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Ksenya-84 [330]
3 years ago
12

On July 1, 2020, Sheffield Co. pays $16,440 to Tamarisk Insurance Co. for a 3-year insurance policy. Both companies have fiscal

years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Tamarisk Insurance Co. Tamarisk uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Business
1 answer:
solniwko [45]3 years ago
4 0

Answer:

Jul 1,2020

Dr Cash 16,440

Cr Unearned Service Revenue 16,440

Dec 31,2020

Dr Unearned Service Revenue 2,740 (16,440*2/12)

Service Revenue 2,740

Explanation:

Preparation of journal entries

Based on the information given we were told that the company paid the amount of $16,440 to an insurance company called Tamarisk Insurance Co for a 3-year insurance policy which means that the transaction will be recorded as:

Jul 1,2020

Dr Cash 16,440

Cr Unearned Service Revenue 16,440

(To cash from 3 year insurance sold received from Dobbs co.)

Dec 31,2020

Dr Unearned Service Revenue 2,740 (16,440*2/12)

Service Revenue 2,740

(Service Revenue recognized for 6 months of 2020)

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Answer:

d) All current customers who up to a certain point in time have NOT bought in the jewelry category but did buy jewelry in the next time frame

Explanation:

Cross-sell opportunities are employed by online and in-person marketers with the aim of convincing buyers to chose another product from a product category that they are interested in. For example, if the customer bought a necklace, the site might suggest that users who bought a necklace also bought a pendant. The aim of this suggestion is to convince the consumer to purchase an item that might be useful to him judging from the products he just indicated interest in.

Therefore, a good cross-sell model will identify customers who bought jewelry but not from a particular jewelry category.

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3 years ago
Exercise 9-5 Sandhill Co. purchased a new machine on October 1, 2017, at a cost of $80,010. The company estimated that the machi
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Answer:

2017 = $2,598 and 2018 = $10,390

Explanation:

The computation of the depreciation expense for the second year is shown below:

= (Original cost - residual value) ÷ (useful life)

= ($80,010 - $7,280) ÷ (7 years)

= ($72,730) ÷ (7 years)  

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In this method, the depreciation is same for all the remaining useful life

For 2017, the depreciation expense would be

= $10,390 × 3 months ÷ 12 months

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The three months is calculated from the October 1, 2017, to December 31, 2017

And, in 2018 it would be $10,390

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3 years ago
If there is a recessionary gap in the short​ run, the Federal Reserve can eliminate the gap in the short run by undertaking a po
NeTakaya

Answer:

D. harms the society by interfering with the economy's natural process.

Explanation:

In order to get out of recession, the fed should reduce the tax rates, which would in return lead to higher disposable income of the consumers, and then there will be an increase in the demand.

On the other hand the sale of bonds would even further increase the recession, as there will be more cash crunch in the economy. A decrease in reserve ratio will be a long time taking solution, so it would not provide an immediate solution.

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A work group _______ may be defined as a standard that is shared by group members and that regulates member behavior within an o
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<h3 /><h3>What is the relevance of a company's norms and policies?</h3>

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7 0
2 years ago
A government makes a contribution to its pension plan in the amount of $10,000 for year 1. The actuarially-determined annual req
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Answer:

$10,000

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Therefore the pension expenditure for the general fund for year 1 will be $10,000.

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