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
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>

You might be interested in
Which social network has more than 410 million registered members and because of that popularity, more than 4 million companies
Afina-wow [57]

Answer:

The social media platform with more than 410 million people registered is Linkedin

hope I helped!! :D

Explanation:

7 0
3 years ago
The ratio of all resources to the goods and services produced is referred as
Sergio039 [100]
Multifactor productivity is the ratio of all resources to the goods and services produced. It is also known as total factor productivity and is a measure of economic performance that compares the amount of goods and services produced to the amount of combined inputs used to produce those goods and services. The inputs may include labor, capital, energy, materials, and purchased services.
8 0
3 years ago
Formula<br>of<br>Monopoly market​
Arada [10]
I would say pretty big
7 0
3 years ago
Which of the following statements is true of service facilities? Select one: a. They store their services as physical inventory.
matrenka [14]

Answer:  Option B

Explanation: Service facilities refers to those companies that have business of providing services such as emergency medical care, automobile repair etc.

These firms belongs to service industry in which every customer might need a little bit different work from the others. Thus, in order to know their customers specific wants and preference they must have a close relationship with them.

Hence from the above we can conclude that the right option is B.

6 0
3 years ago
For banks and other financial​ institutions, the discrepancy between the​ short-term maturities of their deposits and the​ long-
Naddik [55]

Answe and Explanation:

For banks and other financial​ institutions, the discrepancy between the​ short-term maturities of their deposits and the​ long-term maturities of their assets is referred to as​ _a maturity mismatch___________.

8 0
3 years ago
Other questions:
  • Which of the following statements is FALSE?a. Electronic procurement systems can aid a company in saving both time and money.b.
    12·1 answer
  • Samantha put $18,500 into a savings account. after one month, the savings account grew to $18,962.50. after the second month, it
    12·2 answers
  • In 2008, OPEC succeeds in raising world oil prices by 300 percent. This price increase causes inventors to look at alternative s
    9·1 answer
  • Imagine yourself as a business owner just before an economic event such as a recession or depression. What impact would a sudden
    13·2 answers
  • Congratulations! Your portfolio returned 17.5​% last​ year, 2.2​% better than the market return of 15.3​%. Your portfolio had a
    12·1 answer
  • The following information is available for the year ended December 31: Beginning raw materials inventory$12,000 Raw materials pu
    6·1 answer
  • Steve manages product design and development at a toy company. The junior managers who report to him tell him that new complemen
    11·1 answer
  • Margaret is the manager of a medium-size company. A few years ago, Margaret persuaded the owner to base a part of her compensati
    5·1 answer
  • The main elements of market structure are _____. perfect competition, monopolistic competition, monopoly, and oligopoly perfect
    8·1 answer
  • With ________, the seller pays both the cost of loading and transporting the product to the customer.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!