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AURORKA [14]
1 year ago
7

As of december 31, $400 of revenues related to goods or services provided during the period were not collected nor recorded. wha

t adjusting entry is necessary at the end of the period?
Business
1 answer:
-Dominant- [34]1 year ago
4 0

In Receivable account relation to products or services delivered during the period, $400 in revenues were not collected nor recognized as of December 31. If an adjusting entry is required at the end of the quarter, should the Service Revenue account be increased by $400 as well as the Accounts Receivable account by $400.

The amount of money owed to a business for delivered or used but unpaid goods or services is known as Receivable account. The balance sheet classifies accounts receivable as a current asset. Any money owing by clients for purchases done using credit is known as Receivable account.

Receivable account is the term used to describe any unpaid invoices or cash that customers owe a business. The term describes accounts that a company is entitled to since it has provided a good or service. Accounts receivable, also known as receivables, are a type of line of credit that a business extends to its customers, and its terms typically call for payments to be made within a short time frame. Usually, it varies from a few days to a fiscal or yearly year.

Because there is a legal need that the customer pay the debt, businesses include Receivable account as an asset on their balance sheets.

Learn more about Receivable account here

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1. On December 31st, 2012, Bingo Corp. borrowed $50,000 from a bank. Half of the loan was to be repaid in 2013, and the other ha
olga2289 [7]

Answer:

undervalued assets an liabilities by 50,000

Explanation:

The financial statement for the fiscal year ended on December 31th, 2012

will have the following mistake:

Liabilities are undervalued by 50,000

Cash wll be undervalued by 50,000

As the note payable is not recorded neither the cash receipts from the loan.

Because this transaction is missing, we are not doing a correct representation of reality. This account will be undervalued.

4 0
3 years ago
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Nimfa-mama [501]

Answer:

The correct answer is the option B: second-degree price discrimination.

Explanation:

To begin with, the term of price discrimination, in marketing and economics, refers to the action of charge different prices to different consumers for the same product that do not vary in quality. This concept states fourth differents degrees in order to use the most beneficial strategy to one's company.

To continue,<em> the second-degree price discrimination</em> establishes that companies price products differently based on the preferences of various groups of consumers and furthermore it is very common to <u>apply this type of discrimination through quantity discounts</u> and to add an example, is very common to use this strategy in <u>warehouse retailers such as Costco.</u>

6 0
3 years ago
Discuss reasons why a business needs funding ?
castortr0y [4]

Answer:

Firms need finance to:

start up a business, eg pay for premises, new equipment and advertising.

run the business, eg having enough cash to pay staff wages and suppliers on time.

expand the business, eg having funds to pay for a new branch in a different city or country.

3 0
2 years ago
Harwood Company uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginn
NNADVOKAT [17]

Under- or Over-Applied Manufacturing Overhead:

Under- or Over-Applied Manufacturing Overhead refers to the balance in the manufacturing overhead control account after the actual overhead costs that were incurred and the applied overhead for the period has been recorded

1 .The appleid overhead is the predetermined rate of $2.40 per machine hour multiplied by the actual number of machine hours (75,000), so it is $180,000.

The applied overhead is debited to work-in-process inventory and credited to the manufacturing overhead account.

2. The underapplied or overapplied overhead for the year is the difference between the actual and applied overhead. We can show it in the T-account like this:

3. The company estimated its total overhead cost to be $192,000 and its total machine hours to be 80,000. The actual overhead cost was $184,000 and the actual machine hours were 75,000. We can see that the main reason why the manufacturing overhead was underapplied was the fact that it worked fewer machine hours than anticipated with a proportional decrease in the manufacturing overhead costs incurred. This is normal because an element of manufacturing overhead is fixed.

To know more about overhead applied manufacturing overhead:

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3 0
1 year ago
Which section of the business plan should come first but be written last? A. Competitive Analysis B. Goals and Strategy C. Execu
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The answer is B. Executive summary. A management summary, or executive summary, is a short article or section of a document, produced for business purposes, that condenses a longer report or proposal or a group of related reports in such a way that readers can rapidly become familiar with a large body of material without having to read it all.

6 0
3 years ago
Read 2 more answers
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