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1 year ago

A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period.

1 answer:

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An in-depth report of all increases and decreases that have occurred in a selected asset, liability, or equity at some point in duration is known as an account.

A liability is something someone or an organization owes, typically a sum of money. Liabilities are settled over time through the transfer of financial advantages such as cash, items, or offerings. liability is defined as the kingdom of being liable for something or something that a person is answerable for. An instance of legal responsibility is someone having to pay returned pupil loans. An instance of liability is the price of an automobile coincidence.

Liability is any money owed to your business enterprise, whether or not it is bank loans, mortgages, unpaid payments, IOUs, or some other amount of money that you owe a person else. if you've promised to pay someone an amount of cash in the future and haven't paid them yet, it is a liability.

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The Tennis Times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows:RevenuesRevenues from our ma

serg [7]

Answer:

The Tennis Times:

1) Accounts, amounts, and accounting equation effects of transactions:

a) Cash Account and Deferred Subscription Revenue Account will be debited and credited with the sum of $420 million respectively.

The accounting equation is Assets (Cash) will be increased and Liabilities (Deferred Subscription Revenue) increased by $420 million respectively.

b) Deferred Subscription Revenue Account and Subscription Revenue Account will be debited and credited with the sum of $204 million in 2018 respectively.

The accounting equation is Retained Earnings will increase and Liabilities (Deferred Subscription Revenue) will decrease by $204 million respectively.

c) Deferred Subscription Revenue Account and Subscription Revenue Account will be debited and credited with the sum of $216 million in 2019 respectively.

The accounting equation is Retained Earnings will increase and Liabilities (Deferred Subscription Revenue) will decrease by $216 million respectively.

2) Journal Entries:

2018:

a) Debit Cash with $420 million

Credit Deferred Subscription Revenue with $420 million

To record the collection of subscription for 2018 and 2019.

b) Debit Deferred Subscription Revenue Account with $204 million

Credit Subscription Revenue Account with $204 million

To recognize subscription for 2018

c) Debit Deferred Subscription Revenue Account with $216 million

Credit Subscription Revenue Account with $216 million

To recognize subscription for 2019

Explanation:

a) When revenue is collected, it should be recognized in the financial statement (Income Statement) based on the matching principle and accrual concepts.

The matching principle states that revenue for a period should match the expenses or costs incurred for earning the revenue. And the accrual concepts states that revenue and costs should be recognized whether cash was received or not.

The implication is that when though revenue was collected for 2018 and 2019, only the revenue for 2018 should be recognized in the financial statement of 2018. The other part for 2019 should be deferred till 2019 when it would be recognized.

4 0

3 years ago

Which of the following statements is correct? The journal entry to record bad debt expense requires a debit to bad debt expense

boyakko [2]

Answer:

This first statement it's to record an estimation of uncollectible accounts

The journal entry to record bad debt expense requires a debit to bad debt expense and a credit to allowance for doubtful accounts.

Explanation:

When the company determined the percentage of total amount of accounts receivables as uncollectible, the journal entry required is Bad Expenses (debit) with Allowance for Uncollectible Accounts (credit)

At the moment of the write-off as the expenses were before recognized we only use the Allowance for Uncollectible Accounts (Debit) with Accounts Receivable (Credit), with this we are recognizing the uncollectible credit of the company.

The other way it's to write-off directly the bad debts at the moment decided that the credit are uncollectible, the total amount it's reported as bad debt expenses which affect negativly the income statement and the accounts receivable are reduce in the same amount, less assets.

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3 years ago

One consequence of the misuse of PHI is disciplinary action up to and including termination of .

Anuta_ua [19.1K]

Sry I don't know the answer

8 0

3 years ago

Read 2 more answers

Most art and antiques are _____, and the transaction costs are ____ compared to those of financial assets.

iVinArrow [24]

Most art and antiques are <u>illiquid</u> and the transaction costs are <u>high</u> compared to those of financial assets.

"in addition to online services and SERPs, it's far feasible to find out how a great deal your antiques are worth by means of simply asking a vintage dealer or an appraiser at a public sale house, for example," Martin says.

In quick, vintage is a hundred years older, while antique is younger, although commonly nonetheless prior to 1999. it's a rather easy difference, but not necessarily as important as you watched it might be. The age of a chunk doesn'tdirectly correlates to price.

A real leather-based jacket from the Nineteen Forties could be taken into consideration as antique garb. Dictionary.com offers several definitions of the phrase antique: “of or belonging to the beyond; now not modern;” “relationship from a long ago;” and “noting or bearing on cars about 25 years vintage or more.”

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5 0

2 years ago

If real income rises 4%, prices rise 1%, and nominal money demand rises 4%, what is the income elasticity of real money demand?

goblinko [34]

The income elasticity of real money demand d. 3/4

Increase in real money demand = Increase in nominal money demand - Increase in inflation = 4% - 1% = 3%

Income elasticity of real money demand = % increase in real money demand / % increase in real income

= 3% / 4%

= 3/4

Income elasticity of demand is a monetary measure of how responsive the amount of demand for a very good or provider is to trade-in earnings. The formulation for calculating earnings elasticity of demand is the percentage change in quantity demanded divided by using the percent change in earnings.

In economics, the profits elasticity of call for is the responsivenesses of the quantity demanded an amazing to an alternate in patron profits. It is measured because of the ratio of the share exchange in the amount demanded to the proportion exchange in profits.

If the earnings elasticity of call for is more than 1, the best or carrier is taken into consideration a luxury and profits elastic. An amazing provider that has an earnings elasticity of call for between zero and 1 is considered an ordinary correct and income inelastic.

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5 0

2 years ago