An adjusting entry for accrued expenses involves a debit to an expense and a credit to a liability account.
What is adjusting entry?
Adjusting entries are made in journal entries especially when the financial year ends in order to make final adjustments. Thus, the expenses and revenues are recorded for the actual time period of their occurrence.
How the adjustment entry for an expense is recorded?
Wages expense A/c Dr.
To wages payable A/c
Hence, the recording of accrued expenses has to be made as soon as it arises as it is a liability to the business.
Learn more about accrued expenses here:
Answer:
Explanation:
The journal entry to record the accrued expense is shown below:
Example:
Wages expenses A/c Dr XXXXX
To wages payable A/c XXXXX
(Being the accrued expenses is recorded)
While recording the wages expenses, we debited the accrued expenses as it increases the expenses account and credited the wages payable account as the liabilities account is also increased
b. multidomestic
c. transnational
d. international
Answer:
d. international
Explanation:
Based on the information provided within the question it seems that GoodLife Inc. most likely pursues an international strategy. This is a business strategy in which the company's subsidiaries which are located internationally act completely independently as if they were local company's, with very little intervention from the parent company. Which is what GoodLife Inc seems to be using since they sell highly priced homes to consumers in El Verdad as well as to consumers in other countries.
A. optional-product
B. captive-product
C. product line
D. by-product
E. product bundle
Answer:
E. product bundle
Explanation:
Product bundling is pricing strategy adopted by companies to sell complementary products of services instead of individuals e.g a toothpaste and an attached toothbrush. This drives the demand for both of these products hence increasing revenues. In this case, a haircut and a conditioning treatment are complementary services. Offering them as a package under one price is known as bundle pricing making choice E correct.
B. accounts receivable.
C. accounts payable.
D. cash.
Equipment as on 1st Jan,2018 370000
Add: Equipment Purchased 80000
Less: Equipment Sold (42000)
Equipment Balance as on 31st Dec,2018 $408000
Accumulated Depreciation as on 1st Jan 74000
Add: Depreciation for the year 30000
Less: Depreciation of asset sold (5600)
Accumulated Depreciation as on 31st Dec,18 98400
Jane suggests that they just drop it and go back to work. She doesn't want to lose her job and fears that even if they win, their working relationship with Andy will be damaged beyond repair. Malcolm suggests that they go back to Andy's boss and explain that they think talking about Andy's behavior could improve productivity and quality. He tells the group they ought to write down and present the substance of their concerns, not just attack Andy's management style. Malcolm thinks they can work this out without removing Andy or getting fired themselves.
Refer to Case 13.1.
1. If the company doesn't do something with Andy, it runs the risk of ____.
a. losing valuable employees
b. a reduction in productivity
c. employees unionizing
d. all of these
2. Which style of conflict management is a cooperative/nonassertive style?Question options:
a. Avoidance
b. Accommodating
c. Compromising
d. Problem-solving
Answer:
1. d
2. b.
Explanation:
1. When employees are dissatisfied with their boss, feelings of resentment often becomes part of the employees leading some to leave their jobs, or even deliberately reducing their productivity level or to form a union that could protect their interest.
2. A cooperative/nonassertive style of conflict management is indeed an accommodating and toleration driven. It allows employees to discourse issues freely without fear of being punished for expressing views.
Answer:
1. If the company doesn't do something with Andy, it runs the risk of ____.
When an individual works for a company they are both exchanging things: an employer provides work because he/she needs the salary, and the company provides the pay because they need the employee's work and they earn money from it.
If this problem is not solved both the employees and the company will lose, since the employees might start looking for work somewhere else and while doing so their productivity will fall. If you are unhappy and you want to leave, then your motivation for performing is very low.
The third option about the unions is not relevant because many unionized workers are efficient and productive and so are their companies, they are not evil and bad per se.
2. Which style of conflict management is a cooperative/nonassertive style?Question options:
Nonassertive behavior requires that a person does not put emphasize on his/her own personal feelings and rights, and instead tries to understand the rights or needs of others. Generally nonassertive behavior is not considered positive because you are hiding your needs and feelings, but in this case, the accommodating style doesn't mean that you hide your feelings and needs, but instead you put them aside. the reason why you put aside your feelings is to focus on the general well being and cooperate with others to reach a solution.
In this case, the employees dislike Andy and the feeling is mutual, but they are trying to put aside their bad feelings to try work things out.