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PilotLPTM [1.2K]
3 years ago
7

Brown Company provided services to a customer and immediately collected $1,900 cash. Show how to record the transaction to the T

-accounts by completing the following sentence. Service Revenue would be
Business
1 answer:
hjlf3 years ago
8 0

Answer:

credited; right; debited; left

Explanation:

The journal entry to record this transaction is shown below:

Cash A/c Dr $1,900

     To Service revenue A/c $1,900

(Being the cash is collected)

It to be displayed in T accounts

For cash account

                                                               Cash

Debit side

Service revenue                    $1,900

For service revenue account

                                                    Service revenue

                                                                                      Credit side

                                                                                     Cash    $1,900

So, the cash account would be debited and would be displayed on the left hand side while the service revenue would be credited and  would be displayed on the right hand side

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________ occurs when production is in accordance with consumer preferences.
Alika [10]

Answer:

The correct answer is Allocative efficiency.

Explanation:

Although there are different evaluation standards for the concept of allocation efficiency, the basic principle states that, in any economic system, the different options in the allocation of resources will produce both "winners" and "losers" in relation to the choice being evaluated. The principles of rational choice theory, individual maximization, utilitarianism and market theory assume, in addition, that the results for both winners and losers can be identified, compared and measured.

From these basic premises, the objective of maximizing the efficiency in the allocation can be defined according to some neutral principle in which some options are considered “objectively better than others”. For example, an economist might say that a change in policy increases the efficiency of allocation, as long as those who benefit from the change (winners) earn more than the losers lose.

------

NOTE: If you need to extend the explanation given, you can make a comment or add a new question. I will be very pleased to help you.

7 0
3 years ago
How is a free-market economy different from a mixed economy?
liraira [26]
A free economy has a 100% open economy with very little government interaction however a mixed economy is open to the public but is semi-closely regulated by the government.
3 0
3 years ago
Read 2 more answers
What is the key feature in basic automobile insurance ?
tensa zangetsu [6.8K]

Ordinarily, the automobile insurance includes<u> 4 basic features. </u>

The first one is the body bodily injury coverage - which covers the fee of medical expense, lost wags or pain, etc. which you may have to suffer from when you are injured in accident.

The second one is the property damage coverage. As in some situation, you may cause accident leading to damage of other vehicle or property. This feature of insurance would help you to pay for these expense to compensate.

The third feature is comprehensive coverage. This is optional in your insurance and it would cover the expense on repair in case of fire or natural disaster, theft, etc.

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3 0
3 years ago
Moira Company has just finished its first year of operations and must decide which method to use for adjusting inventory account
Scrat [10]

Answer:

The Cost of good sold will decrease by 10,000

The other accounts balance will be the same.

<em>Missing Information:</em>

Ending balances in the relevant accounts were:

Work-in-Process            40,000

Finished Goods             80,000

Cost of Goods Sold     680,000

Explanation:

The company applied overhead for the amount of 435,000

This was charged into finished good which latter become cost of goods sold.

Then, as the actual overhead was 425,000 we have to adjust for the over-applied overehad. We applied more than it cost so we have to reduce it.

435,000 - 425,000 = 10,000

<u>We will decrease our COGS against the factory overhead account.</u>

COGS 10,000 debit

  factory overhead 10,000 credit

8 0
3 years ago
Which of the following statements is true​?
stich3 [128]

Answer:

The correct answer is option C.

Explanation:

A monopolistic competitive firm has a downward sloping demand curve. Such a firm is a price maker. It decides price and output through the interaction of the marginal revenue and marginal cost.

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4 0
3 years ago
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