Flagg, inc. records adjusting entries at its december 31 year end. at december 31, employees had earned $12,000 of unpaid and unrecorded salaries. the next payday is january 3, at which time $30,000 will be paid. prepare the january 1 journal entry to reverse the effect of the december 31 salary expense accrual.
a. debit salaries expense $12,000; credit salaries payable $12,000.
b. debit salaries expense $18,000; debit salaries payable $12,000; credit cash $30,000.
c. debit salaries payable $18,000; credit cash $18,000.
d. debit salaries payable $12,000; credit salaries expense $12,000.
e. debit salaries expense $18,000; credit salaries payable $18,000.

James albemarle created a trust fund at the beginning of 2016. the income from this fund will go to his son edward. when edward reaches the age of 25, the principal of the fund will be conveyed to united charities of cleveland. mr. albemarle specified that 75 percent of trustee fees are to be paid from principal. terry jones, cpa, is the trustee. james albemarle transferred cash of $500,000, stocks worth $400,000, and rental property valued at $250,000 to the trustee of this fund. immediately invested cash of $360,000 in bonds issued by the u.s. government. commissions of $7,900 are paid on this transaction. incurred permanent repairs of $9,000 so that the property can be rented. payment is made immediately. received dividends of $8,000. of this amount, $3,000 had been declared prior to the creation of the trust fund. paid insurance expense of $4,000 on the rental property. received rental income of $10,000. paid $8,000 from the trust for trustee services rendered. conveyed cash of $7,000 to edward albemarle.

After the 2008 recession, the amount of reserves in the us banking system increased. because of federal reserve actions, required reserves increased from $44 billion to $60 billion. however, banks started holding more reserves than required. by january 2009, banks were holding $900 billion in excess reserves. the federal reserve started paying interest on the excess reserves that the banks held. what possible impact will these unused reserves have on the economy?

In terms of precent, beer has more alcohol than whiskey true or false