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Bess [88]
3 years ago
5

On May 10, 2020, Crane Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the f

ull contract price of $1,840 on July 15, 2020. The cost of the goods is $1,170. Crane delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Crane related to this contract. Either party may terminate the contract without compensation until one of the parties performs.
Business
1 answer:
belka [17]3 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

1. Accounts receivable a/c Dr $1,840

            To Sales revenue a/c Cr  $1,840

(Being the sales is recorded)

2. Cost of goods sold a/c Dr $1,170

                  To Inventory a/c Cr $1,170

(Being the cost of goods sold is recorded)

3. Cash a/c Dr $1,840

          To Accounts receivable a/c Cr $1,840

(Being the payment received is recorded)

Only these three entries are recorded

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An informal writing style is typically appropriate when writing for an infamiliar audience.​
marysya [2.9K]

Answer:

Analytical reports are written for external audiences; informational reports are written for internal. An informal writing style is appropriate for external reports

Explanation:

Meaning of Informal Writing Style

Colloquial – Informal writing is similar to a spoken conversation. Informal writing may include slang, figures of speech, broken syntax, asides and so on. Informal writing takes a personal tone as if you were speaking directly to your audience (the reader).

I hope that this helps you

6 0
3 years ago
The basic distinction between a primary and a secondary market is a. proceeds from sales in the primary market go to the current
zavuch27 [327]

Answer:

c. Only new securities are sold in the primary market.

Explanation:

  • Primary markets is where securities are sold for the first time. Secondary market is a place (physical o virtual place) where securities are renegociated.
  • As an example, think about a company which is increasing its capitalization and wants to emit new stocks: it would do it in the primary market.
  • On the other hand, if some of the members of the company wantsto buy more stocks from that company, unless the company is emiting new stocks, he or she would have to buy the stocks in the secondary market.
3 0
3 years ago
Sort the examples below into the appropriate bin. Think about which factors could lead to more toxic substances being released i
Zielflug [23.3K]

Answer:

1. Causes: commercial production of many chemicals massive use of chemicals in food, agriculture, medicine, and industry

2. Consequences: increase in reproductive disorders contamination of soil, air, and water bioaccumulation and biomagnification of toxins in the food chain.

3. Solutions: consumer choice of low-toxicity products stricter regulations requiring that consumer products be thoroughly tested before being released to market.

Explanation:

This factors could lead to more toxic substances being released into the environment (causes), the consequences that result from toxic substances in the environment, and possible solutions to save environmental degradation.

8 0
3 years ago
Meir, Benson and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as follows:
sertanlavr [38]

Answer:

Journal Entry

a) Debit Capital- Benson $138,000 Credit Capital-North $138,000

b) Debit Capital- Benson $138,000 Credit Capital-Schmidt $138,000

c) Debit Capital-Benson $138,000 Credit Bank $138,000

d) Debit Capital-Benson $138,000 Debit Capital-Meir $28,500 Debit Capital-Lau $47,500 Credit Bank $214,000

e) Debit Capital-Benson $138,000 Debit Accumulated Depreciation $23,000 Credit Cash $30,000 Credit Equipment $70,000 Credit Capital-Meir $22,875 Credit Capital-Lau $38,125

Explanation:

a and b are the same with the same amount of capital transferred from one partner to another partner, it is just a matter of derecognizing Benson and recognize North or Schmidt.

c) Partner Benson is paid cash her capital,

d) decrease in meir's Capital = 214,000-138,000 = 76,000*3/8= $28,500

   Decrease in Lau's Capital Account = $76,000 5/8 = 47,500

Excess funds are taken from capitals or income summary account of the partnership which will affect the capitals of the remaining partners

e)  Meir's Capital = $138,000 -(70,000-23,000+30,000)

                            = $138,000-77,000

                           = $61,000*3/8 =$22,875

Lau = $61,000*5/8 =38,125

The Capital Accounts of the remaining partners will increase because of the gain made on buying out the leaving partner.

8 0
3 years ago
The first known application of marketing research to a business marketing/advertising problem was conducted by:
ehidna [41]

Answer:

An advertising agency.

Explanation:

  • N. W. Ayer & Son was a Philadelphia advertising agency that was formed in 1869 and was the first advertising agency that created various notable slogans and founded by the Francis W.A, and they worked in groups knows as the creative teams.
7 0
3 years ago
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