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Fofino [41]
2 years ago
13

On jan. 2, callie company received a $700 payment from a customer previously billed for services performed. the journal entry to

record this transaction would include a?
Business
1 answer:
svp [43]2 years ago
7 0

To record On Jan 2, Callie Taylor received a $700 payment from a customer formerly billed for services performed. The journal entry to record this transaction would contain a debit to the cash account and a credit to the Accounts Receivable account.

<h3>What is Journal entry?</h3>

A journal entry exists as an act of keeping or creating records of any transactions either economic or non-economic. Transactions exist listed in an accounting journal that indicates a company's debit and credit balances. The journal entry can consist of several recordings, each of which exists either a debit or a credit.

A journal entry exists as a record of the business transactions in the accounting books of a business. A properly recorded journal entry consists of the correct date, amounts to be debited and credited, an explanation of the transaction, and a unique reference number. A journal entry exists as the first step in the accounting cycle.

Hence, To record On Jan 2, Callie Taylor received a $700 payment from a customer formerly billed for services performed. The journal entry to record this transaction would contain a debit to the cash account and a credit to the Accounts Receivable account.

To learn more about Journal entry refer to:

brainly.com/question/14279491

#SPJ4

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Symbic Foods, a chain of fast food restaurants, has included a drop-down menu on its main Web site. With this drop-down menu, pe
Makovka662 [10]

Answer: Marketing Strategy

Explanation: Marketing strategies are additional benefit a business owner creates in its business to make it different from others in the same industry and to make prospective clients permanent customers.

Marketing strategies gives the business a better edge in its industry as it gives the business better sales.

5 0
3 years ago
Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run,
igomit [66]

Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run, we can expect "some firms to exit causing the market price of corn to rise.".

<h3>What is perfectly competitive market?</h3>

According to economic theory, perfect competition exists when all businesses sell the same goods, market share has no bearing on prices, businesses can enter or quit the market without any obstacles, consumers have perfect or complete information, and businesses are unable to set prices.

There are five characteristics that have to exist in order for a market to be considered perfectly competitive. The characteristics are -

  1. homogenous items,
  2. no entry or exit obstacles,
  3. price taker sellers,
  4. transparent products, and
  5. no seller has any control over market prices.

The three key components of perfect competition are as follows:

  • There are a lot of buyers and sellers in the market.
  • These buyers and sellers are in competition with one another.
  • The good being offered or purchased is uniform.
  • Companies are free to enter or leave the market.

To know more about; Why is perfect competition the best form of market structure?, here

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5 0
2 years ago
Durable Goods $1,250 Nondurable Goods $2,130 Services $9,000 Fixed Investment $1,800 Changes to Business Inventory $135 Investme
Anettt [7]

Answer:

Given that,

Durable Goods = $1,250

Non-durable Goods = $2,130

Services = $9,000

Fixed Investment = $1,800

Changes to Business Inventory = $135

Investment in Stocks & Bonds = $15,500

Federal Government Purchases = $1,800

State/Local Government Purchases = $1,700

Transfer Payments = $675

Exports from the United States = $2,100

Imports into the United States = $2,400

(a) Consumption, C = durable goods + non-durable goods + services

                                = $1,250 + $2,130 + $9,000

                                = $12,380

(b) Private investment, I = Fixed investment + change in inventory + Investment in stocks/bonds

                                       = $1,800 + $135 + $15,500

                                       = $17,435

(c) Government spending, G = Federal government purchase + state/local government purchase

                                               = $1,800 + $1,700

                                               = $3,500

(d) Net exports = Exports - Imports

                         = $2,100 - $2,400

                         = -($300)

GDP = C + I + G + NX

        = $12,380 + $17,435 + $3,500 + (-$300)

        = $33,015

7 0
3 years ago
On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:
emmasim [6.3K]

Answer:

In Robers Company:

Debit Accumulated depreciation $75,000

Debit Equipment $72,500

Debit Cash $10,000

Credit Equipment $145,000

Credit Gain on exchange asset $12,500

In Phifer Corporation

Debit Accumulated depreciation $83,000

Debit Equipment $82,500

Debit Loss on exchange asset $9,500

Credit Cash $10,000

Credit Equipment $165,000

Explanation:

In Robers Company:

Book value of the equipment =  $145,000 - $75,000 = $70,000

Fair value of the equipment: $82,500 > Book value

The company will record gain on exchange:

Debit Accumulated depreciation $75,000

Debit Equipment $72,500

Debit Cash $10,000

Credit Equipment $145,000

Credit Gain on exchange asset $12,500

In Phifer Corporation

Book value of the equipment =  $165,000 - $83,000 = $82,000

Fair value of the equipment: 72,500 < Book value of the equipment

The company will record loss on exchange:

Debit Accumulated depreciation $83,000

Debit Equipment $82,500

Debit Loss on exchange asset $9,500

Credit Cash $10,000

Credit Equipment $165,000

5 0
3 years ago
What will happen if the current asset price is greater than the present value of income? Question 2 options: Buyers will bid the
Inessa05 [86]

Answer:

The answer is:  Buyers will bid the asset's price down until it equals the present value of income.

Explanation:

As the current asset price is greater than the present value of income, it is overpriced.

So, seller is much willing to sell at this price, however, buyers does not want to buy asset at this price as they only want to purchase it at the price equals to the present value of its income.

So, Buyers will bid the asset's price down until it equals the present value of income which is the level they are willing to buy and also at which the seller is willing to sell also.

5 0
3 years ago
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