Answer:
B. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500
Explanation:
Lets consider all the other options to eliminate them from our choice
Option A: The entry provided debits the vacation benefits expenses and credits the prepaid vacation benefits. The liability for the vacation credit earned by the employees during the month needs to be recorded so this is not an adjustment of an advance vacation benefit.
Option C: The required entry has nothing to do with taxes so not relevant.
Option D: The entry is to record the liability for vacations earned by the employees so an expenses has to be recorded.
Option E: The option reduces the liability and reduces the expenses which is against the requirement of the question
Answer:
Option "A" is the correct answer to the following statement.
Explanation:
Business Entity Assumption state that businessman and business are a different entity.
Under the Business Entity Assumption, Personal assets and Company assets are always different, Personal assets will never show in the Company's balance sheet.
In the case of Michel McNamee his bank account and personal home in not recorded in the company's book.
Answer:
D. higher profits will induce expanded production.
Explanation:
If the price of a good increases and the cost remains the same ,profits earned would increase.
For example if price of a pen was initially $5 and rose to $7. The cost of making a pen is $3. Total profit would rise from $2 to $4.
According to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the. quantity supplied. Therefore, the higher price would attract more producers and production would increase. Existing producers would also increase output.
I hope my answer helps you.
medium level profession can be defined as some one who has moved past entry level but isn't nearing the end . whereas high level profession means a person has moved past entry level and also has reached the end.
Answer: Decline.
Explanation:
If a million job seekers out of 5 million job seekers, get discouraged and stop job hunting, the unemployment rate would be recorded to have dropped, because it would mean that there are fewer individuals that are seeking for employment( in this case 4million).
