Based on the purchase details by the company, the correct journal entry to record the purchase on July 5 is c) Debit Merchandise Inventory $1,800; credit Accounts Payable $1,800.
<h3>Why is this the correct journal entry?</h3>
On July 5, the amount that was purchased was still $1,800. Nothing had been returned yet. The amount that will be debited to Merchandising as an asset will therefore be $1,800.
The Accounts Payable account will be credited the same amount to reflect that the company owes money for the purchase.
In conclusion, option C is correct.
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Answer:
Unearned revenues refer to cash received in advance of providing a service or product.
Explanation:
The unearned revenue is the amount i.e. collected in advance prior a service or the product is to be delivered. The same is to be shown as the liability on the balance sheet
So it is the cash received in advance before providing the service or product
Therefore the above statement represent an answer
Answer:
Explanation:
The journal entry is shown below:
Cash A/c Dr $2,200
To Service revenue $2,200
(Being cash is received)
Since the cash is received so we debited the cash account and credited the service revenue account as the service is completed which create an income for the business organization.
We do not write unearned service revenue as the amount is actually received from the customer
<span>The cognitive dissonance theory explains this. During cognitive dissonance one has a conflicting attitude or beliefs. Chuck had strong opinions about the tuition increase, which were probably negative. At the same time he had a more favorable attitude toward the tuition increase as a student representative. These two attitudes conflict with each other.</span>
Answer:
<u>Objective control.</u>
Explanation:
Some business objectives require the implementation of internal controls in their processes.
Objective control acts as cloud software that enables the company to monitor all activities, whether internal or external, with the added benefit of mitigating risk, ensuring compliance with required quality and legislative standards, lowering costs and broadening vision on real-time processes.
