T/F: Two main accounting principles used in accrual accounting are expense recognition and full closure. After the closing entries have been journalized and posted, what will be the balance in the Retained Earnings account? Higgins Travel 2106 Black River Rd Neillsville WI 54456. Affected Area(s) To/From/Through the following cities: All U.S. After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $36,000. Debit Salaries Expense and credit Salaries Payable. After these closing entries what will be the balance in the C. Higgins, Capital account? 0. If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is: Debit Unearned Legal Fees and credit Legal Fees Earned. If your request is within 48 hours prior to the wedding, please contact us at 1-800-274-7790. On-site Representatives: STS Reps are available on-site at our international destinations to deal with any problems your clients may encounter. 2 years ago, Posted T/F: The cash basis of accounting commonly increases the comparability of financial statements from period to period. Net Income $42,500 Retained earnings 130,000 Dividends 12,000 A. D. $160,50 0. US Travel Agency Seven-Day Air Ticket Volume and Other Variances Ending November 15, 2020 ARLINGTON, Va. – November 16, 2020 – Airlines Reporting Corp. (ARC) today reported the following consolidated airline ticketing volume variances, compared to the same period in 2019. or numbers? $184,50 0. Higgins Travel Leaders We are your expert guides, personal travel advocates, and internet interpreters that can tailor a vacation to what makes sense for YOU! it will understate current-year expenses and overstate current-year net income by $9,000. MC Qu. The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. Travel on the Acela (both Business Class and First Class), Auto Train, Business Class on Regional service and in sleeping accommodations is limited to one trip per year. Human travel advisors remain an excellent resource for travel information, special offers, and recommendations. Brad is also a Commercial Lines Risk Advisor with areas of expertise in Agribusiness, Public Entity and Alternative Risk Transfer, including captives. The following information is available for the Higgins Travel Agency. T/F: Prior to recording adjusting entries at the end of an accounting period, some accounts may not show correct balances even though all transactions were properly recorded. Contact us to learn more about our full-service insurance company and our services. If an employee seeks and finds a lower fare available from a source other than the state-contracted travel agency, the employee must obtain from the outside source a copy of the proposed itinerary and the complete cost. The following information is available for the... Posted Our Ethics Are #1! 2,700 Insurance Expense 100 Make Lipsky Insurance Agency's closing entries, as needed, for these accounts. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1. This information must be provided to the state- At December 31, employees had earned $12,000 of unpaid and unrecorded salaries. After closing entries are posted, what will be the balance in the Retained earnings account? The ledger of Avril Company includes the following accounts with normal balances: L. Avril, Capital $6,000; L. Avril, Withdrawals $400; Services Revenue $10,000; Wages Expense $5,200; and Rent Expense $800. $184,50 C. $99,50 D. $160,50 E. $130,00 0. • $3,800 for... 1 COLLEGE OF BANKING AND FINANCIAL STUDIES DEPARTMENT OF UNDERGRADUATE PROGRAMME B.Sc. Explain how employee behavior could be adversely affected when actual-to-budget comparisons are used as the basis for performance evaluation. Van pays the following medical expenses this year: • $1,500 for doctor bills for Van's son who is claimed as a dependent by Van's former spouse. Net Income= Total revenue- Total expenses, (Hide this section if you want to rate later). .The letter needn’t be long, but you should be specific about what places you wish to visit, how long you wish to stay, when you would like to go, and any special activities you might like to engage in. Get directions, reviews and information for Higgins Travel in Neillsville, WI. (Rate this solution on a scale of 1-5 below). She purchased the house on January 1, 2021, for $150,000 and continued to occupy it through June 30, 2022. Describe the employer contributions that are specific to the province of Québec, their rates and thresholds where available. Question 13 Encik Aril, the owner of ARICO Trading has appointed you as an accounts clerk to help him prepare the financial statements of his business. The adjusting entry to record the salaries earned due to employees for services provided but unpaid at the end of the accounting period affects the accounts in which of the following ways? Debit Salaries expense $30,000; credit Cash $30,000. SUMMARY: The Department of Defense has submitted to OMB for clearance the following proposal for collection of information under the provisions of the Paperwork Reduction Act. An excellent resource for travel through February 29, 2020 and posting the closing entries have journalized! 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