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seropon [69]
3 years ago
9

For both unearned revenues and prepaid expenses, the cash payment occurs __________ the adjusting entry to record the earning of

the revenue or the incurring of the expense.
a.after
b.at the same time
c.concurrently with
d.before
Business
1 answer:
alex41 [277]3 years ago
5 0

Answer:

The correct answer that fills the gap is <em>d. before.</em>

Explanation:

Everything that happens in the business must be registered in the accounting system, so that the newspaper and the major contain a complete history of all the commercial operations of the period. If an operation or transaction has not been registered, account balances will not show the correct figure at the end of the accounting period.

The seats with which the accounts are adjusted or updated are called adjustment seats. If the adjustment does not affect an income or expense account, it is not an adjustment entry.

The income can be earned (accrued) before the cash is received from the client, or from accounting for the transaction in the accounting records. These are revenues that have been earned but the corresponding cash has not yet been collected.

The adjustments made to the income accounts are necessary to ensure that all income earned in the period has been recorded in the accounting. In order for the net profit to be expressed correctly in the income statement. There are two types of income adjustment:

  • Cumulative income not collected.
  • Customer advances.
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Answer:

3. the price of solar panels decreases and the quantity increases.

Explanation:

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3 years ago
Define federal reserve system.​
Angelina_Jolie [31]

Answer:

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8 0
2 years ago
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Explain the roles of taxation and government expenditure in the circular flow of income
STatiana [176]
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Hopefully this helps!
6 0
3 years ago
Ashland Corporation estimates its manufacturing overhead costs to be $360,000 and its direct labor costs to be $400,000 for 2020
denis23 [38]

Answer:

Allocated MOH= $180,000

Explanation:

Giving the following information:

Manufacturing overhead is applied to jobs based on direct labor costs using a predetermined overhead rate.

The estimated manufacturing overhead costs are $360,000 and direct labor costs $400,000.

First, we need to calculate the MOH rate:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 360000/400000= $0.9 per direct labor dollar.

The actual manufacturing labor costs for job 3 are $200,000.

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 0.9*200000= $180,000

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3 years ago
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MAVERICK [17]

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3 years ago
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