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astra-53 [7]
3 years ago
11

Foghorn Company entered into a sales transaction in which it agreed to receive common stock from Leghorn Corporation as payment

for services provided to Leghorn Corporation. The journal entry to record the receipt of payment for the sales transaction will include a
Business
1 answer:
Sedbober [7]3 years ago
8 0

Answer:

The journal entry should be:

Dr Investment in Leghorn Corporation XX

    Cr Accounts receivable XX

Explanation:

Foghorn Company must record the noncash payment as an asset which should be equal to the amount of money that it generally would have collected from the services provided. Since the payment is done through stocks, it must record that collection as an investing account.

Since transferring stocks usually takes a couple of days at least, the original journal entry should have recorded a debit to accounts receivable and a credit to service revenue.

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For each of the following types of indirect expenses and service department expenses, identify one allocation basis that could b
hodyreva [135]

Answer: (A) Computer service expenses of production scheduling for operating departments

Explanation:

 The computer services expenses of the production scheduling is one of the type of indirect expenses and also the type of service department expenses type in the operating department.

 The indirect expenses is one of the type of expenses that cannot be directly contribute with the cost object or services in the business department expenses.

 According to the given question, the computer service expenses is one of the allocation basis that is used as the indirect expenses in an organization or firm and the indirect expenses are categorized into two main parts that is:

 1) Fixed

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Therefore Option (A) is correct answer.          

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When firms expand into global markets, they are faced with the choice of reducing costs and/or adapting to the local market. Whe
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Suppose Turkey has exports of 2 billion Turkish​ Lira, while its imports are 2 billion Turkish Lira. Calculate​ Turkey's "Index
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Answer:

40%

Explanation:

The index of openness measures how much a country is exposed to international trade. It is calculated by this formula:

Index of Openness= (Exports(X)+Imports (M))/GDP

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Index of Openness= 0,4*100=40%

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3 years ago
Complete the below table to calculate the price of a 1.7 million bond issue under each of the following independent assumptions:
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Full question attached

Answer and Explanation:

Answer and explanation attached

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During​ December, LafertyLaferty designed a landscape plan and the client prepaid $ 8 comma 000$8,000. LafertyLaferty recorded t
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Answer:

The answer is:

Dr Unearned Service Revenue 4,800

Cr Service Revenue 4,800

Explanation:

Since Laferty completed 60% of the landscape plan during this year, they should record $4,800 as earned revenue ($8,000 x 60%), while the remaining $3,200 should stay as unearned revenue. The journal entries should be as follows:

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Cr Service Revenue 4,800

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3 years ago
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