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Genrish500 [490]
3 years ago
15

Flyer Co. billed a client for flying lessons given in January. The payment was received in February. Under the accrual basis of

accounting, when should Flyer record the revenue?
Business
1 answer:
blondinia [14]3 years ago
7 0

Answer:

Under the accrual basis of accounting the Flyer should record the revenue in January.

Explanation:

Under accrual basis of reporting revenue or income is recorded when earned. For example in case of manufacturing companies sales are recorded when the product is delivered.

Revenue is recorded on basis of performance obligation. The company shall record revenue on satisfcation of his performance obligation. If the payment is not received the company can record revenue against receivable.

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Assume $1,000 is deposited in a checkable account by mr. y in bank
otez555 [7]
Hi there

1,000÷0.20
=5,000

5,000−1,000
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Hope it helps
4 0
3 years ago
The August current year bank statement for Allison Company and the August current year ledger account for cash follow:
Stels [109]

The August current year bank statement for Allison Company and the August current year ledger account for cash follow is

1. Deposits in transit as on August 31 are $5,400.

2. Outstanding checks are $280 and $460 amounting to a total of $740 (280+460).

3. Bank reconciliation statement-

Particulars Amount ($) Particulars Amount ($)

Balance as per cash account* 22,475 Balance as per bank account 20,235

Add: Interest collected 2,550 Add: Deposits in transit 5,400

25,025   25,635

Less: Bank service charge (130) Less: Outstanding checks (740)

Adjusted book balance 24,895 Adjusted bank balance 24,895

*Balance as per cash account = 16,470+11,800+4,450+6,900+5,400-185-860-280-460-750-260-19,750

= 22,475

4. Journal entries-

S.No. Accounts titles and Explanation Debit ($) Credit ($)

1. Cash 2,550  

 Interest received   2,550

(To record the interest collected)    

 

2. Bank service charges 130  

  Cash   130

(To record the bank service charges)    

5. Balance sheet  

Current assets  

Cash and cash Equivalent 24,895

In accounting, a well-known ledger is used to fill all of an agency's transactions. inside a general ledger, transactional data is organized into assets, liabilities, sales, fees, and proprietor's equity. After each sub-ledger has been closed out, the accountant prepares the trial stability.

Ledger wallets are USB storage devices that hold more than one currency offline. It shops your non-public keys on the tool, making it tough for online hackers to get admission to your bills. If the bodily tool is stolen, customers depend upon a 24-word backup recovery word to get the right of entry to saved cryptocurrencies.

Learn more about  ledger here brainly.com/question/1436327

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4 0
2 years ago
A man has $34,000 to invest. He invests some of the money at 5% and the balance at 4%. His total annual interest income is $1545
notka56 [123]

Answer:

Amount invested @ 5% = $18,500

Amount invested @ 4% = $34,000 - $18,500 = $15,500

Explanation:

Provided we have the following details,

Total investment = $34,000

Let amount invested @ 5% = x

Then, amount invested at 4% = $34,000 - x

Thus, (x \times 0.05) + (($34,000 - x) \times 0.04) = $1,545

0.05x + $1,360 - 0.04x = $1,545

0.01x = $1,545 - $1,360 = $185

x = $185/0.01 = $18,500

Thus, amount invested @ 5% = $18,500

Amount invested @ 4% = $34,000 - $18,500 = $15,500

7 0
3 years ago
Suppose that you prefer reading a book you already own to watching tv and that you prefer watching tv to listening to music. if
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<span>The opportunity cost of reading is watching TV.
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Opportunity cost alludes to an advantage that a person could have gotten, yet offered up, to make another course of move. Expressed in an unexpected way, an opportunity cost that shows an alternative given up when a choice is made. This cost is, accordingly, most significant for two totally unrelated occasions.
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3 years ago
Integrating research writing a paper and creating a presentation are examples of
baherus [9]
Homework if its on apex
6 0
3 years ago
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