Answer:
Varga should recognize $4,000 as revenue in 2016.
Explanation:
As the cash received in advance is recorded as unearned revenue which is a liability for the Varga Tech Services because they did not provide the services yet. On December 31, Eight months have passed and services for these month has been provided. So the revenue of 8 month months of 2016 will be recognized and recorded at year end.
Serive Contract = $6,000 for 12 months
Revenue Recognized in 2016 = $6,000 x 8/12 = $4,000
Answer:
Explanation:
1. Posting Transferring amounts from the journal to the ledger
2. Account A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period
3. Debit Left side of a T-account
4. Journal A record of transactions in date order
5. Charts of accounts A list of all accounts with their account number
6. Trial balance A list of all accounts with their balances at a point in time
7. Normal balance Side of an account where increases are recorded
8. Ledger A journal entry that is characterized by having multiple debits and/or multiple credits
9. Credit Right side of a T-account
10. Compound journal entry The record-holding all the accounts of a business, the changes in those accounts, and their balances
Capital goods tend to move in anticipation of the business cycle, turning up in anticipation of recovery and turning down at signs of economic weakness.
An essential element of a formal email is a subject line.
Answer:
The building envelope of a usually consists of its roof, sub floor, exterior doors, windows and exterior walls.