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RoseWind [281]
3 years ago
7

On November 15, Paulson Painting received a $6,000 cash payment from Apex Inc. in exchange for painting services to be provided

in December. When posting the journal entries related to this payment, Paulson's accountant debits the Cash account for $6,000 and credits Service Revenue for $6,000. Which of the following statements best describes the results of this posting?
a. In Paulson's general ledger, the ending balances for both the Cash account and the Service Revenue account will be correct.
b. In Paulson's general ledger, the ending balance for the Cash account will be too low, the ending balance for the Service Revenue account will be too low, and the ending balance for the Unearned Service Revenue account will be too high
c. In Paulson's general ledger, the ending balance for the Cash account will be correct. However, the ending balance for the Service Revenue account will be too high and the ending balance for the Unearned Service Revenue account will be too low
d. In Paulson's general ledger, the ending balances for the Cash and Service Revenue accounts will be too high. However, the ending balance for the Unearned Service Revenue account will be too low.
Business
1 answer:
ahrayia [7]3 years ago
5 0

Answer:

c. In Paulson's general ledger, the ending balance for the Cash account will be correct. However, the ending balance for the Service Revenue account will be too high and the ending balance for the Unearned Service Revenue account will be too low

Explanation:

Around 15th November, Paulson Painting endured a $6,000 cash amount from Apex Inc. in replacement for painting services to be rendered in the month of December. While posting the journal insertions correlated to this amount, Paulson's controller debits the Cash statement for $6,000 as well as charges Service Revenue toward $6,000. The statement which best describes the results of this posting is that, <u>in Paulson's general ledger, the ending balance for the Cash account will be accurate. Nevertheless, the ending balance regarding the Service Revenue account will remain extremely high as well as the ending balance for the Unearned Service Revenue account will remain extremely low.</u>

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Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. There are no offers on
Luba_88 [7]

Answer:

<em>Confidentiality duty to Kim has been violated by Greg</em>.

Explanation:

Remember Greg is acting as agent or real estate agent to Kim.

According to law he owed a duty of confidentiality to Kim which involves not disclosing any information of benefit which he may have gotten from his client (Kim) to third parties (buyers) without permission from Kim.

Therefore, Greg was not suppose to mention that Kim would have accepted less for her home.

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2 years ago
Required information Exercise 6-9A Record transactions using a perpetual system (LO6-5) Skip to question [The following informat
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Answer:

Littleton Books

Journal Entries:

May 2 Debit Inventory $3,300

          Credit Accounts Payable (Readers Wholesale) $3,300

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          Credit Cash Account $200

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May 5 Debit Accounts Payable (Readers Wholesale) $400

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National defense is a good that is nonexcludable and nonrival in consumption. Suppose that instead of national defense being pai
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Explanation:

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Steve sells his home to Srivani and ends up with a producer surplus of $100,000. Srivani has a consumer surplus of $1,000 from t
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Answer:

Both parties experience surplus, but there is inequity because Steve has a much larger producer surplus

Explanation:

The options to this question wasn't provided. Here are the options : Both parties experience surplus, but there is inequity because Steve has a much larger producer surplus. Both parties experience surplus, so the transaction was equitable. Only Steve benefits from the sale. Srivani will not be happy with her purchase.

Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.

Producer surplus is the difference between the price of a good and the least amount the seller is willing to sell his good.

While both parties earn a surplus, the producer surplus exceeds the consumer surplus . Therefore, the seller benefited more from the trade than the consumer.

I hope my answer helps you

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Answer:

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