Answer and Explanation:
In the first situation, the journal entry is
Cash Dr $1,600
To Unearned revenue $1,600
(Being the unearned revenue is recorded)
For this we debited the cash as it increased the assets and credited the unearned revenue as it also increased the liabilities
The adjusting entry is
Unearned Service Revenue XXXXX
To Service Revenue XXXXX
(Being the adjusting entry is recorded)
If this entry is not recorded than it would leads to understated of revenue and overstated of liabilities
Answer:
3) Jack has anticipatorily repudiated the contract and Hal and Sophia can immediately consider the contract to be breached.
Explanation:
Anticipatory repudiation of a contract refers to one party breaching the contract by declaring that they do not intend to perform consideration. Anticipatory repudiation is a type of contract breach, and as soon as the other party is notified about it, it can decide to claim any type of compensatory damages that may result from the breaching.
Answer:
C. Chief information officer (CIO)
Explanation:
Based on the information provided within the question it can be said that the role within a company that is responsible for this is the Chief Information Officer (CIO). This is an executive job title, in which the individual in this position is in charge of the IT strategies being implemented as well as the unique objectives and goals of the management information system.
Answer:
You would need to sell 54,137 units in order to cover your fixed costs
Explanation:
The answer is B. accurately reflect the change in production.
