Answer:
A house lot. (Landlords)
Explanation:
You can hold houses for people to live in while they pay a monthly fee.
Answer:
Please, for answer see attached file.
Explanation:
The difference will be between the gross profit in the years 2016 and 2017, because of the error. This is because the error will cause a difference in the cost of sold goods.
In the year 2018, there will be no difference because the beginning inventory and final inventory are right.
But, for the three-year period, there will no be a difference in the total, because both, beginning and final inventory are correctly registered.
The answer is (A) write it down so you don't forget
Answer:
B) $665,000
Explanation:
Total pledges receivable are $700,000 but they should be reported minus the allowance for uncollectible pledges = $700,000 - 5% = $665,000
The journal entry to record the pledges receivable:
- Dr Pledges Receivable account 700,000
- Cr Allowance for Uncollectible Pledges account 35,000
- Contributions Revenue account 665,000
The allowance for uncollectible pledges account is a contra asset account that reduces the value of the pledges receivable account.