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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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Strict liability is also referred to as the absolute liability, and this term means legal responsibility for injury or damages, despite the fact that the individual or business that's found strictly liable wasn't negligent or probably at fault for the injury to damages.

In this case, if Earth Movers, Inc., uses dynamite to prepare land for highway projects, a strict liability is imposed on this activity because it is abnormally dangerous.

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2 years ago
A(n) _____ organization is characterized by a relatively low degree of job specialization, loose departmentalization, few levels
lbvjy [14]

Answer:

organic

Explanation:

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3 0
3 years ago
Read 2 more answers
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Answer:

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Explanation:

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3 years ago
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larisa [96]

Answer:

The correct answer is the letter b. Efficiency refers to maximizing the size of the pie; equality refers to distributing the pie fairly among members of society.

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Efficiency is about maximizing production while minimizing costs, ie producing as much as possible with available resources. Equality refers to the distribution of production, that is, the division into economically considered fair parts of what was produced among the agents of society. In the example, efficiency would be to produce the largest pie possible given the existing resources. Equality would be the distribution of the pie considered socially fair.

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Xelga [282]

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3 years ago
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