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puteri [66]
3 years ago
11

A company bills customers for services rendered on account. Which of the following is part of recording this transaction?

Business
1 answer:
Helga [31]3 years ago
6 0

Answer:

c. Increase account receivable

Explanation:

The journal entry for the record this transaction is  

Accounts receivable A/c Dr XXXXX

     To Service revenue A/c  XXXXX

(Being the service is rendered on the account is recorded)

This transaction increases the account receivable as well as the service revenue account so the respective account is debited and credited.

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A transfer payment is a payment made by a. firms, but not in exchange for capital equipment. b. foreigners, but not in exchange
s344n2d4d5 [400]

Transfer payment is a payment made by : Government, but not in exchange for a currently produced good or service.

<h3>What is transfer payment?</h3>

Transfer payment refers to a public expenditure, which is made purposely for unemployment compensation other than procuring goods or services.  It is money or other aid that is given by a government without any good or service in return.

Examples of transfer payments include:

  • Welfare
  • Financial aid
  • Social security
  • Government subsidies for certain businesses.

Hence, transfer payment is a payment made by government, but not in exchange for a currently produced good or service.

Learn more about transfer payment here: brainly.com/question/7176766

8 0
2 years ago
You’ve just joined the investment banking firm of Dewey, Cheatum, and Howe. They’ve offered you two different salary arrangement
svetlana [45]

Answer:

$223,370

Explanation:

See attached file

7 0
3 years ago
Suppose you win on a scratch‑off lottery ticket and you decide to put all of your $ 3,500 winnings in the bank. The reserve requ
Katarina [22]

Answer:

$3,325

Explanation:

Reserves are maintained to fulfil the customers withdrawal requirement. It is imposed by the State bank over the Banks to hold a specific percent of cash as reserves. Bank hold the reserves and invest or utilize the residual in the market.

In this question 5% of $3,500 will be reserved and the remaining $3,325 will be available for the money supply in the market in different forms.

the maximum possible increase in the money supply as a result of your bank deposit is $3,325.

5 0
3 years ago
Situation I On January 1, 2020, Bramble, Inc. signed a fixed-price contract to have Builder Associates construct a major plant f
Burka [1]

Answer:

$88,920  

Explanation:

capitalized interest = weighted average accumulated expenditure for the year x interest rate of the loan = $889,200 x 10% = $88,920

Capitalized interest can be added to the basis of the new building that is being constructed. This way, the building's depreciable value will increase.  

8 0
3 years ago
Milano Gallery purchases the copyright on an oil painting for $300,000 on January 1, 2017. The copyright legally protects its ow
murzikaleks [220]

Answer and Explanation:

According to the situation, the solution of journal entries are as follows

1. Copyright Dr $300,000

             To Cash $300,000

(being the purchase of copyright is recorded)

Here, we debited the copyright as it increased the assets and credited the cash as it decreased the assets

2. Amortization expense Dr ($300,000 ÷ 12 years) $25,000

             To Accumulated amortization $25,000

(being the annual amortization is recorded)

Here we debited the amortization expense as it increased the expenses and credited the accumulated amortization as it decreased the assets

5 0
3 years ago
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