Answer:
$54,020
Explanation:
Total fixed costs = Fixed selling and administrative expenses
Total fixed costs = $54,020
Thus, the total fixed costs for the firm is $54,020
Answer:
The correct option will be option B.
Dr Accounts Receivable $100
Cr Service Revenue $100
Explanation:
The reason is that the service was delivered and the money was received at just after the service delivered (the same day). So there is no need to pass the entry which includes cash received against receivables because here the cash received is because we have delivered services no because of any amount receivable.
So the entry that must be passed:
Dr Cash $100
Cr Service Revenue $100
And what we have done is:
Dr Cash $100
Cr Accounts Receivables $100
The correct entry would be removal of the effect of decrease in receivable which must be increased and increase in revenue which has not been recognized.
So the entry is that will correct the books of accounts will be:
Dr Accounts Receivables $100
Cr Service Revenue $100
It is a false statement that a debit is always a negative entry under the double-entry system of accounting,
<h3>What is the double-entry system?</h3>
In accounting, this refers to the system for recording transactions based on recording increases and decreases in accounts so that debits equal credits.
Hence, the double-entry system requires that each transaction must be recorded in at least two different accounts.
Read more about double-entry system
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The entry to close the dividends account at the end of the year is: Debit cash $5,200 and Credit dividends $5,200
<h3>What is a dividend?</h3>
Dividend is a form of payment made by the company to its existing shareholders, usually as a distribution of profits. It is a portion of company's earnings during the period being returned to their investors.
Dividends are means of both profit distribution and incentives for the investor who keeps on investing in the company.
The entries for dividend accounts are :
Debit cash $5,200
Credit dividends $5,200
Hence, the entry to close the dividends account at the end of the year is: Debit cash $5,200 and Credit dividends $5,200
Learn more about dividend here : brainly.com/question/25845157
