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m_a_m_a [10]
3 years ago
14

Ted Catering received $1,180 cash in advance from a customer for catering services to be provided in three months. Determine the

general journal entry that Ted Catering will make to record the cash receipt. Assume the company’s policy is to initially record prepaid and unearned items in balance sheet accounts.
Business
1 answer:
Serhud [2]3 years ago
5 0

Answer:

Debit cash for $1,180

Credit unearned catering revenue for $1,180

Explanation:

Unearned revenue refers to the amount of money that is received in cash by a company for goods that are yet to be delivered or services that yet to be rendered.

The $1,180 advance payment received by Ted Catering is unearned catering revenue. The eneral journal entry that Ted Catering will make to record the cash receipt wil appear as follows:

<u>Account title                                  Dr ($)             Cr ($)        </u>

Cash                                               1,180

Unearned catering revenue                               1,180

<em><u>(To record unearned catering revenue.)                               </u></em>

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Jones Blanket Company sells blankets for​ $25 each. The variable cost of each blanket is​ $10. If fixed cost is​ $4,500,000, the
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Answer:

given statement is true

Explanation:

given data

sells blankets =​ $25 each

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to find out

true/ false

solution

we will check here break minus even point for find true or false

so here

Contribution is express as = sells blankets - variable cost

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put here value

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