Answer:
Debit Cash account (with the amount received)
Credit Accounts receivables (with the amount received)
Explanation:
Revenue is not recorded until the recognition criteria for the recognition of revenue has been met and this includes;
- the corresponding cost incurred in generating revenue can be reliably measured
- the goods or service has been delivered
Given that the service was performed in May, when half of the fee was received in April, the required entries then was
Debit Cash account
Credit Unearned revenue (with the amount received being half payment)
when the service was performed in May,revenue was earned
Debit Unearned revenue (with the amount received being half payment)
Debit Accounts receivable (with the amount yet to be received being half payment)
Credit Revenue (with the amount agreed for the service)
In June when the final payment is received,
Debit Cash account (with the amount received)
Credit Accounts receivables (with the amount received)
Answer:
b 5:3
Explanation:
Jungle gym sales unit : tree sales unit
10,000 : 6,000
10,000 / 6000
= 5/3
=5:3
Answer:
firms who offer similar products to their competitors' products, but that are more attractive in some way
Explanation:
Product differentiation is marketing strategy where a firm makes its different from that of its competitors in order to make the product more attractive to consumers
Answer:
Nonprofit organisation
Explanation:
A nonprofit organisation is also known as nonbusiness entity is dedicated to promoting a social cause by taking surplus in the society to further a particular objective. Nonprofit organisations are usually exempt from tax for the contributions they receive.
There are not accountable to shareholders but rather to donors, volunteers, program recipients, and the community at large.
