Answer:
Journal Entry
Explanation:
The Journal Entry is shown below:-
Cash Dr, $150,000
To Unearned sales revenue $150,000
(Being receipt of cash in advance is recorded)
Therefore to record the inflow funds we debited cash and to record the liability/obligation to deliver such goods we credited unearned sales revenue.
Answer:
C. Jones may not join the board because the rules prohibit all firm professionals from serving as a director of a client.
Answer:
d. 6,700 units
Explanation:
The computation of the equivalent units for conversion cost by using the FIFO method is shown below:
= Beginning inventory units × remaining percentage + units started and completed + ending inventory units × completion percentage
= 5,000 × 10% + (10,000 - 5,000) + 2,000 × 60%
= 500 + 5,000 + 1,200
= 6,700 units
We simply applied the above formula
No stocks can affect any business in which you may shop at. not owning any stocks could affect you by price changes in the business
