1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
s344n2d4d5 [400]
3 years ago
8

On May 1, Sellers Marketing Company received $1,500 from Franco Marcelli for a marketing campaign effective from May 1 of the cu

rrent year to April 30 of the following year. The Cash receipt was recorded as unearned fees and at year-end on December 31, $1,000 of the fees had been earned. Assuming adjustments are only made at year-end, the adjusting entry on December 31 would be:
Business
1 answer:
GenaCL600 [577]3 years ago
8 0

Answer:

Date            Account titles and explanations              Debit      Credit

December 31              Unearned fees                             $1,000  

                                     Earned fees                                          $1,000

Explanation:

Revenue is only registered when it is undoubtedly received, because of the concept of income recognition. The sum of $1500 is unearned money, because it is merely a credit to deliver the service. $1000 will be registered as salaries at year-end, and the same amount will be deducted from unearned revenue.

You might be interested in
Suppose Capital One is advertising a 60​-month, 5.04 % APR motorcycle loan. If you need to borrow $ 8 comma 100 to purchase your
zhuklara [117]

Answer:

$153.01

Explanation:

For computing the monthly payment we need to apply the PMT formula i.e to be shown in the attachment

Given that,  

Present value = $8,100

Future value or Face value = $0

RATE =   60 months = 5 years × 12 months

NPER = 5.04% ÷ 12 months = 0.42%

The formula is shown below:  

= PMT(RATE;NPER;-PV;FV;type)  

The present value come in negative  

So, after applying the above formula, the monthly payment is $153.01

3 0
3 years ago
Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,
AveGali [126]

Answer:  Debit Notes Receivable          7,800  

Sales(to record sales)   7,800

Explanation:

When a customer signs a promissory note in exchange for commodity then the entry to record sales is recorded by debiting notes receivable.

here,  sales = $7,800 = Debit Notes Receivable  

The entry to record the sales transaction would be

Debit Notes Receivable          7,800  

Sales(to record sales)   7,800

3 0
3 years ago
When a company pays a dividend, it isn't as simple as getting a paycheck from one's employer. There are several critical dates i
PtichkaEL [24]

Answer:

Flagon Transcontinental Corp.'s board of directors announced that it will pay a $1 million dividend in three months on this date - Declaration Date  On the declaration date, the firm announces that it will pay dividends. If the company is large, it pays for a press release on a newspaper, or even, on TV.

Transcontinental Corp. actually sent the dividend checks to stockholders on this date - Payment Date.

Self-explanatory, this is the date on which checks are sent to shareholders who were recorded eligible for payment on the record-date.

Flagon Transcontinental Corp.'s board of directors declared that whoever is listed as the owner of the stock on this date will receive the dividend for this year - Holder-of-Record date.

Also known as the record date, on this date, the firm determines which shareholders will receive the dividend.

Transcontinental Corp.'s board of directors set this date as the date on which the right to the current dividend no longer accompanies the stock - Ex-Dividend Date.

On this date, the value of the next dividend payment is substracted from the stock price. The Ex-Dividend Date is usually the day before the Record-Date, because shareholders that were found uneligible for dividend payment are now the holders of ex-dividend stocks.

7 0
2 years ago
Mouse Inc. uses the alternative method of accounting for prepayments and purchased a $1,200, 6-month insurance policy. The compa
zysi [14]

Explanation:

The adjusting journal entry to record the given adjustment is shown below:

At the year-end

Insurance expense A/c Dr. A/c $800

       To Prepaid Insurance A/c $800

(Being insurance expense is recorded)

The computation is given below:

= Prepayment done for 6 months insurance policy - expired insurance

= $1,200 - $400

= $800

3 0
2 years ago
Which of the following information you may obtain from a client is the best example of qualitative information?A)Whether he has
Oksanka [162]

The amount of his monthly net cash flow  is the best example of qualitative information

The choice usefulness, decision model approach to accounting theory plays a significant supportive role in the utilization of qualitative traits or qualities required for information. The attributes that make the data supplied in financial statements valuable to users are referred to as qualitative qualities.

Fundamental qualitative traits that are desired in accounting information are produced by the demand for accounting information from investors, lenders, creditors, etc. Accounting information has six distinct qualitative traits.

To lean more about qualitative refer here:

brainly.com/question/28483241

#SPJ4

6 0
1 year ago
Other questions:
  • The World Bank is an example of a(n) ____, supported by industrialized nations, including the United States.
    7·2 answers
  • Describe how you would incorporate adult learning principles and methods of experiential learning from this course into the Maer
    14·1 answer
  • Jerry quarry sells building stone in a perfectly competitive market. At a its current level of building stone production, jerry
    5·1 answer
  • ValiantCorp is a C corporation that earned$ 3.90 per share before it paid any taxes. ValiantCorp retained​ $1 of after tax earni
    9·2 answers
  • Volleyball helps people reach their fitness goals by __________. A. using teamwork to win B. improving balance and agility C. im
    13·2 answers
  • A hypermarket is Multiple Choice a shopping mall anchored by four or more department stores such as Sears or Nordstrom. a form o
    10·1 answer
  • Explain why a positive attitude, high -esteem, and enthusiasm contribute to career success
    15·1 answer
  • Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing ch
    6·1 answer
  • A deductible of $500 requires ( select the correct answer )
    9·2 answers
  • Generally, the payment of an accelerated death benefit is _______ to a recipient if the benefit payment is qualified.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!