Answer:
The journal entry to record the contract on November 1, 2018 includes: credit to Accounts Receivable for $162000
Explanation:
Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made. On November 1, 2018, Cullumber Farm had to pay $162,000 in advance to John Deere. John Deere recorded the cash receiving by the entry:
Debit Cash $162,000
Credit Accounts Receivable $162,000
The company did not record revenue because they did not sell the harvester. This was only the advance payment.
Answer:
Annual
Explanation:
The ANNUAL compounding periods will yield the lowest effective annual rate given a stated future value at year 5 and an annual percentage rate of 10 percent
Answer:
Salaries expense DR. $1220
Cash Cr. $1220
Cash Dr. $1860
Account receivable Cr. $1860
Cash Dr. $3810
Account receivable Cr. $3810
Purchases Dr. $3900
Cash Cr. $3900
Explanation:
Accounts payable Dr. 2600
Cash Cr. $2600
Rent expense Dr. $450
Cash Cr. $450
Account receivable Dr. $980
Services Cr. 980
Answer:
$6000
Explanation:
Economic profit = accounting profit - implicit cost
Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives
accounting profit = 15,000
Implicit cost = 9000
15,000 - 9000 = $6000
Answer:
E. Community
Explanation:
Community Centers.
A community center is a building structure in a community where people meet for social, educational and recreational activities. It is a meeting place, often a complex building where discount departments stores, supermarkets and home improvement stores are found. It is a multi tenant shopping center with many shops and the whole center ranging between 100,000 - 300,000 square feet.