay up to certain standards even after the certification.
This ensure the quality and the validity of the certification process and meke it more trustworthy in the eyes of the consumers.

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Terrapin Company engages in the following external transactions for November. Purchase equipment in exchange for cash of $22,400

netineya [11]

Answer:

Purchase equipment in exchange for cash of $22,400

Debit Equipment account $22,400

Credit Cash account $22,400

Being entries to record the purchase of equipment for cash

Provide services to customers and receive cash of $6,000

Debit Cash account $6,000

Credit Service Revenue account $6,000

Being entries to recognize revenue earned from service rendered to customer.

Pay the current month's rent of $1,700

Debit Rent expense account $1,700

Credit Service Revenue account $1,700

Being entries to recognize the payment of rent expense.

Purchase office supplies on account for $1,000

Debit Supplies account $1,000

Credit Cash account $1,000

Being entries to recognize the payment for office supplies.

Pay employee salaries of $1,700 for the current month

Debit Salaries Expense account $1,700

Credit Cash account $1,700

Being entries to recognize the payment of employee's salaries.

Explanation:

Information given about Terrapin

Purchase equipment in exchange for cash of $22,400.
Provide services to customers and receive cash of $6,000.
Pay the current month's rent of $1,700.
Purchase office supplies on account for $1,000.

Pay employee salaries of $1,700 for the current month.

To record these transactions, the following entries will be posted

Purchase equipment in exchange for cash of $22,400

Debit Equipment account $22,400

Credit Cash account $22,400

Being entries to record the purchase of equipment for cash

Provide services to customers and receive cash of $6,000

Debit Cash account $6,000

Credit Service Revenue account $6,000

Being entries to recognize revenue earned from service rendered to customer.

Pay the current month's rent of $1,700

Debit Rent expense account $1,700

Credit Service Revenue account $1,700

Being entries to recognize the payment of rent expense.

Purchase office supplies on account for $1,000

Debit Supplies account $1,000

Credit Cash account $1,000

Being entries to recognize the payment for office supplies.

Pay employee salaries of $1,700 for the current month

Debit Salaries Expense account $1,700

Credit Cash account $1,700

Being entries to recognize the payment of employee's salaries.

7 0

2 years ago

Waitstaff at restaurants typically do what?

Aleksandr-060686 [28]

Option A, but even that is not a requirement.
Hope it helps!

7 0

2 years ago

Read 2 more answers

Knowledge Check 01 Which of the following statements about valuation allowances are true? (Select all that apply.) Check All Tha

Alina [70]

Answer:

• Under U.S. GAAP, companies recognize deferred tax assets and then reduce those assets with an offsetting valuation allowance if its is not more likely than not that the asset will be realized.

• Under IFRS, deferred tax assets only are recognizefd to begin with if its is probable (defined as '' more likely than not'') that they will be realized.

Explanation:

A deferred tax asset occurs when taxes are either been overpaid or there's an advance payment for them. In this scenario, they're not yet acknowledged in the income statement.

Valuation allowance is a reserve used by a business to offset the deferred tax asset. The statements that are true about the valuation allowance are:

• Under U.S. GAAP, companies recognize deferred tax assets and then reduce those assets with an offsetting valuation allowance if its is not more likely than not that the asset will be realized.

• Under IFRS, deferred tax assets only are recognizefd to begin with if its is probable (defined as '' more likely than not'') that they will be realized.

7 0

2 years ago

Tad's tackle shop has a potential investment of $750,000 which generated a depreciation tax shield of $35,000 and a tax rate of

Bezzdna [24]

<span>Potential investment of the Tackle shop = $750000 Depreciation Tax Shield = $35000 Tax Rate for 2016 = 20% => T = 0.2 So we have a equation for depreciation, which goes like Depreciation Tax Shield = T(Depreciation ) => 35000 = 0.2(Depreciation) So the Depreciation = 35000/0.2 which gives $175,000 Depreciation = $175,000 So C is correct.</span>

8 0

2 years ago

Encumbrances and payment Harmon School District's General Fund accounts for all revenues and expenditures. At the start of schoo

blondinia [14]

Answer:

JOURNAL ENTRY

Dr. Encumbrance....$50,000

Cr. Fund Balance...............$50,000

Being issuance of Purchase order for school supplies

Explanation:

On August 10, 2018, Harmon School District issued a purchase order for school supplies in the amount of $50,000.

On August 20, the school supplies arrived, together with an invoice for $52,000.

The invoice was approved for payment because the purchase order allowed for price increases up to 5 percent.

The invoice was paid on August 30.

1. Prepare the entries necessary to record the encumbrance,

JOURNAL ENTRY

Dr. Encumbrance....$50,000

Cr. Fund Balance...............$50,000

Being issuance of Purchase order for school supplies

2. Approval for payment of the invoice,

JOURNAL ENTRY

Dr. Reserve for Encumbrance....$2,000

Cr. Fund Balance...............$2,000

Being approval for additional amount on goods received on order for school supplies

3. and payment of the invoice.

JOURNAL ENTRY

Dr. Fund Balance ...$52,000

Cr. Encumbrance.........................$50,000

Cr. Reserve For Encumbrance...$2,000

Being payment for goods received on issued purchase order and additional appropriation for excess amount.

4 0

2 years ago

Read 2 more answers