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
Lina20 [59]
4 years ago
15

On March 1, a designer received a check for $7,500 from a customer for services to be provided after the customer chose a color

scheme for the first floor of her house. On July 31, the designer completed the design work for this customer. Prepare the July 31 journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Business
1 answer:
lora16 [44]4 years ago
7 0

Answer:

unearned service revenue 7,500 DEBIT

       service revenue 7,500 CREDIT

Explanation:

the job is complete on July 31th

so <em>we write-off the unearned service reveue</em>

and <em>we recognize the service revenue </em>for the whole amount of the contract

The cash receipt occurs on March 1st so w edon't haveto post anythign related to cash on July 31th.

the unearned revenue account is used first because the business has the obligation of perform the job or return the cash. So it is a liablity until the job is completed

You might be interested in
Smith Company sponsors a defined benefit pension plan. The beginning balance of plan assets is $5 million; the beginning balance
sergejj [24]

Answer:

$330,000

Explanation:

Calculation for the interest cost

Using this is

Interest cost=Beginning balance of the PBO * discount rate

Let plug in the formula

Interest cost=$5.5 million * 6%

interest cost=$330,000

Therefore the interest cost is equal to:$330,000

8 0
3 years ago
Which of the following characteristics differentiates a firm in an oligopolistic market from a firm in a perfectly competitive m
Oliga [24]

Answer:

A) A firm in an oligopolistic market has to consider its own impact on price when making production decisions

Explanation:

A perfectly competitive market is a market with many firms selling identical product. There are free entry and free exist and the decision of a firm does not affect the price in the market as all firms are price takers. Therefore, each firm is independent under perfectly competitive market and production decisions of a firm in a perfectly competitive market does not affect the price in the market nor will it cause any reaction from other firms.

However, Oligopolistic market is a market where there are few firms which are 3 or more firms but not more than 20 firms selling identical or differentiated product.. Firms in oligopolistic market are interdependent which implies that the decision of one firm can affect price and this can cause reaction from other firms and then lead to a price war. A price war occurs when each firm continually reduces its own price in order to increase its market share which causes other firms to react reducing their own prices and this will make none of the firms to gain in the end. In order to avoid the price war, each firm in an oligopolistic market has to consider its own impact on price when making production decisions.

6 0
3 years ago
Under the corporate form of business organization, a.stockholders wishing to sell their corporate shares must get the approval o
BARSIC [14]

Answer:

The correct option is B.

Explanation: A corporate form of business organization is an organization which has an existence that is independent of its owners, meaning that the organization exists separately from its owner(s).

In other words, Corporations are business organizations that have powers and liabilities which are separate and distinct from those of its owners.

Corporate organizations are by far, the easiest to forms of incorporated structures to transfer, whether this is part or the whole company. What this means that a major attribute of a corporate organization is that ownership rights in the corporation can be easily transferred from one person to another, and this can be either a part of the organization, or the whole organization.

7 0
4 years ago
Alan, a content analyst, frequently attends seminars at his workplace. At one such seminar, a new content development position i
Andrews [41]
The answer is C) headhunting ....
7 0
4 years ago
Read 2 more answers
Jim Moore opens a new savings account. He deposits $12,000 at 12% compounded semiannually. At the start of the fourth year, Jim
hjlf

Answer:$119,735.6

Explanation:

To calculate the total in the account,we use the compound interest formula

A= P ( 1+ ( R/2)/100)∧2n

P = $ 12,000 n = 4 R = 12%

A = 12,000 (1+(12/2/100)∧2*4

A = 12,000 ( 1+ ( 6)/100)∧2*4

A = 12,000 ( 1+0.06)∧8

A= 12,000 ( 1.06)∧8

A = 12,000 ( 1.5938)

A= 12,000* 1.5938

A= $ 19,125.6

Another deposit into the account

A = P ( 1+(R/2)/100)∧2n

A= 50,000 (1+12/2/100)∧2*6

A= 50,000 (1+6/100∧12

A = 50,000 ( 1+0.06)∧12

A = 50,000 (1.06)∧12

A= 50,000 ( 2.0122)

A = 50,000* 2.0122

A = 100,610

Therefore, the total in the account

$19,125.6 + $100,610

= $119,735.6

5 0
3 years ago
Other questions:
  • Riverbend Inc. received a $250,000 dividend from stock it held in Hobble Corporation. Riverbend's taxable income is $2,460,000 b
    15·1 answer
  • Sheryl’s Shipping had sales last year of $10,000. The cost of goods sold was $6,500, general and administrative expenses were $1
    7·1 answer
  • Eileen transfers property worth $200,000 (basis of $190,000) to Goldfinch Corporation. In return, she receives 80% of the stock
    12·1 answer
  • The Acmeville Metropolitan Bus Service currently charges $0.88 for an all-day ticket, and is used by an average of 433 riders a
    15·1 answer
  • Which of the following statements is correct?
    7·1 answer
  • Do you think that some has rights to intellectual property in today’s world?
    15·1 answer
  • Duff Inc. paid a 2.69 dollar dividend today. If the dividend is expected to grow at a constant 3 percent rate and the required r
    12·1 answer
  • You purchased 300 shares of common stock on margin for $60 per share. The initial margin is 60% and the stock pays no dividend.
    6·1 answer
  • A dealership always replaces the tires and battery on a car before selling it ?
    12·1 answer
  • A stockholder sold her shares and made a profit of $1,403. If that is a profit of 27%, how much were the shares worth when she o
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!