Answer:
B. Debit Budgetary Fund Balance -- Reserve for Encumbrances for $550,000.
Explanation:
X City made an order for goods worth $550,000 and when the goods were received the invoice states $551,000. The company should indicate in the invoice the correct amount received and work with that.
Reserve for encumbrances is an account that contains funds that have been reserved for a particular purpose. In this case since the order was made in February, the funds of $550,000 would have been put in this account.
On receipt of the goods we debit Budgetary Fund Balance -- Reserve for Encumbrances for $550,000 (the correct value of goods received).
The deficit in my third year of college is $600.
Deficit is the amount by which expenditures exceed income. Deficits increases the level of debt because deficit spending has to be funded through borrowing.
Deficit in the third year of college = gap in the third year - gap in the second year
$4,800 - $4,200 = $600
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Answer:
A
cash 15,000 debit
accounts receivable 15,000 credit
B
cash 150 debit
gift card liaiblity 150 credit
C
accounts receivable 4,000 debit
services revenue 4,000 credit
D
cash 2,250 debit
unearned revenue 2,250 credit
E
accounts receivable 125 debit
service revenues 125 credit
Explanation:
A
we increase cash and decrease the customers accounts
B
we record the cash proceeds and use a liability for the obligation in the near future to provide services to a customer
C
we recognize the revenue and increase our accounts receivable
D
as the colleciton is in advance the revenue is not earned. this is a liability as we now have the obligation to perform services in the near future
E
we must match the revenue whn the time it occurs and that time was february not march.
Answer:
A. Empowerment
Explanation:
Empowerment in salesmanship refers to the authority given to the salesperson by the organization he represents, while he markets his product to people. Empowering the salesperson is important because it ensures that sales move with speed since the sales people do not have to report back to the management, before they make urgent decisions in the field.
This is what Juan experiences as he is given the authority and freedom by his organization to better meet the needs of customers.
