Answer:
The total Liabilities are $ 31,500
Explanation:
SloMo Delivery Service
The following are the assets of the company.
Cash, $21,650
Accounts Receivable, $11,350,
Prepaid Insurance, $400,
Equipment, $26,200
Total Assets $ 59,600
The creditors or Accounts Payable are the liabilities of the company.
Given creditors
Simpson Supply Company. $17,000
Allen Office Equipment, $14,500
The total Liabilities are $ 31,500
Owner's Equity = $ 59,600 - $ 31,500 = $ 28,100
The complete question is as under:
Allen Company is hired on December 15, 2016 to perform services, beginning on December 16, 2016. Under this agreement, Allen will earn $4,500 monthly and receive payment on January 15, 2017. What amount of service revenue should be recorded for the year ending December 31, 2016?
A. 0
B. $4500
C. $2250
D. There is not enough information to answer this
Answer:
Option C- $2250
Explanation:
Option C is correct because according to the accrual accounting, the salary that has be accrued for the services rendered by the Allen company will earn monthly $4500 on every 15 of the month. On 31 December, the half of the $4500 has been earned by the Allen and the company owes him in legal terms $2250 (Half of $4500). This means the Allen Company must recognize its sale $2250 and the company that contracted Allen must recognize expenses of $2250 at 31 December, 2017.
Answer:
True
Explanation:
Trust must exist between the agent and the client, and the agent should remain loyal to his or her client.
Agency relationships exist when an agent (a person) acts for or on behalf of his client (also referred to as the principal).
This type of relationship can only exist as long as mutual trust exists between the agent and his client.
City ledger.
<h3>What is a city ledger?</h3>
- The collection of accounts that belong to unregistered guests is known in hotel accounting as the city ledger. Unlike the temporary ledger, which is made up of the accounts receivable for visitors who are currently registered, this is not the same thing.
- One account payable that can be found in the city ledger is advance deposits. When a guest makes a deposit before registering, the hotel creates an account receivable to the guest for future services.
- City ledgers often have four accounts or more. The first sort of account is set up for people and organizations using the hotel for meetings and events. Instead of the front desk, the hotel's accounting staff handles the money it receives from these guests.
- A hotel's accounting procedure for keeping track of non-guest transactions is known as a city ledger or a house ledger. It is a group of related accounts that keeps track of a hotel's money that is not related to a transaction with an active guest.
Special hotel accounts for a company that has established credit with a hotel are called City ledger.
To learn more about the City ledger, refer to:
brainly.com/question/28149071
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