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Virty [35]
3 years ago
11

On December 15, Jay Cleaning Co. agreed to provide Kay Co. with bimonthly cleaning services for its offices. The services will b

e billed to Kay Co. on the fifteenth of each month at a rate of $400. As of December 31, Jay Cleaning has provided its first cleaning of Kay's offices. The adjusting entry for Jay's Cleaning should include a
a. credit to Accounting Receivable for $400.
b. debit to Accounts Receivable for $200.
c. debit to Accounts Receivable for $400.
d. credit to Accounts Receivable for $200.
Business
2 answers:
ivann1987 [24]3 years ago
8 0

Answer:

B) debit to Accounts Receivable for $200.

Explanation:

Since Jay Cleaning has only performed half a month of cleaning, they can record an accounts receivable for half the months regular bill. The revenue recognition principle allows this, but generally it would be done because it is December 31 and the revenue account needs to be closed. If not, Jay should probably wait until the 15 of the following month before recording the total monthly bill.

The journal entry should be:

December 31, cleaning services performed at Kay Co.

Dr Accounts receivable 200

   Cr Sales revenue 200

Anna [14]3 years ago
3 0

Answer:

the correct answer is

b. debit to Accounts Receivable for $200.

good luck ❤

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Answer:

A. $6,400

B. $240

C. $1,000,000

D. $30,000

Explanation:

Requirement A, C, and D:

Prizes and awards are taxable income for a taxpayer. Any awards or prizes won from the lottery or television should be added to the income. Therefore, the Winning lottery is a taxable income for Kerry, $1,000,000. Again, Receiving the award for scientific research is also taxable income for Deborah, $30,000.

The winning award for accomplishments is also a taxable income. So, receiving a $6,400 worth gift bag is a taxable income for Cheline.

Requirement B:

There is an exception if the award is for tangible property and a long-years of accomplishment. At that time, the taxpayers will be excluded from some part of the necessary amounts to be paid as tax. If it is not a qualified award, the exclusion will be $400. If it is qualified, the tax exclusion is 1,600. Since Jon received a gold watch for 25 years of service and the gift is not qualified, he has to pay tax for $(660 - 400) = $240.

6 0
3 years ago
A company's Cash account shows an ending balance of $4,200. Reconciling items included a bookkeeper error of $50 (a $550 check r
hoa [83]

Answer:

Adjusted book balance will be $4258

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6 0
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The owners of Spokes Bicycle Shop worry that cash flow this winter may be insufficient to meet the current operating expenses. W
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Answer:

Short-term.

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3 years ago
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Based on the amount saved monthly and the simple interest earned in 3 years, the amount in savings would be<u> $1,055.10.</u>

The amount saved for the year would be:

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If this amount was saved at simple interest at 1.8% per year, the amount in 3 years would be:

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<em>Find out more on simple interest at brainly.com/question/2294792. </em>

7 0
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