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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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How often should a financial checkup be completed
ryzh [129]

Answer:

a financial checkup should be completed annually.

7 0
3 years ago
Leiff goes online to buy a new video game. He finds a site that currently has a promotion of 15% off on all orders over $50. Lei
g100num [7]

Answer:

d. $119.32

Explanation:

The computation of the total of leiff online purchase is shown below:

= Video game price - discount + sales tax + shipping fee

where,

Video game price is $128

The discount = Video game price × discount percentage

= $128 ×15%

= $19.2

The sales tax =  (Video game price - discount) × sales tax rate

= ($128 - $19.2) ×5.3%

= $5.77

And, the shipping fee is $4.75

Now put these values to the above formula  

So, the value would equal to

= $128 - $19.2 + $5.77 + $4.75

= $119.32

6 0
3 years ago
Michael Co. is a corporation that sells breakfast bars. Based on the accounts listed below, what are Michael's total trade recei
Thepotemich [5.8K]

Answer:

B. $42,000

Explanation:

Trade receivables refers total amounts that customers of a company are owing the company for goods or services sold to them.

For Michael Co., this can be calculated as follows:

Michael's total trade receivables = 3-month note due from Michael's main customer + Due and unpaid from this month's sales + Due and unpaid from last month's sales

Therefore, we have:

Michael's total trade receivables = $12,000 + $19,000 + 11,000 = $42,000.

Therefore, Michael's total trade receivables is $42,000.

7 0
3 years ago
If Suzette responds to an increase in the interest rate by decreasing her saving, then, for Suzette, Select one: a. consumption
Ilia_Sergeevich [38]

Answer:

b. the increase in the interest rate creates an income effect that is greater than the substitution effect.

Explanation:

Interest rate can be regarded as amount that is been charged by lender for using an assets, this asset could be cash, goods, and this is usually display as a percentage of the lent principal.

The income effect gives shows how increased purchasing power can impact consumption, substitution effect on other hands, shows how changing relative income as well prices impact consumption. Both economics concepts give expression of changes that occur in the market as well as how this changes impact consumption patterns as regards consumer goods and services.

It should be noted that the increase in the interest rate creates an income effect that is greater than the substitution effect.

8 0
3 years ago
The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2015: Account
Nuetrik [128]

Answer:

Postal Service

The amount that would be reported for Stockholders' Equity at December 31, 2015 is:

= $130,000.

Explanation:

a) Trial Balance

December 31, 2015:  

Cash                                         $15,000

Accounts receivable                   11,000

Supplies                                       4,000  

Prepaid insurance (12-month)    6,000

Equipment                               210,000

Accounts payable                                    $ 18,000

Accumulated depreciation – equipment  28,000

Note payable, due 6/30/16                        70,000

Common stock                                           42,000

Retained earnings (1/1/15)                          60,000

Dividends                                   14,000

Service revenue                                        133,000

Advertising expense                 21,000

Depreciation expense              12,000

Insurance expense                    3,000

Rent expense                           17,000

Salaries and wages expense 32,000

Supplies expense                     6,000

Totals                                   $351,000 $351,000

Income Statement for the year ended December 31, 2015

Service revenue                                      $133,000

Advertising expense                 21,000

Depreciation expense              12,000

Insurance expense                    3,000

Rent expense                           17,000

Salaries and wages expense 32,000

Supplies expense                     6,000     $91,000

Net income                                              $42,000

Statement of Retained Earnings

For the year ended December 31, 2015

Retained earnings (1/1/15)                        $60,000

Net income                                                 42,000

Dividends                                                    (14,000)

Retained earnings (December 31, 2015) $88,000

Equity:

Common stock     $42,000

Retained earnings  88,000

Total equity         $130,000

4 0
3 years ago
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