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
solniwko [45]
3 years ago
7

Seadrill Engineering sold software to oil-drilling firms. In addition to providing the software, the company also provides consu

lting services and support for 5 years to ensure smooth operation of the software. The total transaction price is $350,000. Based on standalone values, the company estimates the consulting services and support have a value of $150,000 and the software license has a value of $250,000. Seadrill generally records software sales using Sales Revenue account and consulting service using Service Revenue account. Assuming the performance obligations are not interdependent, the journal entry to record the transaction includes:A) a credit to sales revenue for $250,000 and a credit to unearned service revenue of $100,000.B) a credit to service revenue of $100,000.C) a credit to unearned service revenue of $100,000.D) a credit to sales revenue of $350,000.
Business
1 answer:
mr Goodwill [35]3 years ago
7 0

Answer:

a credit to sales revenue for $250,000 and a credit to unearned service revenue of $150,000

Explanation:

The Journal entry is shown below:-

Cash Dr, $400,000

        To Sales revenue $250,000

       To unearned service revenue $150,000

(Being cash receipts is recorded)

The unearned revenue from service is the revenue in which the customer has paid the money, and the company does not provide the services. Acceptance of the money for the warranty which has been extended. The seller expects to continue to provide the services.The income will not be gained from this, because the company will not be reported until the company refuses to deliver the services in the future.

For recording this we debited the cash as it increased the assets and credited the sales revenue and unearned service revenue as it increased the revenue and liability

This is the answer but the same is not provided in the given options  

You might be interested in
When some countries increase their imports as a result of worldwide economic growth, other countries must be increasing their:__
ziro4ka [17]

Answer:

exports as demand in all countries substantially rises.

5 0
3 years ago
While an attribute is an inherent quality or characteristic of a product or service, a(n) _____________ is a result or outcome a
o-na [289]

Answer:

benefit

Explanation:

The characteristics define what a product is for, the benefits define the difference that our product has versus the competitive product and the motivators define how the characteristics and benefits of these products will help each individual customer. To say that the product will help a specific and unique customer is to show the real motivator of the purchase, that is, that specific benefit that by itself will make the customer buy the product. It reaches the end that the customer buys products for different benefits for which the product has been created. For example, a chair is used to sit, but at the same time it can be purchased as a decoration item (chair in the middle of a hallway) or used as a staircase in the kitchen.

4 0
3 years ago
People who want to obtain (blank)
vodomira [7]

Answer:

Explanation:

People who want to obtain credit goods services from financial institutions can use their economic political property rights to do so.

plz mark as brainliest

6 0
3 years ago
Studies of new product launches indicate that about __________ percent of the products fail.
mamaluj [8]
<span>Past studies have found that new products fail in the market around 35-40 percent of the time. Here are some remarkable examples:

</span><span>Iridium Satellite Telephone - -$7 bil
Mobile ESPN - $150 mil
Apple Newton PDA - -$400 mil
RJR Premiere Cigarette - -$325 mil and an additional loss of $125 mil
RCA Videodisk Player - -$450 mil</span>
5 0
3 years ago
Tim, who works for Peachtree Realty, referred a buyer to a broker who works for Pinetop Realty. The referring agent is to receiv
IrinaK [193]

Answer:

$1,312.50

Explanation:

Calculation for How much was the referring agent paid

First step is to find the buyer agent amount by using the buyer's agent percentage to multiply the buyer purchased amount of the home

Using this formula

Buyer agent amount =Buyer's agent percentage× Home purchased amount

Let plug in the formula

Buyer agent amount=1.5%×$350,000

Buyer agent amount=$5,250

The last step is to find How much was the referring agent paid

Using this formula

Amount referring agent paid =Buyer agent amount× Percentage of buyer side commission

Let plug in the formula

Amount referring agent paid=$5,250×25%

Amount referring agent paid=$1,312.50

Therefore the amount that the referring agent paid will be $1,312.50

5 0
3 years ago
Other questions:
  • On January 1, 2019, Providence, Inc., issues $1,000,000 of 10 percent, 5-year bonds at par value. Complete the necessary journal
    6·1 answer
  • Praetorian Industries will pay a dividend of $2.50 per share this year and has an equity cost ofcapital of 8%. Praetorianʹs stoc
    10·1 answer
  • What is actually considered a benefit in economics?
    12·1 answer
  • Kansas Enterprises purchased equipment for $73,500 on January 1, 2018. The equipment is expected to have a five-year life, with
    6·1 answer
  • Which of the following technologies permits service calls to U.S. companies to be answered in India just as easily and inexpensi
    13·1 answer
  • Bryencia, a start-up media agency, has flexible work hours. The flexible work hours and leave policy at Bryencia boost employee
    6·1 answer
  • In economics, the term "capital" refers to :
    7·1 answer
  • Which of the following is NOT an example of fixed expenses?
    11·1 answer
  • Identify business equipment or resources required to complete task under direct instruction?​
    7·1 answer
  • Dennis has just made the final monthly payment necessary for paying off his car financing. When he purchased the car three years
    13·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!