Answer:
B) debit to Accounts Receivable for $200.
Explanation:
Since Jefferson 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, Jefferson 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 Willis Co.
Dr Accounts receivable 200
Cr Sales revenue 200
Answer:
Journal entries
Explanation:
The journal entries are as follows
On July 1
Prepaid insurance Dr $12,400
To Cash $12,400
(Being the payment is recorded)
On December 31
Insurance expense Dr $3,100
To Prepaid insurance $3,100
(Being the insurance expense is recorded)
It is computed below:
= $12,400 × 6 months ÷ 24 months
= $3,100
Answer:
Answer is D. monthly living expenses (rent or mortgage, property tax, mortgage insurance, minimum credit card payments, and monthly loan payments)
Explanation:
Edge
Answer:
A. Will be the nine month period between August 15 and May 15; any time period longer than this will be long run for her.
