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umka2103 [35]
3 years ago
8

Wagner & Sons, Inc. perform property appraisals for commercial real estate transactions. The following transactions were com

pleted in July 2013. July 1 Purchased $345 in office supplies on account. July 2 Wrote a check for a $700 utility bill for the current month. July 3 Paid $875 in salaries to employees for the current month. July 8 Received $4,015 on customer accounts for bills sent in prior month. July 12 Conducted five appraisals and invoiced SLL Commercial Real Estate, Inc. for $11,000. Prepare journal entries using the transaction analysis above. If no journal entry is required, indicate that in the account description. The company has the following Chart of Accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Notes Payable, Common Stock, Retained Earnings, Service Revenue, Rent Expense, Furniture, Prepaid Insurance, Advertising Expense,Unearned Revenue, Wages Expense, Interest Expense, Utilities Expense, Salaries Expense -OR- "No journal entry needed"
Business
1 answer:
crimeas [40]3 years ago
8 0

Answer:

Date   Account Title                  Debit     Credit

1-Jul    Supplies                           $345

                Accounts Payable                   $345

2-Jul   Utilities expense               $700

                 Cash                                        $700  

3-Jul    Salaries expense             $875

                 Cash                                         $875

8-Jul     Cash                               $4,015

                  Accounts Receivable            $4,015

12-Jul    Accounts Receivable   $11,000

                   Revenue earned                   $11,000

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Insurance policies often contain a covenant of good faith and fair dealing. Even if the clause is not in the policy, often court
Oxana [17]

Answer:

The <em>covenant of good faith and fair dealing</em> simply requires all the parties to a contract to deal in an even-handed manner such that one party's action does not frustrate the other or prevent the other from getting the benefits of that contract.

In insurance, this covenant is sometimes captured under the heading <em>Uberrima fides</em>. This is a Latin phrase meaning <em>"Utmost Good Faith".</em>

In insurance, this covenant is legally binding on all parties to ensure they each reveal every information that is material to the acceptance or rejection of the risk (on the part of the Insurer) whilst on the part of the Insured the insurer is required to be explicit regarding the terms of the policy as well as the calculations by which the premium is arrived at.

For example, if an Insurance company is looking at covering someone under it's Life Insurance Policy, the person taking out the contract must disclose whether or not the Insured has any latent health issues which might shorten their lifespan. If there is such a condition, the Insurance company may still take on the risk albeit at a relatively higher rate than a client without such medical conditions.

 

An Insurance Company may breach this covenant if they delay or refuse to reasonable settle claims due to the Insured. It may also arise if the Insurance company by some technical manipulation intentionally under settles an Insurance claim.

If for instance, a Comprehensive Insurance Policy files a valid claim, the Insurer may be liable for negligence and or intentional wrongdoing.

Cheers!

6 0
3 years ago
Bramble Company uses the percentage of receivables method for recording bad debt expense. The accounts receivable balance is $59
shusha [124]

Answer and Explanation

Given:

Accounts receivable balance = $598,000

Percentage of receivables that are uncollectible = 5% or 0.05

Uncollectible receivables = 0.05 × 598,000 = $29,900

Adjusting journal entry to record bad debt expense is:

Particulars                                          Debit              Credit

Bad debts expense                            XXXXX

     Allowance for doubtful debts                               XXXXX

(Being bad debts incurred)

Noe, Allowance for doubtful debts has a credit balance of $4,800.

Bad debt incurred = 29,900 - 4,800 = $25,100

So adjusting entry :

Particulars                                          Debit              Credit

Bad debts expense                            $25,100

     Allowance for doubtful debts                             $25,100

(Being bad debts incurred)

7 0
3 years ago
Suppose that the vast majority of 3/4 ton pick-up trucks in America are produced by companies A, B, C, and D and that they all s
andrew-mc [135]

Answer:

b. A very large increase in sales. A very rapid and similar response by the other large firms in the industry.

Explanation:

As for the information there is no clear agreement to sell the goods at the same price, like that of other industries.

Further since all the companies follow the same price, there is no such differentiation.

In case one of the companies, in our case company A if decreases the price then it will abruptly that is in no clear sequence will increase its sales, and the after effects will also include the decrease in prices by other remaining industries that is B, C and D.

4 0
3 years ago
Analyzing Unearned Revenue Disclosures
Elan Coil [88]
Oh god its too long!!
4 0
3 years ago
Old Camp Company manufactures awnings for its own line of tents. The company is currently operating at capacity and has received
Helen [10]

Answer:

It is more convenient to continue the production in house.

Explanation:

Giving the following information:

The company is currently operating at capacity and has received an offer from one of its suppliers to make the 12,000 awnings it needs for $25 each. Old Camp’s costs to make the awning are $12 in direct materials and $7 in direct labor. Variable manufacturing overhead is 70 percent of direct labor. If Old Camp accepts the offer, $42,000 of fixed manufacturing overhead currently being charged to the awnings will have to be absorbed by other product lines.

Make in house:

Variable costs= 12 + 7 + (7*0.70)= $23.9

Total variable costs= 23.9*12000= 286,800

Buy= 25*12,000= $300,000

It is more convenient to continue the production in house.

3 0
3 years ago
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