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The service Revenue will be:
1. Cash for service performed in 2021 -------------------------- $13,500
2. Bill sent to clients for service performed in 2021--------- $4,100
TOTAL------------------------------------------------------------------------$17,600
The $5,100 received was for the service done in 2020 and this will be decrease the account receivables on the balance sheet while the $2,100 received for work to be done in 2022 will be recorded as an unearned revenue because the service has not been rendered.
Answer:
The interest rate is 11%
Explanation:
The loan amount = $50000
Interest amount = $5500
Since the annual interest amount and the principal amount is given so we have to find the interest rate by using the given information. Below is the formula to find the interest rate.
Let the interest rate = x
Principal × interest rate = Interest amount
$50000 × r = $5500
r = $5500 / $50000
r = 0.11 or 11%
The interest rate is 11%
Answer and Explanation:
The Journal entry is shown below:-
Bad debts expense Dr, $2,000
To Accounts receivable-Hopkins $2,000
(Being write off is recorded)
Here we debited the bad debt expenses as it increased the expenses and we credited the accounts receivable as it reduced the assets so that the proper posting could be done
Sally needs to deliver customer sales data to multiple departments in real-time by using customizable reports.
<h3>What do you mean by accounting?</h3>
Accounting is a means of collecting, summarizing, analyzing, and reporting business information in monetary terms.
As sally needs to deliver the customer sales data to multiple departments in real-time, customizable reports can be helpful in this case.
A customizable report is a type of report that is created and metrics and dimensions should be added and it will display in the way.
Therefore, OB is the correct option.
Learn more about accounting here:
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