Podcast
Questions and Answers
What is the reason behind the interest of $75 that accrued on the note receivable for the month of October?
What is the reason behind the interest of $75 that accrued on the note receivable for the month of October?
- Insurance fee
- Penalty for late payment (correct)
- Investment return
- Administrative fee
Why did the supplies balance remain at $520 on October 31?
Why did the supplies balance remain at $520 on October 31?
- New supplies were purchased
- Unused supplies were returned
- Some supplies were lost or misplaced
- Supplies were consumed at a rapid rate (correct)
Based on the information provided, what is the significance of the Prepaid Insurance account balance?
Based on the information provided, what is the significance of the Prepaid Insurance account balance?
- Reflects insurance company profits
- Shows insurance premium payments
- Indicates insurance coverage period (correct)
- Represents insurance claim reserves
Why is it stated that after two years of use, the furniture will be worthless?
Why is it stated that after two years of use, the furniture will be worthless?
What does the accrued consulting revenue of $3,200 signify?
What does the accrued consulting revenue of $3,200 signify?
What is the total amount of unearned consulting revenue that had not yet been earned as of October 31, 2023?
What is the total amount of unearned consulting revenue that had not yet been earned as of October 31, 2023?
How much was the total consulting revenue recognized for services to be performed in November on October 31, 2023?
How much was the total consulting revenue recognized for services to be performed in November on October 31, 2023?
What is the total estimated useful life of the office furniture purchased on March 1, 2022?
What is the total estimated useful life of the office furniture purchased on March 1, 2022?
What is the total amount of prepaid rent represented by the balance in the Prepaid Rent account on October 31, 2023?
What is the total amount of prepaid rent represented by the balance in the Prepaid Rent account on October 31, 2023?
What is the total combined balance of wages payable and accrued wages at October 31, 2023?
What is the total combined balance of wages payable and accrued wages at October 31, 2023?
