1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ser-zykov [4K]
3 years ago
5

Management Services, Inc. provides services to clients. On May 1, a client prepaid Management Services $60,000 for 6-months serv

ices in advance. Management Services' general journal entry to record this transaction will include aSelect one:a. Debit to Unearned Management Fees for $60,000.b. Credit to Management Fees Earned for $60,000.c. Credit to Cash for $60,000.d. Credit to Unearned Management Fees for $60,000.e. Debit to Management Fees Earned for $60,000.
Business
1 answer:
Sedbober [7]3 years ago
4 0

Answer:

d. Credit to Unearned Management Fees for $60,000.

Explanation:

In the given question, it is mentioned that the management services provide service to clients, and one client gives the advance amount of $60,000 to the management service.  

So, in case of advanced received by the customer, the journal entry would be  

Cash A/c Dr       $60,000

   To Unearned Management Fees    $60,000

(Being amount received in advance)

The asset account should be debited and the liabilities account should be credited.

You might be interested in
Is this story: sole proprietorship, partnership, OR corporation?
Mrrafil [7]
It's a <span>partnership. I have to write more words but that's what that arrangement is.</span>
3 0
3 years ago
One year ago, you purchased a stock at a price of $43.20 per share. The stock pays quarterly dividends of $.18 per share. Today,
gizmo_the_mogwai [7]

Answer:

Capital gain = $2.16

Explanation:

The return on equity is the sum of the dividends earned and capital gains made during the holding period of the investment.  

Dividend is the proportion of the profit made by a company which is paid to shareholders.  

Capital gains is another type of the return made on an equity investment as a result of increase in the value of the shares. It is difference between the cost of the share and the value at the time of disposal.  

Therefore, capital gain  as follows:  

Capital gain = $45.36-43.20

Capital gain = $2.16

8 0
3 years ago
Unlike consumer credit, trade credit does not involve the use of a
hammer [34]

Answer:

Trade credit means many things but the simplest definition is an arrangement to buy goods and/or services on account without making immediate cash or check payments. Trade credit is a helpful tool for growing businesses, when favorable terms are agreed with a business's supplier.

Explanation:

Trade credit allows businesses to receive goods or services in exchange for a promise to pay the supplier within a set amount of time. New businesses often have trouble securing financing from traditional lenders; buying inventory, for example, on trade credit helps increase their purchasing power.

3 0
3 years ago
In a market without price controls, producers charge ____ for their goods and services. This price allows producers to supply th
777dan777 [17]

Answer:

equilibrium prices

Explanation:

yeah-ya

3 0
3 years ago
The SCOR model looks at a firm’s supply chain activities in three levels of increasing detail. Level 1 views SCM activities as
Tpy6a [65]

Answer:

Source processes

Explanation:

The SCOR model looks at a firm´s supply chain activities in three levels of increasing detail. Level 1 views SCM activities as being structured around five core management processes including <u>Source processes</u> which are processes that procure goods and services to meet planned or actual demand.

Supply chain operations reference (SCOR):  It is a strategic planning tool that helps in identifying, improving and communicating supply chain management decisions within the company. It is a continuous improvement process and establishing a benchmark for the industry. It also works to develop a business process for satisfying customer´s demand. SCOR is based on five management process:

  • Plan
  • Sources.
  • Make.
  • Deliver.
  • Return.

Source process: This process of supply chain management is defined as steps to procure goods and services to meet the requirement for infrastructural arrangements.

8 0
3 years ago
Other questions:
  • An example of an individual financial coi is:
    10·1 answer
  • Some years ago, chemists at 3M Corporation were trying to create a super-strong glue. Somehow they got their molecules twisted a
    14·1 answer
  • Omicron Technologies has $50 million in excess cash and no debt. The firm expects to generate additional free cash flows of $40
    7·1 answer
  • When used to introduce your speech, a good story or anecdote
    12·1 answer
  • Identify the helping​ verb: How many tacos will you​ eat?
    7·2 answers
  • Procter &amp; Gamble markets its popular multipurpose cleaner as Mr. Clean in North America and Asia but uses several different
    8·1 answer
  • Kevin, who has liability limits of $20,000/$40,000/$20,000 and a $500 collision deductible, is involved in an accident. Due to h
    15·1 answer
  • Accounts Receivable Analysis A company reports the following: Sales $1,182,600 Average accounts receivable (net) 43,800 Determin
    15·1 answer
  • Emma worked the following schedule:
    9·1 answer
  • In the short run, the quantity of output that firms supply can deviate from the natural rate of output if the actual price level
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!