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tangare [24]
3 years ago
6

Mary signed up and paid $600 for a 6 month ceramics course on June 1st with Choplet Ceramics. As of August 1st, Choplet’s accoun

ting records would indicate: Multiple Choice $200 of revenue, $400 of deferred revenue $400 of revenue, $200 of accounts receivable $600 of revenue, $600 of cash
Business
1 answer:
inessss [21]3 years ago
4 0

Answer:

$200 of revenue, $400 of deferred revenue

Explanation:

The journal entry to record the entry on August 1 is shown below:

Unearned revenue A/c Dr $200

         To Revenue $200

(Being the two-month revenue is recorded)

The computation is shown below:

= Six-month revenue × number of months ÷ total number of months

= $600 × 2 months ÷ 6 months  

= $200

The two months is calculated from June 1 to August 1  

The remaining balance would be transferred to the deferred revenue account

= $600 - $200

= $400

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3 years ago
On the last day of October, Wicker Company borrows $120,000 on a bank note due in 90 days (3 months) at %11 percent. Interest is
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Answer:

interest expense 3,000 debit

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3 years ago
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3 years ago
On July 1, Stan, a steel manufacturer, telephoned Byron and offered to sell Byron six carloads of steel at $600 a ton. Byron sai
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<u>Explanation:</u>

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Here only the offer is made and it is not yet accepted by Byron. here Stan has revoked the offer through letter so the revoke has been communicated to the other party through letter. So in this case there is no breach of contract as the contract was clearly revoked by Stan through his letter.

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3 years ago
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