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bearhunter [10]
4 years ago
11

Merriweather Post Pavillion received a $820 check from a customer for the balance due. The transaction was erroneously recorded

as a debit to Cash $280 and a credit to Service Revenue $280. The correcting entry is:________.
a. Cash 820
Accounts Receivable 820
b. Cash 540
Accounts Receivable 280
Service Revenue 820
c. Cash 540
Service Revenue 280
Accounts Receivable 820
d. Accounts Receivable 820
Cash 540
Service Revenue 280
Business
1 answer:
steposvetlana [31]4 years ago
3 0

The correcting entry is:

C. Debit Cash $540

   Service Revenue $280

   Credit Accounts Receivable $820

<u>Explanation</u>:

Service revenue is report generated regarding the sales provided to its customers by a business. Generally the revenue will be billed. The revenue can be recognized even it is not billed.

Service Revenues are always mentioned in the income statement maintained by the company. Balance due is the amount owe by the customer. Revenues are considered as the subdivision of retained earnings. Usually some of the business events were not recorded, so the entries adjustment is made often.

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3 years ago
Your mayor just announced that the local unemployment rate dropped from 10.5% to 10.4% from the prior month. Evaluate the unempl
nikitadnepr [17]

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Not enough information

Explanation:

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3 years ago
Steven consumes only two goods, both of which are normal goods. He is currently maximizing his utility in consumption of both go
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Answer:

The answer is: remain the same

Explanation:

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4 0
3 years ago
Oaktree Company purchased new equipment and made the following expenditures:
I am Lyosha [343]

Answer:

The Journal entries are as follows:

(1)

Equipment A/c       Dr. $71,890

To cash                                           $3,790

To accounts payable                     $68,100

(To record the purchase of equipment)

Workings:

Equipment value:

= Purchase price + Sales tax + Freight charges for shipment of equipment + Installation of equipment

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Cash Paid:

= Freight charges for shipment of equipment + Installation of equipment

= 890 + 2,900

= $3,790

Accounts payable = Purchase price + Sales tax

                               = 64,000 +4,100

                               = $68,100

(2)

Prepaid Insurance A/c    Dr. $1,090

To cash A/c                                             $1,090

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7 0
3 years ago
As a customer acquisition technique, events: a. Are considered mostly ineffective compared to mobile advertising or social media
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