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: Discuss the major characteristics of a theory.

A: Discussion of major characteristics of a theory

Q: Define the Base Case and the Proposed Alternatives?

A: The base case is the output expected from the basic assumption made by the project team. The basic…

Q: The components of the conceptual framework ?

A:

Q: How do adjustments and preferences affect AMTI?

A: AMTI refers to alternative minimum taxable income. The AMT was made effective and implemented with…

Q: What is the going concern assumption?

A: Going concern Assumption: On the basis of Going concern assumption Financial statements are…

Q: What assumptions underlie the EOQ model?

A: The model that helps in calculating the optimal amount of quantity needs to be purchase for…

Q: what does fichacuristic mean?

A: NOTE: The word "fichacuristic" is a spelling/typo error of the word "futuristic" in Step 2 first…

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: Realization Test Principle/Theory.

A: Accounting is based on some principles, and to maintain uniformity, everyone must follow accounting…

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: ow is materiality related to relevance base on IFRS Foundation?

A: Accounting Records - Accounting records are regarded as one of the most important sources of…

Q: What are the arguments for and against 'Stakeholder Theory'? Examine several arguments for and…

A: Stakeholder Theory is an idea about how business really works. According to it, for any business to…

Q: purpose of FA

A: FASB stands for Financial Accounting Standards Board. It is a non-profit organization that follows…

Q: What are the key assumptions of the CAPM?

A: Introduction: The CAPM is an equilibrium model that stipulates the relationship between necessary…

Q: What assumptions are inherent in the EOQ model as presentedhere?

A: Economic order quantity (EOQ): Economic ordering quantity (EOQ) is the perfect order quantity a…

Q: What are Subsequent Events and what do they require?

A: Auditing:   It is a systematic verification of the books of accounts of an organization by an…

Q: What is the dual aspect term

A: solution concept Dual aspect                 Each and every transaction shall be recorded by giving…

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.