1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
spayn [35]
3 years ago
7

Palmer Music manufactures and sells MP3 players and sound systems that include a 180-day warranty on product defects. The compan

y also sells 2-year extended warranties. On May 10, Palmer sold a sound system for $3,850 and an extended warranty for another $1,200. What should be included in the journal entry used to record this transaction?
Business
2 answers:
andre [41]3 years ago
8 0

Answer:

Explanation:

Palmer Music manufactures and sells MP3 players and sound systems that include a 180-day warranty on product defects. The company also sells 2-year extended warranties. On May 10, Palmer sold a sound system for $3,850 and an extended warranty for another $1,200.

What would be included in the journal entry to record this transaction is

Dr. Cash (3850+1200)...........5,050

Cr. Sales..............................................3,850

Cr. Prepaid Income (Warranty).......1,200

The warranty amount will not be included in the sale amount because it has not been earned, it will only be earned after the expiration of the warranty period.

sergey [27]3 years ago
7 0

Answer:

Dr Cash 5,050

    Cr Sales revenue 3,850

    Cr Deferred warranty revenue 1,200

Explanation:

The deferred warranty revenue account is a liability account used to record unearned revenue which will be earned over the life of the warranty. Since the extended warranty covers a two year period, deferred revenue will decrease by $50 per month and warranty revenue will be accrued.

You might be interested in
Other things the same, an increase in the U.S. interest rate causes U.S. net capital outflow to a. rise, so supply in the market
Aleksandr [31]

Answer:

b. rise, so demand in the market for foreign-currency exchange shifts right.

Explanation:

  • An increase in the interest rates leads to a rise in the capital outflow as savings and investment lead to more net capital outflow.
  • This is the movement of the assets on the company and is considered to be bad for the economy and leads to undesirable changes in the supply of the foreign currency as a shift in the demands of the consumers. This may result in political and economic instability.
8 0
3 years ago
You have $1200 to invest in a bank account with an interest rate of 5.5%, compounded monthly. After how many years will your acc
nekit [7.7K]
Sick my ppgghf was fever gmyhrr the centnulPimi I’m
8 0
3 years ago
Free cash flow describes the net cash provided by operating activities after adjusting for A : current liabilities. B : both cap
Nikolay [14]

Answer:

The answer is B, both capital expenditure and dividends paid.

Explanation:

In the Statement os Cash Flow, cash provided by operating activities fails to take into account that a company must invest in a new property, plant, and equipment and must maintain dividends at current levels to satisfy investors.

Free cash flow describer the net cash provided by operating activities after adjusting for capital expenditures and dividens paid.

7 0
3 years ago
There exists a(n)
FrozenT [24]

Answer:

Direct, upward sloping

Explanation:

Supply refers to the quantities of goods or services that firms are willing to sell to the markets are a specific price. As per the law of supply, an increase in prices leads to an increase in the quantity supplied. Therefore, the relationship between the price and quantity supplied is direct. Firms prefer to supply more products to the markets at higher prices because they will make more profits.

The supply curve is a graphical presentation of the relationship between price and quantity supplied.  The supply curve is upward sloping. It originates from the bottom left corner, showing how quantities vary along the curve at different prices. Quantity supplied increases as the price rise.

7 0
3 years ago
One approach to organization is putting activities that are similar under one person. ________ called this ""unity of direction.
IgorLugansk [536]

Answer:

Explanation:

One approach to organization is putting activities that are similar under one person. Fayol called this ""unity of direction."" . Fayol was the first person who outlined the functions of management. He has fourteen principles of management; Unity of directions is one of the principle which narrates that  One boss, one plan for a group, of activities having the same objective. As unity of direction principle, it leads all the members of the organization towards a common goal to achieve its objective.

5 0
3 years ago
Other questions:
  • With respect to the alternative evaluation stage of the consumer decision-making process, how a golf cart handles, how the brake
    12·1 answer
  • Storm, Inc. purchased the following available-for-sale securities during 2016, its first year of operations:
    11·1 answer
  • On January 1, 2018, Crane Corp. changed its inventory method to FIFO from LIFO for both financial and income tax reporting purpo
    5·1 answer
  • A firm can hire six workers at a wage rate of $8 per hour but must pay $9 per hour to all of its employees to attract a seventh
    15·1 answer
  • Economic growth is an increase in a nation’s output of goods and services over time. True or False
    15·1 answer
  • If the Federal Reserve lowers the federal funds rate, what will happen to bank savings accounts?
    7·2 answers
  • Roaming Vehicles Company manufactures buggies. Manufacturing a buggy takes 20 units of wood and 1 unit of steel. Scheduled produ
    12·1 answer
  • you are the owner of a rapidly growing e-commerce business and you are looking for ways to customize your ads. since your team i
    6·1 answer
  • Which non-means-tested social welfare program in the united states takes up the largest share of the federal budget?
    7·1 answer
  • what happens when the price of a good increases holding everything else constant? producer surplus decreases consumer surplus de
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!