Carson company sells sporting tickets in advance of the event for $500,000. The journal entry to record and the sale transaction would include cash and credit unearned.
Account Debit Credit
Cash $500,000
Credit Unearned Ticket Revenue $500,000
Unearned revenue or credit is money received by an individual or company for a service or product that has yet to be provided or delivered. This includes the thought of as a prepayment for goods or services that a person or company is expected to supply to the purchaser at a later date.
Hence, Carson company sells sporting tickets where the debit cash $500,000 and credit unearned ticket revenue is $500,000
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<span>the national or federal debt consists of all the money borrowed over the years by the national government that is still outstanding. The national debt is the public and intragovernmental debt owed by the federal government. Two-thirds of the U.S. debt is the Treasury bills, notes and bonds owned by to the public. They include investors, the Federal Reserve, and foreign governments.</span>
Answer:
Understanding electricity storage in batteries.
How does battery energy storage work?
- A battery energy storage system (BESS) is an electrochemical device that charges (or collects energy) from the grid or a power plant and then discharges that energy at a later time to provide electricity or other grid services when needed.
<h3>What is Battery storage?</h3>
- A battery storage system can be charged by electricity generated from renewable energy, like wind and solar power.
- Intelligent battery software uses algorithms to coordinate energy production and computerized control systems are used to decide when to keep the energy to provide reserves or release it to the grid.
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<span>The principle of opportunity cost is that the economic cost of using a factor of production is the alternative use of that factor that is given up.
</span> This principle is used as a measure to choose one economic choice and investment, either financial or capital, over another with the goal to <span>ensure that scarce resources are used efficiently.</span>
Answer:
Accounting entity concept:
The basic idea behind this concept is that business and the owner are two different entities. Their transactions are to be recorded separately.
Going concern concept:
The concept is to have a view that the company is going to stay solvent in the future. That is we will have another accounting year in the future unless and otherwise we have evidence to the contrary.
Cost-benefit constraint:
It limits the amount of time to research the cost of an event if its benefits outweighs. In case of an immaterial event if its cost outweighs the benefits then that event can be forgone.
Expense recognition (matching principle):
The matching principle states that all the expenses are to be recorded based on the year they have been incurred rather than on the time they are paid.
Materiality constraint:
It states that any event that changes or effects the decision making of the user of financial statement should be recorded and vice versa.
Revenue recognition principle:
It states that the revenue is to be recorded in the period in which it has been incurred instead when it is collected. Accrual basis gives a more clear picture of the performance of the company.
Full disclosure principle:
It requires to disclose any information to be mentioned in the foot notes of the financial statements of the company that might affect the user of financial statement. This helps in identifying the methods used for accounting practices and any event that might effect the organisations future existence.
Cost principle:
To record the transactions based on their historical costs rather than making adjustments for fluctuations in market place.
