Answer:
See explanation Section
Explanation:
The journal entry to record the purchase of merchandise -
Merchandise Inventory Debit $300
Cash Credit $300
Note: As the perpetual inventory shows the running inventory of cost of goods available for sale. Therefore, every purchase of merchandise will directly debit the merchandise inventory and not the purchase account. Since the company paid immediately, cash decreased.
Answer: Monopolistic competition
Explanation:
Monopolistic competition is described as a competition between firms where they offer similar services but not the same or exact services. This competition is seen in industries where differentiation is possible, example of such industries are restaurant, hairdressers, clothing, TV programs.
The key factor that kept the Copernican is that Roman Catholic Church had decided that earth was the center of the universe and contrary opinions were heresy. The Copernican also proposed that a heliocentric system had decided the the Earth is the center of the universe and all of the contrary opinions regarding this was false.
Answer:
The answer is:
Dr Unearned Service Revenue 4,800
Cr Service Revenue 4,800
Explanation:
Since Laferty completed 60% of the landscape plan during this year, they should record $4,800 as earned revenue ($8,000 x 60%), while the remaining $3,200 should stay as unearned revenue. The journal entries should be as follows:
Dr Unearned Service Revenue 4,800
Cr Service Revenue 4,800
