In this case, the inventory purchases account is debited to record the amount purchased. Had the purchases journal recorded other items such as equipment purchases or office supplies, then the debit would have gone to the appropriate asset or expense account. A double-entry system does...
To check whether your calculations are correct at this point, add up the numbers in the Principal and Interest columns. The sum should be equal to the value in the Payment column in the same row. An amortizing loan is just a fancy way to...
It is clear that insurance will not help to avoid accidents, natural disasters, illnesses, but thanks to it, you will be able to cover the losses. By applying the relevant premium rates and additional premiums, the insurance expense for Anthony’s medical plan can be determined....