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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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What concept involves breaking down the production of a product into a series of small, elementary tasks, each of which is perfo
GenaCL600 [577]

Answer:

work or job specialization

Explanation:

Work specialization is based on the division of labor, i.e. dividing the work activities into smaller separate tasks. Each worker is responsible for performing only one or a few separate tasks and by doing so will specialize in its performance. As he workers specialize in performing certain tasks, overall efficiency and total output should increase.

6 0
1 year ago
Other data not yet recorded at December 31 include Insurance expired during the current year, $6. Wages payable, $4. Depreciatio
galina1969 [7]

Answer:

Using the adjusted balances, give the closing entry for the current year.

Explanation:

1  

Db Insurance expense  6000  

Cr Prepaid expenses           6000

 

2  

Db Wages payable 4000  

Cr Cash                                4000

 

3  

Db Depreciation expense 9000  

Cr Accumulate depreciation     9000

 

4  

Db Income tax expense 7000  

Cr Tax payable                      7000

3 0
1 year ago
Read 2 more answers
The sales for​ January, February, and March are​ $150,000, $180,000 and​ $220,000, respectively. For any particular month of​ sa
Gekata [30.6K]

Answer:

Total cash= $193,000

Explanation:

Giving the following information:

Estimated sales ($):

January= $150,000

February= $180,000

March= $220,000

40% in cash from that same month of​ sales

50% in cash from the previous​ month's sales

10% in cash from the sales from two months ago

C<u>ash collection March:</u>

From March= 220,000*0.4= 88,000

From February= 180,000*0.5= 90,000

From January= 150,000*0.1= 15,000

Total cash= $193,000

3 0
1 year ago
1. Potash Corporation acquired the voting stock of Safestyle Company on January 1, 2019 for $50 million. Safestyle's book value
Nataly_w [17]

Answer:

The correct answer for you question is $53, 300, 000

Explanation:

I have attached the complete question for you refrence.

Answer : $53,300,000

Explanation:

Equity investment in Safestyle: Amount $'m

Year 2019:

Cash 50

add: Net Income 2019. 3

less: Impairment of Goodwill 2019 -1

Closing Balance 2019. 52

Year 2020:

Opening Balance 2020 52

add: Net Income 2020 1.8

less: Impairment of Goodwill 2020 -0.5

Closing Balance 2020 53.3

4 0
1 year ago
You need to have $30,250 in 17 in years. You can earn an annual interest rate of 4 percent for the first 5 years, 4.6 percent fo
mylen [45]

Answer:

The amount that has to be deposited today is $6205.63

Explanation:

The given parameters are;

The annual interest rate for the first 5 years = 4 percent

The annual interest rate for the next 4 years = 4.6 percent

The annual interest rate for the final 8 years = 5.3 percent

Let the amount deposited be X, we have;

X × (1 + 0.04)⁵ + X × (1 + 0.04)⁵×(1.046)⁴ + X × (1 + 0.04)⁵×(1.046)⁴ ×(1.053)⁸ = $30,250

X ((1.04)^5 + (1 + 0.04)^5×(1.046)^4 + (1 + 0.04)^5×(1.046)^4 ×(1.053)^8) = $30,250

X × 4.875 = $30,250

X = $30,250/$4.875 = $6205.63

The amount that has to be deposited today = $6205.63.

6 0
2 years ago
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