The entry that Lane will make to record the receipt of cash will include a credit to the: a. Accounts Receivable.
<h3>What is Accounts Receivable?</h3>
Accounts Receivable can be defined as the amount a company is expected to receive from their clients or customers for the goods and service they rendered to their clients.
Based on the information given the appropriate journal entry to record the transactions is:
Debit Cash
Credit Account receivable
(To record the receipt of cash)
Inconclusion the entry that Lane will make to record the receipt of cash will include a credit to the: a. Accounts Receivable.
Learn more about account receivable here:brainly.com/question/24848903
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Answer:
see below
Explanation:
Fixed assets are valuable items that cannot be converted into cash quickly. They are assets not meant for sale or consumption up in the current financial year.
Fixed assets are tangible or physical assets used by businesses in the productions or provision of services. They provide long term financial benefits to a business. Fixed assets have a useful life of more than one year. Land, buildings, motor vehicles, plant, and equipment are examples of fixed assets.
Answer:
hi
Explanation:
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Answer:
Mary filed her claim, but it was denied so she was right to take the casualty loss on 2013. Now in 2014 she has to include as gross income the tax benefit she received. In order to calculate that, we have to use the $100 and 10% of AGI Floors $8,000 (loss on the ring)-$100 (deduction floor)- $4,000 (10% AGI Floor) = $3,900 that she must report as income on her 2014 gross income.
Explanation:
Section 7-3b on page 7-9 of the text tells us that "If there is a theft loss which is computed like other casualty losses expect that the timing is when the loss is discovered instead of when it happens. Because you might not discover someone embezzled for years you can still recognize the loss when you do discover it.
