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marysya [2.9K]
3 years ago
15

On December 28, I. Greasy Catering Company completed $600 of catering services. As of December 31, the customer had not been bil

led nor had the transaction been recorded. Demonstrate the required adjusting entry by choosing the correct statement below. Click the answer you think is right. a. Debit Accounts receivable for $600. b. Credit Accounts receivable for $600. c. Debit Catering revenue for $600. d. Debit Unearned revenue for $600.
Business
1 answer:
nikdorinn [45]3 years ago
8 0

Answer:

a. Debit Accounts receivable for $600

Explanation:

As Greasy catering company provided services but had not got the bill from the customer, it increases an asset. According to the revenue recognition principle, revenue has recognized whenever it is provided not when the cash is received. In that case, the journal entry to record the transaction is -

Accounts receivable (Debit) $600

Revenue (Catering)  (Credit) $600

Accounts receivable is debit because the company owes the amount from the  customers.

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When the economy is operating at point C, the Federal Reserve may decrease the discount rate to
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Answer:

D ; increase growth

Explanation:

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“ She turned to her shoulder partner to make sure that she had all that was presented” This is a active sentence how do you turn
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Answer:

A shoulder was turned towards her partner to make sure everything that was presented was taken by her.

Explanation:

In order to change the active sentences into passive sentences, the object in the active sentence is changed into the subject. For example in the above given example, the object is shoulder which is changed into the subject and then the sentence is formed accordingly.

So now it becomes "A shoulder was turned towards her partner to make sure everything that was presented was taken by her."

I hope the answer is helpful.

Thanks for asking.

7 0
4 years ago
On December 28, I. M. Greasy, Catering completed $600 of catering services. As of December 31, the customer had not been billed
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Answer: Debit Accounts receivable for $600.

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The customer had not been billed so that means that they still owe the company. This would make them an accounts receivable so the adjusting entry will have to debit the Accounts Receivable account for $600 to show that it is increasing.

This amount will be credited to the Accrued revenue account to show that the cash has not yet been received.

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3 years ago
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