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Orlov [11]
4 years ago
5

GreenLawn Co. provides landscaping services to clients. On May 1, a customer paid GreenLawn $60,000 for 6-months services in adv

ance. GreenLawnâs general journal entry to record this transaction will include a:
Multiple Choice

Debit to Unearned Revenue for $60,000.

Credit to Cash for $60,000.

Credit to Unearned Revenue for $60,000.

Debit to Accounts Receivable for $60,000.

Credit to Accounts Receivable for $60,000.
Business
1 answer:
Dvinal [7]4 years ago
8 0

Answer:

Credit to Unearned Revenue for $60,000.

Explanation:

Journal Entry of $60,000 for 6-months services in advance ia as follow:

                                        Dr.                     Cr.

Cash                           $60,000

Unearned Revenue                             $60,000

Services are not performed by GreenLawn Co. so the amount received will be considered as a liability and It will be named as unearned revenue. Cash received will be debited to the cash account. After the performance of service  of each month the revenue will be recognized and transferred from unearned revenue account to service revenue account.

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8 0
3 years ago
A trial balance may prove that debits and credits are equal, but ___________.a. an amount could be entered in the wrong account.
Airida [17]

Answer:

d. All of these answer choices are correct.

Explanation:

Considering all the options;

a. an amount could be entered in the wrong account. - This is true as a transaction that should have been recorded into the asset account could be erroneously recorded as an expense or vice versa. The same applies to expenses and liabilities

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Hence the answer is d. All of these answer choices are correct.

4 0
3 years ago
Okun’s law suggests that:
slega [8]

Answer:

a. A 1% increase is a positive output gap decreases the unemployment rate by 0.5% 

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I hope my answer helps you.

8 0
3 years ago
XYZ Company produces a significant daily amount of electronic waste. The company disposes the waste into the ocean despite stric
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Answer:

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Explanation:

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The failure of XYZ company to honour the set regulations is a breach in its legal responsibilty alongside its corporate social responsibilty as well and it can be taken up by the government by either charging the XYZ company to court or revoking their operating license.

Cheers.

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