Answer and Explanation:
The journal entries are shown below
Jan 10
Account receivable Dr $8,180
To Sales revenue $8,180
(being goods sold on credit)
Here account receivable is debited as it increased the assets and credited the sales revenue as it also increased the revenue
Feb 9
7% Promissory note Dr $8,180
To Account receivable $8,180
(Being note received is recorded)
Here Promissory note is debited and account receivable is credited
Answer:
a. Performance must be 99.9% of what was promised and no less.
Explanation:
If performance was 99.9% of what was promised, then it was basically fully performed. It is like saying I will finish this in 1 hour, but it took me 1 hour and 1 second to finish.
Substantial performance allows a party to receive payment even if they didn't fully complete the specific terms of a contract. In some states, a % is used to measure substantial performance and it ranges from 2-3% of costs remaining to fully complete a contract.
The substantial performance doctrine basically allows a small deficit on either party involved in a contract. It depends a lot on the good faith that the parties had on completing the work.
Employee's<span> and </span>candidates<span> are used interchangeably. But when talking with human resources recruiters, Employee's </span><span>are job seekers who have “applied” for your job opening. ... Out of an </span>employee<span> pool of 300, you might only identify 15 </span><span>candidates</span>
Answer:
- $1,590,790
- $300,000
- $165,000
Explanation:
1. The company performed services but did not record them. Those services were for 2021 and so should be counted in 2021's income statement.
= 1,425,790 + 165,000
= $1,590,790
2. Coaster Trucks received $300,000 even though they have not yet provided the services for it.
The Unearned revenue = $300,000
3. Coaster Company had performed services worth $165,000 that were neither billed nor paid for. When they record t, it will be owed to them so it will be an Account Receivable.
Accounts Receivable = $165,000
