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svlad2 [7]
3 years ago
11

Silvia's Studio provided $200 of dance instruction and rented out its dance studio to the same client for another $125. The clie

nt paid cash immediately. Identify the general journal entry below that Silvia’s Studio will make to record the transaction.
Business
2 answers:
guapka [62]3 years ago
8 0

Answer:

The general journal entry to be made is:

Dr  Cash($200+$125)                                $325

Cr Revenue from services provided                      $200

Cr Revenue from rental services                            $125

Explanation:

The sales revenue is made up of dance and rental services which implies that the account for each is credited with $200 and $125 respectively as increase in income naturally is credited to revenue.

On other hand the receipt of cash of $200 as well as $125 which sums up to $325 implies that cash has increased by the same amount, since cash is an asset an increase in asset has a debit entry, that justifies the reason for debiting cash account with $325

love history [14]3 years ago
6 0

Answer:

Debit Cash account $325

Credit Service revenue $200

Credit  rental revenue $125

Being entries to recognize revenue earned from the provision of dance instructions and rent of studio.

Explanation:

The dance instruction provided is a stream of revenue while the studio rented out is another stream.

When a service is rendered or goods are delivered and the revenue recognition criteria are met, the entries required are

Debit Cash/Accounts receivable

Credit Revenue

Total amount of cash received = $200 + $125

= $325

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3 years ago
Explain how the government is both a consumer and a producer and give one example of th
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3 years ago
Thomas Book Sales, Inc., supplies textbooks to college and university bookstores. The books are shipped with a proviso that they
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Answer:

The following summarizes the solution to the given problem.

Explanation:

The given values are:

Sales,

= $660,000

Expenses,

= $255,453

Received cash revenues,

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(a)

According to the accrual, profits would be acknowledged and therefore not necessarily received on the occasion of purchase.

⇒ Net \ income=Sales-Expense

On substituting the given values, we get

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(b)

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On substituting the given values, we get

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(c)

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At Sunland Company, events and transactions during 2020 included the following. The tax rate for all items is 20%. (1) Depreciat
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Answer:

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20% of the loss =

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