Turkey Corp. provides services to customers on account for $3,000. Recording this transaction will include a __________.

Business

1 answer:

Luden [163]2 years ago

8 0

Answer:

e) Credit to Revenue

Explanation:

The services provided to customers will be an increase of revenue and an increase in revenues is a credit transaction.

Since the question does not mention that the services were billed therefore the accounts receivable will not be increased till it is billed and thus option a) is not applicable.

The other options are not relevant since there is no cash collection involved, and no liabilities involved.

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<h3>Importance of company policy for decision making</h3>

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Therefore, each rule must be clearly exposed to stakeholders, and each issue related to financial transactions exposed in pre-established legal documents, in order to be a protection for the organization and for the clients.

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2 years ago

At Creighton Company, the following errors were discovered after the transactions had been journalized and posted.1. A collectio

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Answer:

The correction entries shall be as follows,

1. Service Revenue Dr. $ 920

Customer Account Cr. $ 920

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Explanation:

1. The service revenue account was overstated and customer account understated. therefore by debiting service revenue and by crediting customer account, both have been restated at their actual position.

2. The accounts payable was overstated by $ 340 (1,180-1520).it is rectified by debiting with $ 340. Whereas the supplies account was wrongly debited therefore that impact of $1,520 reversed and actual store purchases debited with actual amount of $1,180

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How can you tell if you linked a account on your Xbox?

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Answer:

if you get random payments like games or other things u didn't pay for

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You have $12,500 you want to invest for the next 30 years. You are offered an investment plan that will pay you 7 percent per ye

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Answer:

Balance after 30 years = $151,018.50

Explanation:

In order to calculate this, we will calculate the future value on an amount invested, gaining interest over the years of investment, and this is given by:

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