Question

Make journal entries for the following transactions:
1. Insurance premium of $3,600 is paid for 12 months, of which 7
months relate to the next accounting year.
2. Stock in warehouse, worth $7,200 at market price ($6,000 at cost
price), is destroyed in fire. Realizable value of scrap is $500 and
insurance company accepts 70% of the balance claim.
3. Make provision for interest on loans and advances from other
banks @12%, outstanding balance of $1,00,000.
4. Create a charge of interest on loan granted to a client @14%,
outstanding balance $50,000.
5. An amount of $50,000 received by a business as an income towards
rendering services. Out of this, $20,000 relates to the previous period and
$10,000 relates to the next/future period; balance only relates to the income
earned for the current month.
6. Goods worth $50,000 are sold to XYZ at a profit of 20% on sales, less 20%
trade discount, plus 8% sales tax and cartage of $100 paid (to be charged
from a customer).
7. If an asset was purchased or the historical cost of an asset was $50,000,
accumulated depreciation is $35,000. If the asset is disposed/sold for
$19,000, what is the journal entry?​

Answer 1

A value chain analysis consists of two kinds of activities which lead to recognizing the value addition in a product. The two kinds of activities are

Answer 2

Answer:

Individuals with a CDL areallowed to operate certain types of vehicles, such as buses, tank trucks and tractor-trailers. A CDL is divided into three classes: Class A, Class B and Class C.Businesses and independent contractors in certain trades are required to carry professional licenses.