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Fantom [35]
3 years ago
7

Brief Exercise 229 On January 1, the Biddle & Biddle, CPAs received a $7,500 cash retainer for accounting services to be pro

vided rateably over the next 3 months. The full amount was recorded to the liability account Unearned Service Revenue. Assuming that the revenue is recognized rateably over the 3 month period, what adjustment should be made at January 31?
Business
1 answer:
Gnoma [55]3 years ago
5 0

Answer:

                                                   Debit                  Credit

Unearned revenue                    $2,500

($7,500/3)

Revenue                                                                $2,500

Explanation:

The following adjusting entry shall be recorded in the accounts of the Biddle and Biddle, on January 31, in respect of revenue earned by it from accounting services:

                                                   Debit                  Credit

Unearned revenue                    $2,500

($7,500/3)

Revenue                                                                $2,500

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3 years ago
According to Malthus, a fixed quantity of land and a growing human population will eventually produce: a stationary state in whi
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Answer:

B. A stationary state in which growth will cease.

Explanation:

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7 0
3 years ago
Read 2 more answers
During a one-month promotional campaign, tiger films gave either a free dvd rental or a 12-serving box of microwave popcorn to n
Marrrta [24]

Answer:

The answer is

<u>Free Rental given = r = 38 </u>

<u>Box of popcorn given = b = 29 </u>

<u></u>

Explanation:

Let ,

Free Rental given = r

Box of popcorn given = b

Given  that,

Cost of Free Rental = $1

Cost of Box of popcorn = $2

Total Cost of incentive = $96

Total incentives given = 67  

Free Rental given+Box of popcorn given = Total incentives given

r+b=67

r=67-b...........(1)  

(Free Rental given) x (Cost of Free Rental) + (Box of popcorn given) x (Cost of Box of popcorn) = Total Cost of incentive

(r x 1) + (b x 2) = 96

r + 2b = 96............(2)  

Put the value of r in (2) from (1)

r+2b=86............(2)

67-b+2b = 96

67+b = 96

b = 96-67

b = 29

Put the value of b in (1)

r = 67-b...........(1)

r = 67-29

r = 38  

Free Rental given = r = 38

Box of popcorn given = b = 29  

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