Answer:
unearned service revenue 7,500 DEBIT
service revenue 7,500 CREDIT
Explanation:
the job is complete on July 31th
so <em>we write-off the unearned service reveue</em>
and <em>we recognize the service revenue </em>for the whole amount of the contract
The cash receipt occurs on March 1st so w edon't haveto post anythign related to cash on July 31th.
the unearned revenue account is used first because the business has the obligation of perform the job or return the cash. So it is a liablity until the job is completed
I would set up an organization to help homeless people it would be called (More homes less Homeless)
Answer: Option C
Explanation: In simple words, expenditures refers to the outflow of resources by an organisation for creating some service or good.
In the given case, the fund operated by the city of crescent billed them $30,000 and this outflow of money is made with the objective of providing support to the other departments.
Hence from the above we can conclude that this is an expenditure.
The equity investment that lack significant influence adjusted is Unrealized holding gain or loss is included in net income.
<h3><u>
What is equity?</u></h3>
- Equity, also known as shareholders' equity, is the sum of money that would remain in the hands of a company's shareholders after all of the company's assets have been sold and all of the debt has been settled, in the event of a liquidation.
- It is the worth of company sales less any obligations owing by the company that were not transferred with the sale in the case of an acquisition.
- Additionally, a company's book value may be represented through shareholder equity.
- Equity may occasionally be given in exchange for cash.
- Additionally, it symbolizes the proportionate ownership of a company's shares.
One of the most frequently used pieces of information by analysts to evaluate a company's financial health is equity, which can be found on a company's balance sheet.
Know more about equity with the help of the given link:
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Answer: A sales-type lease without a selling profit.
Explanation: A sales-type lease without a selling profit is a type of lease where the initial direct costs are deferred and expensed over the lease term.
The expenses to be deferred and expensed includes:
1. costs associated directly with consummating a lease
2. costs essential to acquire the lease
3. costs that would not have been incurred had the lease agreement not occurred.
These can be achieved by not recording the prepaid expenses in the books separately but calculated with the lease receivable.