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BARSIC [14]
2 years ago
13

On August​ 31, 2018, Allright Services received​ $3,500 in advance of performing the service. Which journal entry is needed to r

ecord the receipt of​ cash?
Business
1 answer:
vagabundo [1.1K]2 years ago
5 0

Answer:

Explanation:

In the given transaction, the amount is received in advance for performing the service, so the journal entry would be

Cash A/c Dr                       $3,500

  To Unearned revenue                    $3,500

(Being amount is received in advance)

For recording the advance transactions, we have to debit the asset account i.e cash account and credit the liability account i.e. unearned revenue account.  

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Which accounting principle states that a company should "report expenses in the same period as the revenue they help generate"?
Inga [223]

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Matching concept

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Matching concept states that revenue and cost should be matched with each other in the period they relate.

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The defect rate for data entry of insurance claims at Sadegh Kazemi Insurance Co. has historically been about 1.50​%. This exerc
AURORKA [14]

Answer and Explanation:

Data provided in the question

defect rate i.e. \bar p = 1.50%

the sample size = n = 200

Now

S_p = \sqrt{\frac{\bar p (1 - \bar p)}{n} } \\\\= \sqrt{\frac{1.50\% (1 - 1.50\%)}{200} }

= 0.008595057

Now the 3 sigma control limits is

UCL_p = \bar p + 35p

= 0.015 + 3 (0.008595057 )

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= 0.015 - 3 (0.008595057 )

= 0

hence, the 3 sigma control limits are UCL 0.04078517 and LCL 0 respectively

7 0
2 years ago
United Plastics Group of Houston, Texas, decided to invest in a foreign country by setting up two independent injection-molding
babunello [35]

Answer:

The correct answer is letter "C": global new venture.

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4 0
1 year ago
The Reid Co. acquired a piece of land for a new factory paying $100,000. Reid demolished the old building at a cost of $20,000,
Julli [10]

Answer:

A$118,000 B.$333,000

Explanation

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Demolition20,000

Scrap value(5,000)

Title insurance1,000

Paving assessment2,000

Total land cost($118,000)

B. The cost of the building recorde

d by Reid

Archirectfees$25,000

Construction interest8,000

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Total building cost. $333,000

3 0
2 years ago
Read 2 more answers
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