Answer: Partial performance
Explanation:
- Partial performance is described as the completion of a job that forms a portion of a contract.
Here, the seller agrees to paint the house before conveying the house to the buyer. The weather changes, and the seller is unable to finish painting the house before closing.
This indicates a part of job is done.
Hence, this is an example of <u>partial performance.</u>
By the use of Lifo in a period where the prices rise, companies avoid to report paper profit, also called phantom profit, as economic gain. Have in mind that in periods of changing prices, the cost flow assumption can have a significant impact onincome and on evaluations based on income. That is why when Lifo is used the companies tend to <span>report the lowest net income </span>
Answer:
Accounts Debit($) Credit($)
Cash 10,750
Common Stock 10,750
<u>Being cash invested for common stock</u>
<u> in the business</u>
Office Supplies 312
Cash 312
<u>Being office supplies purchased with cash</u>
Office Equipment 5,945
Account Payable 5,945
<u>Being office equipment purchased on credit</u>
Cash 1,268
Fees Earned 1,268
<u>Being cash received on service rendered </u>
<u>to a customer</u>
Account Payable 5,945
Cash 5,945
<u>Being settlement of amount owned for </u>
<u>office equipment</u>
Account receivable 2,279
Fees Earned 2,279
<u>Being recognition of amount owned </u>
<u>by customer</u>
Rent Expense 525
Cash 525
<u>Being cash paid for rent</u>
Cash 957
Account Receivable 927
<u>Being cash collected for account receivable</u>
Dividend 900
Cash 900
<u>Being dividend paid with cash</u>
Explanation:
Journal entry entries are used to record accounting effect of business transactions. General journal has two sides that make up debit and credit.
Entries on the debit side are assets or expenses while entries on the credit sides are liabilities, equity and income.
Journal also has a narration for each accounting event to provide information about the entry.
Answer:
1,048,576 bytes
Explanation:
1 MB = 1048576 bytes
This is how the conversion works;
1 MB = 1024 kilo bytes
1 KB = 1024 bytes
1 MB = 1024* 1024 = 1048576
So, that's how it work it is not 1000 as many believe it's 1024. So the conversion is done as written above. Many people confuse it that 1 MB is equal to 1000 KB which is not true. it is equal to 1024 KB