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alex41 [277]
3 years ago
14

Define the term market system.

Business
1 answer:
crimeas [40]3 years ago
5 0
I'm sorry but is it market system/market economy
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Prepare a three column cash book from de following information
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A roofing company collects fees when jobs are complete. The work for one customer, whose job was bid at $3,900, has been complet
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Answer:

Debit Accounts Receivable, $3,900;

Credit Roofing Fees Revenue, $3,900

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Here, no cash transaction was involved. Since the job has been completed but  the customer has not been billed yet, this simply means it has to be debited with accounts receivable, which is recognised as current asset and recognised as revenue for the period, hence needs to be credited.

This means that accounts receivable has to be debited with the amount of $3,900 while roofing fees revenue has to be credited with the amount of $3,900

Considering the above, the adjusting entry the company would need to make on December 31, the calendar year-end would be:

Debit Accounts Receivable, $3,900;

Credit Roofing Fees Revenue, $3.900

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If you see potential conflict you should
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Try your best to break it up.. and call the police if it gets to out of hand.


Ps: I don't mess with the police just giving you the right answer #FTP

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