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lesya692 [45]
3 years ago
12

The supply curve for oil shows:

Business
1 answer:
12345 [234]3 years ago
4 0
Supply of oil at different prices of other goods.
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Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $24,000 to these gr
zubka84 [21]

Answer:

June 15

Dr. Account Receivable $24,000

Cr. Service Revenue      $24,000

At the time of Receipt in July

Dr. Cash                          $24,000

Cr. Account Receivable $24,000

Explanation:

As the Services are performed on June 15, and Great Venture has a right to received the payment against the services provided. So, the revenue is recognized and The payment for the services has not been made yet. This result in the creation of account receivable, That is expected to receive in July.

In July the payment is received. The cash account will be debited as the cash is received and on the other hand account receivable will be credited to remove the due balance of $24,000 from receivables balance.

5 0
3 years ago
Last year a city received notice of a $150,000 grant from the state to purchase vehicles to transport physically challenged indi
Slav-nsk [51]

Answer:

The answer is: $0

Explanation:

Government entities have to record grant revenue during the period that they occur. The city received notice of this grant last year, so they recorded the grant revenue in last year's financial statements. If they recognize any grant revenue this year, it must come from a new grant.

7 0
3 years ago
Two brothers each open IRAs in 2009 and plan to invest $3,000 per year for the next 30 years. John makes his first deposit on Ja
Goryan [66]

Answer:

Future value of John's investment

FV = A<u>(1+r)n+1 - (1+r) </u>

                   r

Fv = $3,000<u>((1 + 0.07)30+1 - (1 +0.07))</u>

                           0.07

FV = $3,000<u>((1.07)31 - (1.07)</u>

                            0.07

FV = $3,000 x 101.0730414

FV = $303,219

Future value of Bill's investment

FV = A<u>((1 + r)n - 1)</u>

                r

FV = $3,000 <u>((1 + 0.07)</u>30 - 1)

                          0.07

FV = $3,000<u>((1.07)30 - 1) </u>

                        0.07

FV = $3,000 x 94.46078632

FV = $283,382

The difference in the value of IRAs

= $303,219 - $283,382

= $19,837

The correct answer is A

Explanation:

In the first case, we need to apply future value of annuity due formula since deposits are made at the beginning of each year.

In the second case, we need to apply future value of an ordinary annuity formula since deposits are made at the end of each year.

6 0
3 years ago
Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions
liberstina [14]

Answer:

April 1 Invested $20,000 cash in her business.

Dr Cash 20,000

    Cr Vera, Ernst, capital 20,000

1 Hired a secretary-receptionist at a salary of $700 per week payable monthly.

no journal entry required

2 Paid office rent for the month $1,500.

Dr Rent expense 1,500

    Cr Cash 1,500

3 Purchased dental supplies on account from Dazzle Company $4,000.

Dr Supplies 4,000

    Cr Accounts payable 4,000

10 Performed dental services and billed insurance companies $5,100.

Dr Accounts receivable 5,100

    Cr Service revenue 5,100

11 Received $1,000 cash advance from Leah Mataruka for an implant.

Dr Cash 1,000

    Cr Deferred revenue 1,000

20 Received $2,100 cash for services performed from Michael Santos.

Dr Cash 2,100

    Cr Service revenue 2,100

30 Paid secretary-receptionist for the month $2,800.

Dr Wages expense 2,800

    Cr Cash 2,800

30 Paid $2,600 to Dazzle for accounts payable due.

Dr Accounts payable 2,600

    Cr Cash 2,600

6 0
3 years ago
You should always read the fine print before signing a contract.
Bess [88]
I would say yes, because a person would want to know fully what they are getting into.  
6 0
3 years ago
Read 2 more answers
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