The correct adjusting entry for accrued and unpaid employee salaries of $9,000 on December 31 is:
A. debit Salary Expense, $9,000; credit Cash, $9,000
B. debit Salary Expense, $9,000; credit Salaries Payable, $9,000
C. debit Salary Expense, $9,000; credit Prepaid Salary, $9,000
D. debit Salaries Payable, $9,000; credit Salary Expense $9,000
E. debit Salary Expense, $9,000; credit Fees Earned, $9,000
Answer: B
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Baylor Enterprises has bonds outstanding with a face value of $200,000 and a carrying value of $206,000 on December 31, 20x5. If the company calls in and retires these bonds on December 31, 20x5, for $210,000, the entry to record the retirement will include a
A) debit to Bonds Payable for $206,000. B) credit to Cash for $206,000. C) debit to Loss on Retirement of Bonds for $6,000. D) debit to Loss on Retirement of Bonds for $4,000.
Photographs are almost always preferable to drawings
a. true b. false
If the exporter believes the political and commercial risks are not sufficient to require a letter of credit, the exporter may agree to payment on a ______ draft basis, which is less costly to the buyer.
Fill in the blank(s) with the appropriate word(s).
On September 1, Year 1, Gomez Company collected $9,000 in advance from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year 1?
A. $9,000; $9,000 B. $0; $9,000 C. $3,000; $3,000 D. $3,000; $9,000