Answer:
a. Account receivable and sales are understated.
Adjusting entry :
Accounts Receivable (Dr.) $21,000
Sales Revenue (Cr.) $21,000
b. Interest receivable is understated.
Adjusting Entry :
Interest Receivable (Dr.) $470
Interest Earned (Cr.) $470
c. Account receivable and sales are understated.
Adjusting entry :
Accounts Receivable (Dr.) $1,460
Sales Revenue (Cr.) $1,460
Explanation:
Adjusting entries will be created for the transactions that are not properly recorded or either completely not recorded. In the given case the customer is not billed for the services rendered. This has an impact on the asset account of the company because account receivable are understated.
Answer:
The answer is: decrease government spending or increase tax rates.
Explanation:
Nominal GDP is currently $170 billions (= $100 billions + $40 billions + $20 billions + $10 billions).
Since full employment GDP = $120 billions, the nominal GDP is much higher ($170 billions > $120 billions). So the government must try to cool the economy and the two main ways it can do it is by reducing government spending or by raising taxes which will lower private consumption.
It implies that you don't have to give up on your unachievable objectives or lofty aspirations. You should have big dreams. You must go to work.
<h3>What exactly does it mean to "construct castles in the air"?</h3>
ideas with an extremely slim possibility of success. Your effort need not be lost if you have constructed castles in the sky; that is where they belong. Place foundations beneath them now. Henry David Thoreau, to wit. These statements have a powerful impact on both young adults looking for their place in the world and adults who have found their position but are unsure of what to do next.
<h3>Why shouldn't we erect castles in the sky?</h3>
Complete Resolution. The right response, which is dream, is option 3. Build castles in the air is a slang expression for making unattainable, impractical, or very improbable goals or dreams.
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Answer:
A
cash 15,000 debit
accounts receivable 15,000 credit
B
cash 150 debit
gift card liaiblity 150 credit
C
accounts receivable 4,000 debit
services revenue 4,000 credit
D
cash 2,250 debit
unearned revenue 2,250 credit
E
accounts receivable 125 debit
service revenues 125 credit
Explanation:
A
we increase cash and decrease the customers accounts
B
we record the cash proceeds and use a liability for the obligation in the near future to provide services to a customer
C
we recognize the revenue and increase our accounts receivable
D
as the colleciton is in advance the revenue is not earned. this is a liability as we now have the obligation to perform services in the near future
E
we must match the revenue whn the time it occurs and that time was february not march.
