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ollegr [7]
3 years ago
5

On September 23, Reese Company received a $350 check from Mike Moluf for services to be performed in the future. The bookkeeper

for Reese Company incorrectly debited Cash for $350 and credited Accounts Receivable for $350. The amounts have been posted to the ledger. To correct this entry, the bookkeeper shoulddebit Accounts Receivable $350 and credit Service Revenue $350.
debit Accounts Receivable $350 and credit Unearned Service Revenue $350.
debit Cash $350 and credit Unearned Service Revenue $350.
debit Accounts Receivable $350 and credit Cash $350.
Business
1 answer:
Harman [31]3 years ago
3 0

Answer:

debit Accounts Receivable $350 and credit Unearned Service Revenue $350

Explanation:

The bookkeeper incorrectly made the following journal entry:

Dr Cash 350

    Cr Accounts receivable 350

The correct entry should have been:

Dr Cash 350

    Cr Unearned revenue 350

So the adjusting entry should be:

Dr Accounts receivable 350

    Cr Unearned revenue 350

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Suppose the risk-free rate of return is 3.5 percent and the market risk premium is
gladu [14]

Answer:

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Explanation:

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4 0
3 years ago
g Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $20,000,000 of five-
avanturin [10]

Answer:

Explanation:

a

Cash 20811010

Bonds payable 20000000

Premium on Bonds payable 811010

b

Interest expense 818899

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Cash 900000 =20000000*9%*6/12

c

The market rate of interest will be lower than the contract rate of interest.

7 0
3 years ago
Suppose that the inverse demand equation is p​ = 100 minus 2Q and the supply equation is p​ = 2Q. If the price is controlled at
Irina18 [472]

Answer: P =$50

Q= 25

Explanation: P= 100-2Q

P= 2Q

To get the quantity supplied Q, we have to educate both equations

100-2Q=2Q, 100=2Q+2Q

100=4Q, Q=100/4 , Q=25

To get the equilibrium price we have to substitute the value of Q which is 25 into any of the equation.

Using equation 1

P=100-2Q, P=100-2(25)

P=100-50, P=$50.

If the price is controlled at $60, then the production pays the producer this is because a commodity is not expected to be sold at the equilibrium price, price flooring is a way that government or a group control the market price of a commodity or produce by imposing a particular price on it. This is to ensure that the producers are not at loss with their production, a price floor is always higher than the equilibrium price to be effective as seen in the example given above, price floor is $60 while equilibrium price is $50.

An example of a price floor for services can be seen in the minimum wage stated by the government this is to ensure that people's services are not misused anyhow.

Price flooring most times can lead to surplus quantity produced if consumers are not willing to pay the price, because the producer will be wiling to produce more in order to make more profit.

4 0
3 years ago
Answer the following statement true (T) or false (F).
Mars2501 [29]

Answer:

False

Explanation:

Igor did nothing wrong. He performed a reverse engineering process which is totally legal. A reverse engineering process happens when a manufactured object is deconstructed in order to find out how it was designed or manufactured.

This process is very similar to scientific research, only that it is carried out on man made objects.

5 0
3 years ago
Recession, inflation, and high interest rates are economic events that are best characterized as being a. systematic risk factor
Shalnov [3]

Answer:

The correct answer is letter "B": among the factors that are responsible for market risk.

Explanation:

Market risk is the threat of an investment value falling due to factors that affect all market-wide investments. Investors always take on a certain level of risk. There is always the risk that their investments do not achieve expected returns. The risk falls into two categories: <em>Systematic risk </em>and <em>Unsystematic Risk. </em>

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3 0
3 years ago
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