The direct write-off method violates the <u>matching principal</u>, which says that revenues and expenses are recorded in period that they occur (not necessarily when they are collected/written off).
Answer:
loss on fire and storms 710,000
insurance expense zero as the firm didn't acquire any
Explanation:
Notice it state <u><em>"if the company were to obtain insurance"</em></u> Which means it currently has none insurance.
If the firm had an insurance the amount of losses would be deducted from the insurance policy but there is none so we disclosure the entire loss as a result of the period.
Hence, we should recognize the entire loss on fire and storm damage of 710,000 during the year and no insurance expense.
Answer:
C. NGOs
Explanation:
NGO is the acronym for Non-governmental organization and it is mainly a non-criminal, non-profit, voluntarily inclined groups which is independent of governmental influence and policies.
They are organized on community or local, national and international levels to attend to social issues or political purposes.
Hence, the independent national committees in 36 countries that rely on private funding are NGOs.
Answer:
The answer is:
Dr Unearned Service Revenue 4,800
Cr Service Revenue 4,800
Explanation:
Since Laferty completed 60% of the landscape plan during this year, they should record $4,800 as earned revenue ($8,000 x 60%), while the remaining $3,200 should stay as unearned revenue. The journal entries should be as follows:
Dr Unearned Service Revenue 4,800
Cr Service Revenue 4,800
Answer:
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