Answer: Justin's sponsoring broker
Explanation:
From the question, we are informed that Justin, a real estate salesperson with City Brokerage, received a referral fee when he refered a client to Mark, who is another real estate salesperson with City Brokerage.
The person to pay Justin his referral fee will be Justin's sponsoring broker. It should be noted that when another agents gets a referral from an agent, the sponsoring broker is the one who gives the referral fee to the referring agent.
A company pays an employee $3,000 for a five-day work week, monday–friday. the adjusting entry on december 31, which is a wednesday, is a debit to wages expense, $1,800, and a credit to wages payable, $1,800. true
Answer: True
Explanation:
From the question, we are told that a company pays an employee $3,000 for a five-day work week from Monday to Friday. This means that the employee receives a daily payment of ($3,000/5) = $600.
On Wednesday which is the third day, he will be paid ($600 × 3) = $1800. Therefore , the adjusting entry on December 31, which falls on a Wednesday will be to debit the wages expense, $1,800, and then credit to wages payable of $1,800.