Answer:
D. Sales Revenue 4,500 Cash 4,500 Merchandise Inventory 1,800 Cost of Goods Sold 1,800
Explanation:
The sale of inventory usually results in the posting of 4 entries, a pair of entries for revenue recognition and another pair for the recognition of the cost of the goods sold. these entries are
Debit Cash/Accounts receivable
Credit revenue
To recognize sales and ;
Debit cost of sales
Credit Inventory
To recognize the cost of the items sold.
When returns are made for items sold to a customer the reversing entries are posted into the reverse of what had earlier been posted.
Answer:
a debit to Unearned Fees for $1,350.
Explanation:
As for the provided information, the details provided are:
Cash received for services to be provided up to 31 January, though cash is received on 1 December itself.
Since the accounting and financial year closes on 31 December the adjusting entry will be passed on the date for correcting the unearned revenue.
The unearned revenue has credit balance and as on 31 December such balance shall be debited and earned revenue related to the period up to 31 December shall be credited.
Accordingly total unearned revenue for 2 months = 1 Dec to 31 Jan = $2,700.
Therefore, total revenue for 31 December will be $2,700/2 1 = $1,350.
Accordingly unearned revenue will be debited by the amount and earned revenue will be credited by the same amount.
Answer:
examine the alternatives
Explanation:
The marketing research determines how the company is going to determine the market. The segmentation process takes place in this stage. Thus, a series of alternatives are open and the marketing team must choose which ones are best fit for their goals.
Answer: c. The project contains simple activity sequences
Explanation:
Gantt chart is a firm of bar chart that depicts a project schedule as it helps in the scheduling of a particular project.
Gantt chart is a graphical tool that helps in showing the activities that are performed against time to the project team or project manager. Gantt charts are effective for project scheduling if such project contains simple activity sequences.
Answer:
C. ""NSF"" checks
Explanation:
Reconciling items are either transactions that have been recorded by the bank but yet to be recorded in the books or transactions recorded in the books but yet to be recognized in the bank statement. As such, to reconcile the bank and book balances, these items are either recognized or derecognized in the books.
Deposits in transit would be subtracted from the books to get the bank balance.
Bank service charge would also be deducted from the books to get the bank balance.
NSF"" checks would be added as it would have been initially deducted from the books but the banks would have refused such check on the basis of insufficient funds.
Collection of a note by bank will be added to the book balance