On October 1, 2020 the company entered into a one-year-10%- interest rate loan agreement. The amount of the loan is $ 120,000 (hundred and twenty thousand). The principle and the interest are to be repaid at the end of the one year period. Question: A)The amount of the adjusting journal entry on December 31, 2020? B)Effect of this adjusting entry on the financial statements? (example: Assets will increase by $ 5,000 and liabilities decrease by $ 4,000 etc.)

Martha is the head of the accounts department in a small manufacturing company. the company follows the accrual-basis method of accounting. it recently purchased raw materials worth $5,000 from its vendors. however, the company paid only $3,000 to its vendors. it plans to pay the remaining amount after three months. considering this information, which entry should martha record in the company’s accounts? a. $5,000 as accounts receivable b. $3,000 as accounts payable c. $2,000 as accounts payable d. $2,000 as accounts receivable

If the family’s net monthly income is 7,800 what percent of the income is spent on food clothing and housing?

The following are line items from the horizontal analysis of an income statement:increase/ (decrease) increase/ (decrease) 2017 2016 amount percent fees earned $120,000 $100,000 $20,000 20% wages expense 50,000 40,000 10,000 25 supplies expense 2,000 1,700 300 15 which of the items is stated incorrectly? a. fees earned b. supplies expense c. none of these choices are correct. d. wages expense