What is the correct answers for these. In April, Homer Simpson hired a new emplo

Question

What is the correct answers for these.

In April, Homer Simpson hired a new employee at a rate of $1,000 per month to start work at the beginning of May. In April, Homer Simpson should record: a $1,000 increase in Wages Payable and a $1,000 increase in Wages Expense. a $1,000 increase to Prepaid wages and a $1,000 decrease to Cash. nothing, because an exchange of promises is not a transaction. a $1,000 increase to Wage expense and a $1,000 decrease to Cash. Which of the following statements regarding periodic and perpetual inventory systems is correct? Perpetual inventory systems may assist in determining inventory lost due to shrinkage Perpetual inventory systems are inferior for determining optimal times to reorder inventory. Periodic inventory systems require a greater investment in technology. Periodic inventory systems allow sales personnel to provide more immediate information regarding availability of inventory Typical cash flows from investing activities include proceeds from issuing notes payable payments to purchase property and equipment. proceeds from issuing common stock dividends received from your investment in another company.

Explanation / Answer

Q1. Answer is Nothing, because of exchange of promises is not a transacction. Q2. Answer is Prpetual inventory system may assist in determining inventory lost due to shrinkage Q3. Answer is Payment to purchase property and equipment.

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