Reduction in liability for 550 should be recorded in journal to reduce the excess payment.
Another entry will be required in cash receipts journal with difference in recorded 4600(9500 - 5900).
Depositor's account need to be increased by 468 to actually show the correct balance in books of accounts and that is the difference in both amounts.
Interest payable is the interest which is not yet paid and required payment to be made so it is the liability of the company and that's why it will show as a current liability under liability side of the balance sheet.
posting
A Partnership firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company. Limited Liability Partnership's and Company's are required to file their annual accounts with Registrar of Companies each year.
Reduction in liability for 550 should be recorded in journal to reduce the excess payment.
Another entry will be required in cash receipts journal with difference in recorded 4600(9500 - 5900).
Liability insurance is the minimum coverage you can get and is required in every state.
A checking account can be considered a liability from the bank's perspective because it represents a debt or obligation that the bank owes to its customers. The bank is required to hold and maintain the funds in customers' checking accounts and make them available for withdrawal or use as directed by the account holder. Therefore, from the bank's point of view, checking accounts are liabilities on its balance sheet.
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
Yes daycares are required to carry liability insurance,the amount is determined by the size of the day care center
Depositor's account need to be increased by 468 to actually show the correct balance in books of accounts and that is the difference in both amounts.
liability.
The minimum amount of liability insurance coverage required (in California) is: 15/30/5. 15/30/5
Yes, auto liability insurance is required in all 50 states, howeve the limits of liability vary between states. Some require less than others.
You are subject to liability insurance requirements whether or not an accident occurs. An accident has nothing to do with liability requirements. You are required to have liability insurance of at least the minimum required by your state before getting into a vehicle and driving it. Driving is what triggers the law.