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
hichkok12 [17]
3 years ago
12

On July 8, Compusoft receives $350,000 from a customer toward a cash sale of $1.00 million for customized computer equipment to

be completed on August 1. The remaining $650,000 payment is received upon delivery of the product on August 1. The equipment had a total production cost of $640,000. What journal entries should Compusoft record on July 8 and August 1?
Business
1 answer:
Montano1993 [528]3 years ago
6 0

Answer:

July 8th

cash 350,000

   unearned revenue   350,000

August 1st

unearned revenue 350,000

cash     650,000

   service revenue         1,000,000

Explanation:

July 8th we have to post for the cash received, the total amount of the sale, may change so we don't record that.

On August 1st the services were performed. We accrued revenue for the whole amount of the contract. We record the cash received and we write-off the unearned revenue because is no more.

You might be interested in
Which is NOT true regarding differences between goods and​ services? A. Services tend to have higher customer interaction than g
Blababa [14]

Answer:

E. None, i.e., all of the above are true.

Explanation:

A. Services tend to have higher customer interaction than goods.  

B. Most goods are common to many customers; services are often unique to the final customer. C. Services tend to have a more inconsistent product definition than goods.  

D. Tangible goods are generally produced and consumed simultaneously; services are not.

E. None, i.e., all of the above are true.

All of the above are true

7 0
3 years ago
Let’s assume that we are about to appraise a house using the cost approach. The home was originally constructed in the early 190
guajiro [1.7K]

Answer:

$290,000

Explanation:

We start with the cost of building a replica of the house:

building a new house:                 $350,000

plus highest and best use             $25,000

minus perceived value loss          ($20,000)

minus physical deterioration        ($50,000)

<u>minus building obsolescence       ($15,000)  </u>

appraised value                            $290,000

8 0
3 years ago
If a product costs £80 to manufacture and a 15% mark-up is added, the price at which the product will be sold is:​
Yanka [14]

Answer:

92£

Explanation:

80 * 1.15 = 92

3 0
3 years ago
John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions would e
Troyanec [42]
Here are some actions that would enable John to maximize his earning and earn more interest :

- By Selecting an account with high interest rates
Different banks usually used different interest rates. John need to carefully research it and choose the one with higher interest rate

- Leaving his money in the account for a long period of time

- Deposit a larger amount of money since the interest earning are dependent on the deposited amount
3 0
3 years ago
Read 2 more answers
Specific skills needed to accomplish specialized activities such as drafting and welding are known as ____ skills.
marshall27 [118]
Specialization like that is called as "technical" skills.
3 0
3 years ago
Other questions:
  • The competitive equilibrium rent in a standard two bedroom apartment in lawrence (a city) is $600. now suppose the city council
    7·1 answer
  • At the beginning of the month, the Painting Department of Skye Manufacturing had 24,000 units in inventory, 80% complete as to m
    11·1 answer
  • The law of __________ states that price and quantity supplied move in the same direction. A. supply B. economics C. capitalism D
    15·2 answers
  • Kenzi kayaking a manufacturer of kayaks began operations this year. During this first year the company produced 1075 kayaks and
    11·1 answer
  • You own a portfolio that is invested 35 percent in Stock X, 20 percent in Stock Y, and 45 percent in Stock Z. The expected retur
    15·1 answer
  • Kelly purchases a house from John. She borrows $75,000 from First City Bank that, along with her $25,000 down payment, equals th
    9·1 answer
  • Shawn approaches most aspects of life with the expectation that he will be successful. He expects a great deal of himself and se
    10·1 answer
  • Restraint of trade involves interfering with free<br> competition.<br> O<br> True<br> O False
    8·1 answer
  • When some countries increase their imports as a result of worldwide economic growth, other countries must be increasing their:__
    14·1 answer
  • 5 things that local business can do to end unemployment
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!