On the last day of the fiscal year, a co-worker asks you to cut a check for $2,000 as a miscellaneous expense for supplies in order to complete a project for a VIP customer today. You notice the invoice looks a little different from other invoices that are usually processed. You know that by preparing the closing entries tomorrow, the miscellaneous expense will be set to zero for the beginning of the year. Should you write this check today and record the expense or write the check tomorrow? How would the company be affected if the check is written and the invoice ends up being erroneous?

Answers

Answer 1

Answer:

A. No, Should not in any way write the check today and neither record the expense or even write the check tomorrow.

B. The company will be affected if the check

was cut today and the expense was not recorded, which means that the net income of the current fiscal year will be increased by the amount of $2,000 while the net income of the next year will be reduced by the amount of $2,000 and this tend to happens due to some error.

Step-by-step explanation:

A. Based on accounting principle every debit entry must have a corresponding credit entry which means that in a situation where a check is been cut today for miscellaneous expense and for supplies the Miscellaneous expense account should be debited while the bank account should as well be credited based on the double entry principle because if not so the current year net income will wrongly shows and be higher with the amount of $2,000.

B. In a situation where the check was cut today and expense was recorded the following day or tomorrow it means that the current year financial statement net income will be increased by the amount of $2,000 while the amount shown in the balance sheet will decreased by the amount of $2,000.

Therefore I can issue a check today and as well record the expense the same day in which the check was issued.

Answer 2

Following are the solution to the given question:

When an invoice appears to just be distinct from those other bills which are typically handled, this should be filtered once the accountant receives the necessary verification regarding its accuracy/validity.This expense must be noted as well as the check must be written only after sufficient proof of its legitimacy/accuracy has indeed been acquired. This is possible to do it now and tomorrow, but after ensuring that the bill is right. If the accountant has been unable to gather relevant data or evidence through that he or she is uncertain about the accuracy of the invoice as of today, the expense must be recorded as well as the check is written today only after being certain the invoice is correct.Whereas if cost is reported today as well as the check was made, this will increase the overall cost for the current year now and reduce the operating earnings again for the current quarter. Whether it is later discovered that this invoice was incorrect, a reverse of accounting point of view for this invoice must be posted, reducing the expense for the following year and raising the net income for the next month.When an expense is recorded in the current year and subsequently reversed in the following year (due to an incorrect invoice), the income for the current year will be understated, while the income for the following year would be overstated by the amount of the cost.Furthermore, so because the cheque was written yesterday in the current year, the cash/bank balance will be recorded as lowered by the amount of this check for the current year. Whenever the check is reversed the following year, its cash/bank balance would be tallied with cash/bank balance as recorded by the bank.

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Related Questions

Helen borrowed $8,000 from her grandfather to pay for college. Five years later, she paid him back the $8,000 and an interest of $1,200. What was the annual interest rate?

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3%

Step-by-step explanation:

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Step-by-step explanation:

the radius is just half of that!

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Answer:

with what

Step-by-step explanation:

we cant help u if we dont onow what it is

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How do i help?

Step-by-step explanation:

What is the measure of ∠AOB?
90°
80°
180°
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Answer:

ok I think 40 degrees is alternate to a1° then I think that all the angles are right angled because of their shape so I think it's 90°

Answer:

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Step-by-step explanation:

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To find slope on the graph you use rise/run like #1 you go up 3 and across 2 so it’s 3/2 and positive because the line is going up if it were going going down it’s a negative slope…now to find it with the formula it says it right there y2-y1 over x2-x1 for example 14-10 over -7-8 and simplify if you can…on the table you will do the same as you did with the formula on #15 you will use the formula like this 2-5 over -2+3 because we all know when you subtract a negative with a negative you’re basically adding them together

round to the nearst tenth if needed 55.2 divided by 46​

Answers

Answer:

1.2 is the correct answer when you divide 55.2 by 46

Step-by-step explanation:

1. Complete the statements to describe ratios.
A ratio is a
of two quantities.
A ratio can be expressed as a
description, with a
or as a

Answers

Answer:

whats the question you need to answer this

n-6= -2
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Answers

What are they asking for?

Answer:

4

Step-by-step explanation:

A catering business specializes in catering wedding receptions. They charge $400 for setting up the buffet and an additional $7.50 per guest. Mr. and Mrs. Smith want to spend no more than $1600 on the catering. Write and solve an inequality to determine the number of guests that can be invited to the reception.​

Answers

Answer:

x<=160

Step-by-step explanation:

Step one:

given data

Charges= $400

Additional charges= $7.5 per guest

let the number of guests be x

let the total cost be y

the model for the situation is given as

y=mx+C

Step two:

given that y=1600

we can solve for x as

1600=7.5x+400

1600-400=7.5x

1200=7.5x

divide both sides by 7.5 we have

x=1200/7.5

x=160

Therefore the expected guest should not be more than 160

x<=160

9. During the past week, Mr. Hamilton gave one quiz and one exam to his high school algebra class.
It takes Mr. Hamilton of an hour to grade one student's exam and of an hour to grade one
student's quiz. If x represents the number of students that took the quiz and exam, which
equation below could be used to find the y, the total amount of time, in hours, spent grading?
a) y = 6x
b) y = -X
45
c) y = -x
101
d) y = x

Answers

Missing Information:

It takes Mr. Hamilton 1/15  of an hour to grade one student’s exam and 1/30  of an hour to grade one  student’s quiz.

Answer:

[tex]Total\ Time = \frac{x}{10}[/tex]

Step-by-step explanation:

Given

[tex]Exam = \frac{1}{15}hr[/tex]

[tex]Quiz = \frac{1}{30}hr[/tex]

Required

Determine the time spent on x students

First, we need to determine the total time spent on 1 student

[tex]Time = Exam + Quiz[/tex]

[tex]Time = \frac{1}{15} + \frac{1}{30}[/tex]

Take LCM

[tex]Time = \frac{2 + 1}{30}[/tex]

[tex]Time = \frac{3}{30}[/tex]

[tex]Time = \frac{1}{10}[/tex]

Next is to determine the total time on x students:

[tex]Total\ Time = \frac{1}{10} * x[/tex]

[tex]Total\ Time = \frac{x}{10}[/tex]

will make brainllest plz nobody who doesn't know how to solve these answer.
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Answers

Step-by-step explanation:

its to much but i solved only 2 i hoped i help

if AB=n87 BC=46 x 6 and AC=n92-182 what is n

Answers

Answer:

54v43jn-tjd

Step-by-step explanation:

ruxulc

cufy

f gf

f cvhjiy g

fhg k

=54v43jn-tjd

100 PIONTS AND BRAINLIEST

the question is in the following snip

Answers

Answer: C

Step-by-step explanation:

If you brake down 12 into 4s it is four 3's

12= 3,3,3,3

so now we know a comic is 3$ so he can buy 4 comics for the price of one book

now divide 84 by 12 = 7

so 3 books and 16 comics

i need this asap please and i’ll give you brainliest

Find an equation for the line below:

Answers

the slope will be positive cuz the line goes / as it goes right.

rise/run = slope

slope = 6/4 = 3/2

y = 3/2 + b

b is the y intercept

y = 3/2x - 3.5

hope this helps

1. A bag of apples at HEB costs $2.49 for 6 apples. What is the price per apple.

Answers

Answer:

$0.42 per apple

Step-by-step explanation:

$0.42 per apple hope that helps

Which statement BEST explains why the number 52√ is irrational? A The product of a positive integer and an irrational number is irrational. B The result of squaring 52√ is not a rational number. C The number 5 is not divisible by 2. D The product of an odd number and the square root of an even number is irrational.

Answers

Answer:

A. The product of a positive integer and an irrational number is irrational.

Step-by-step explanation:

Which statement BEST explains why the number 5√2 is irrational.

Irrational numbers are numbers that cannot be expressed as the ratio of two integers i.e. it cannot be expressed in the form of a/b where a, b are integers and b ≠ 0.

Irrational numbers are neither terminating nor recurring. Examples of these numbers are π, √2, √5

The number 5√2 contains 5 an integer and √2 an irrational number. The product of a positive integer and an irrational number is irrational.

a cube with side lengths s has a volume of 64 cubic units. what is the length of the side of the cube?

Answers

Answer:

4 units

Step-by-step explanation:

volume of cube = 64 cubic units

[tex] \therefore \: {s}^{3} = 64 \\ \\ \therefore \: {s}^{3} = {4}^{3} \\ \\ \therefore \: {s}= {4} \: units [/tex]

Select the correct answer.



Devon’s job is to determine appropriate insurance premiums based on levels of risk. What is Devon’s job title?



A.


actuary


B.


adjuster


C.


broker


D.


underwriter

Answers

Answer:

Devon is an Actuary

Step-by-step explanation:

We want to select which of the job titles appropriately describes what Devon's job is.

The correct answer in this case is that Devon is an actuary.

To drive this home, we might need to understand who an actuary is.

Primarily, an actuary makes use of mathematical formulations to determine the appropriate risk levels as concern premiums.

So in this case, Devon works as an actuary

Answer:

Devon is an actuary

Step-by-step explanation:

plato

F(x)=2x+3 and g(x)=3x-2 find f(g(x))

Answers

Answer:

f(g(x))=6x-1

Step-by-step explanation:

Replace all x's in f(x) with g(x):

f(g(x))=2(3x-2)+3 = 6x-4+3=6x-1

Analyze the diagram below and complete the instructions that follow.

Find the value of x and the value of y.
A. X= 23.y=413
B. 1 = 3, y = 613
C. = 6/3, y = 12
D. x= 23, y = 6

Answers

Answer:

x = [tex]2\sqrt{3}[/tex] , y = [tex]4\sqrt{3}[/tex] ⇒ A

Step-by-step explanation:

In the 30°-60°-90° triangle, there is a ratio between its three sides

The length of the side opposite to the angle of measure 30° is half the length of the hypotenuseThe length of the side opposite to the angle of measure 60° is half the length of the hypotenuse times [tex]\sqrt{3}[/tex]

→  30°  :  60°  :  90°

→  1      :   [tex]\sqrt{3}[/tex]  :   2

In the given figure

∵ The length of the hypotenuse is y

∵ The length of the side opposite to the angle of measure 30° is x

∵ The length of the side opposite to the angle of measure 60° is 6

→ By using the ratio above

→  30°  :  60°  :  90°

→  1      :   [tex]\sqrt{3}[/tex]  :   2

→  x      :   6    :   y

→ By using cross multiplication

∵ x × [tex]\sqrt{3}[/tex] = 1 × 6

∴ x [tex]\sqrt{3}[/tex]  = 6

→ Divide both sides by [tex]\sqrt{3}[/tex]

∴ x = [tex]\frac{6}{\sqrt{3}}[/tex]

→ Simplify it by multiplying up and down by [tex]\sqrt{3}[/tex]

∴ x = [tex]\frac{6\sqrt{3}}{3}=2\sqrt{3}[/tex]

x = [tex]2\sqrt{3}[/tex]

∵ y × [tex]\sqrt{3}[/tex] = 6 × 2

∴ y [tex]\sqrt{3}[/tex]  = 12

→ Divide both sides by [tex]\sqrt{3}[/tex]

∴ y = [tex]\frac{12}{\sqrt{3}}[/tex]

→ Simplify it by multiplying up and down by [tex]\sqrt{3}[/tex]

∴ y = [tex]\frac{12\sqrt{3}}{3}=4\sqrt{3}[/tex]

y = [tex]4\sqrt{3}[/tex]

You drive 14.4 miles. How many feet is that?

Answers

Answer:

76032

Step-by-step explanation:

Answer:

76032

Step-by-step explanation:

There are 5280 in one mile.

5280 x 14.4 = 76032

Evaluate −5x+8 when x=3.

Answers

Answer:

plug in x

-5 (3) + 8

15 + 8

23

Step-by-step explanation:

The solution of the equation is x= 0.

What is an equation?

Two algebraic expressions having same value and symbol '=' in between are called as an equation.

Given, equation;

-5x + 8

Now to solve the equation when x = 3

Substituting the value of x to the equation,

-5x + 8 = -5 (3) + 8 = 0

Therefore, the solution of the equation is x= 0.

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need help, plz answer

Answers

Answer:

55 r5

Step-by-step explanation:

Answer:

390/7=55 with a remainder of 5.

Step-by-step explanation:

we can get this answer by subtracting fifty-five sevens from three-hundred ninty.

390-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7-7=5

ben plays basketball every 6 times in 3 weeks. At this rate, how many times does he play basketball in 10 weeks

Answers

Answer:

6 time 2 is equal to 9 week then u do 6 divided by 3 to find one week then add it~

Step-by-step explanation:

As a result, Ben will play basketball 20 times in 10 weeks.

What is simplification?

A mathematical expression is simplified when it is translated into an equivalent, often shorter statement. Procedure simplification is one way to promote consistency in work effort, cost, and duration. It removes diversity and variation that is harmful, ineffective, or unnecessary.

Given, ben plays basketball every 6 times in 3 weeks.

Since,

Ben plays basketball for 3 weeks  = 6 times

Ben plays basketball for 1 weeks  = 6/ 3 = 2 times

Ben plays basketball for 10 weeks  = 2 *10 = 20 times

Therefore, Ben play 20 times basketball in 10 weeks.

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URGENT: WILL MARK BRAINLIEST

Answers

Answer:wait 15 min then I will have thee answer

Step-by-step explanation:

Complete the table of values for the following :)

Answers

Answer:

Step-by-step explanation:

So step one

1. Master all the values

2. given the value 2x+ y=4

then

       look at missing gap and it is in the area of y

       so,                                2x + y =4

                                           2x -1 + y = 4

                                             -2 +y = 4 (so in the next step the-2 will move

                                              y =4 +2       to the right and then turn positive.)

                                              y =2

So this is the first answer of the first gap

then

      2x + y = 4

      2 x 2 + y = 4

      4 + y = 4     (So we use the same step as the one before and move 4 to

        y = 4-4        the other side and then turn negative.)

         y = 0

(we are going well and we are left with only one more)

        2x + y = 4

        2 x 4 + y =4

          8 + y = 4        (you know what to do in the next step)

        y = 4-8

        y = -4

Tell whether the root of the word below is locked or free,
madness
1.locked
2.free
Help me please

Answers

Answer:

free

Step-by-step explanation:

help me with this geooo

Answers

Answer:

If angle A is not acute, then the m angle A is not equal to 20

(3rd choice)

654x67
Quien me ayuda please

Answers

the answer is 43,818

Answer: 43818

Step-by-step explanation:

¡Esta es la respuesta, espero que haya ayudado!

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