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
lesya692 [45]
3 years ago
8

A lawyer collected $720 of legal fees in advance. He erroneously debited Cash for $270 and credited Service Revenue for $270. Th

e correcting entry is A. Cash 450 Service Revenue 270 Unearned Service Revenue 720 B. Cash 720 Service Revenue 720 C. Cash 450 Accounts Receivable 270 Unearned Service Revenue 720 D. Cash 450 Accounts Receivable 450
Business
1 answer:
IRISSAK [1]3 years ago
4 0

Answer:

Option C is correct.

The correcting entry is <u>Cash 450 Accounts Receivable 270 Unearned Service Revenue 720</u>

Explanation:

1. Cash received is $ 720 and the amount booked is $ 270,

Hence, Cash Balance of $ 720 - $ 270 which is $ 450 is recorded.

2. Accounts Receivable Account was wrongly credited and hence is debited to reverse the effect.

3. Unearned Service revenue account was not recorded and hence is now recorded.

You might be interested in
What is the action called that unreasonably restricts competition and functions against the public interest?
vodomira [7]

There is a violation of antitrust laws that happens that unreasonably restricts competition and functions against the public interest. This is just one of the three parameters that apply to a business and how they may violate antitrust laws. An Antitrust law is a state and federal recognized law that is in place so that there can be adequate business competition.

4 0
3 years ago
An organization whose duties include consolidating small loads of freight, negotiating shipping rates, and booking space on tran
Nuetrik [128]

Answer:

Freight Forwarder

Explanation:

The Freight Forwarder can be an individual person or a company which organizes the shipments for a person or company to get goods or products transferred from the manufacturer to the customer or the market i.e the final destination of distribution.

Forwarders involves with a carrier or with the number of carriers to transfer the goods.

6 0
3 years ago
InSeason Inc. started a chain of organic supermarkets that had initial success. The managers achieved a mastery of the firm's cu
Ne4ueva [31]

Answer: resistance to change

Explanation:

From the question, we are informed that InSeason Inc. started a chain of organic supermarkets that had initial success and that the managers achieved a mastery of the firm's current environment, thereby filling a need in the market.

We are further told that InSeason defined and measured it success by financial metrics, with a focus on short-term performance and that as a result, the firm put in place metrics and systems to accommodate and manage increasing firm size due to continued success.

As a result of this tightly coupled system, InSeason developed a resistance to change. Resistance to change could be as a result of fear of failure by the company.

6 0
3 years ago
Kay, an art collector, promised Hammer, an art student, that if Hammer could obtain certain rare artifacts within 2 weeks, Kay w
IRINA_888 [86]

Answer:

Hammer would prevail against Kay based on:_______.

A. Unilateral contract.

Explanation:

A unilateral contract is a contract created by an offer that can only be accepted by performance. To form the contract, the party making the offer (called the “offeror”) makes a promise in exchange for the act of performance by the other party.

in relation to the case in the contract, Hammer had carried out the duties expected of him thus making the contract valid under a unilateral contract.  

since in a unilateral contract, the offer can only be accepted when the other party completely performs the requested action.

Hence  Hammer would prevail against Kay based on Unilateral contract.

5 0
4 years ago
Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2011. The note, along with interest at 6%, is
Paul [167]

Answer:

$39,220

Explanation:

The maturity value of the note receivable on June 30, 2012

= Principal + Interest

= $40,000 + $40,000 x 6%

= $40,000 + $2,400

= $ 42,400

The note is discounted on September 30, 2011. Time period remaining to go till maturity as on September 30, 2011

= 12 - 3 months ( July, Aug and Sep)

= 9 months.

Amount of deduction  

= $ 42,400 x 10% x 9/12

= $ 3,180

Finally, the Cash received by Ireland will be

= Maturity value - Discount

= $42,400 - $ 3,180

= $39,220

5 0
3 years ago
Other questions:
  • Why are businesses concerned about non renewable resources?
    13·2 answers
  • ​ An advantage of a firm pursuing multiple segment specialization is that:
    8·2 answers
  • A company borrows 100,000 today at 12% nominal annual interest. the monthly payment of a 5 year loan is most nearly:
    8·1 answer
  • Suppose that the economy is in a recessionary gap. The appropriate countercyclical monetary policy is
    7·1 answer
  • Who decides whether a suspect will be tried for an alleged crime
    8·2 answers
  • Use the following items to prepare a balance sheet and a cash flow statement.
    13·1 answer
  • In fiscal 2016, Snap-On Inc. reported a statutory tax rate of 35%, an effective tax rate of 30.5%. Income before income tax for
    13·1 answer
  • Management decisions typically lack structure. are always free of risks. are made under conditions of perfect certainty. are con
    12·1 answer
  • Using the following information, determine the location quotient for Motor City: employment in motor vehicle manufacturing withi
    12·1 answer
  • Determine what type of model best fits the given situation: the value of a classic car is presently $50,000 and is increasing in
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!