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wariber [46]
3 years ago
8

A lawyer collected $860 of legal fees in advance. He erroneously debited Cash for $680 and credit Accounts Receivable for $860.

The correcting entry is
Business
1 answer:
tankabanditka [31]3 years ago
8 0

Answer: The answer is as follows:

Explanation:

The correct entry for the transaction is:

Cash A/c......................Dr.                                             180

Accounts Receivable A/c..............Dr.                        680

To Unearned service Revenue A/c..................Cr.              860

( Corrected the erroneously debited Cash for $680 and credit Accounts Receivable for $680)        

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<h3></h3><h3>What is business? </h3>

Business exists as the activity of creating one's living or earning money by producing or buying and selling products. It stands also for "any activity or enterprise joined into for profit.".

A business exists described as an organization or enterprising entity encountered in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations. Business classes range from limited liability businesses to sole proprietorships, corporations, and partnerships.

A business plan stands as a formal written document including the objectives of a business, the strategies for attaining those goals, and the time frame for the attainment of the goals. Good business plans should contain an executive resume and sections on products and services, marketing strategy and research, financial planning, and a budget.

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2 years ago
Huggins Co. has identified an investment project with the following cash flows. Year Cash Flow 1 $ 880 2 1,250 3 1,510 4 1,675 I
myrzilka [38]

Answer:

the present value is $4,316.35

Explanation:

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Present value is

= Cash flows at year 1 ÷ (1 + rate of interest) + Cash flows at year 2 ÷ (1 + rate of interest)^2 + Cash flows at year 3 ÷ (1 + rate of interest)^3 + Cash flows at year 4 ÷ (1 + rate of interest)^4

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= $4,316.35

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2 years ago
One of the variables most often included in surveys is income. Sometimes the question is phrased​ "What is your income​ (in thou
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