EA8. LO 5.1 Use the following T-accounts to prepare the four journal entries required to close the books: Debit Credit Cash Bal. 23,300 Microsoft Search (Alt+Q) Revenue Earned Just start typing here to bri features to your fingertips help. Bal. 43,000 Commission Expense Bal. 6,000 Tell me more Supplies Expense Bal. 3,200 Wages Expense Bal. 28,000 Dividends Bal. 4,000 Retained Earnings

Q: What are the responsibilities of an originator?

A: The originator's responsibilities are: Originator communicates with all borrowers of mortgage loans…

Q: The components of the conceptual framework ?

A:

Q: Explain materiality , happens and why these are important? Explain with the help of example.

A: Materiality refers to the concept of determining whether a particular item, transaction, or…

Q: Can responsibility be delegated? Explain?

A: No,authority can be delegated but responsibility is absolute and cannot be delegated.

Q: answers be itemized

A: There are situations when a company computes that if there is a change in the depreciation method…

Q: What is a statement of circumstances?

A: The external auditor is expected to lodge a statement of circumstances at the company's registered…

Q: How is materiality concept applied?

A: Accounting principles:

Q: What is the objective of having a conceptual framework?

A: Conceptual framework means set of rules and guidelines that help the users and preparers in…

Q: What are the functions of the conceptual framework under IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: What is sensitive analysis?

A: Sensitive analysis is a method for predicting the outcome of a decision if a situation turns…

Q: What is the relevant range?

A: The concept of relevant range is used in the cost accounting. It tells under what level of…

Q: What is forward points?

A: Forward points are nothing but basis points added or subtracted from the spot rate of an underlying…

Q: What does it mean for a source to be objective?

A: Objective means anything which is free from emotions, personal prejudices or bias.