How does bankruptcy affect a persons credit rating

On July 1, 2022, Cullumber Co. pays $ 22,400 to Pharoah Insurance Co. for a 4-year insurance contract. Both companies have fisca

Brrunno [24]

Journal Entries in the books of Pharoah Insurance Co are as follows:

Date Account Titles and Explanation Debit Credit

July 1, 2022 Cash $22,400

Unearned Service Revenue $22,400

To record the receipt of payment for insurance contract for 4 years.

Date Account Titles and Explanation Debit Credit

December 31, 2022 Unearned Service Revenue $2,800

Service Revenue $2,800

To record the service revenue earned from July 1, 2022 to December 31, 2022.

Data Analysis:

July 1, 2022 Cash $22,400 Unearned Service Revenue $22,400

December 31, 2022 Unearned Service Revenue $2,800 Service Revenue $2,800 ($22,400 x 6/48)

Thus, only $2,800 is credited to the Service Revenue account for the year ended December 31, 2022.

Learn more on adjusting Unearned Service Revenue at brainly.com/question/14783594

3 0

3 years ago

does mcdonald's franshicd have the same menu as McDonald’s? Like if deal happened with McDonald’s will the franchise serve the s

givi [52]

Answer:

Yes, the menu served at any McDonald's franchise will be exactly what you'd find in any other McDonald's outlet, franchise or not.

Explanation:

When businesses such as fast-food companies want to expand, one of the strategies available to them is the use of a Franchise method.

This involves permitting another company or individual to use its brand, intellectual properties, business system, and any other rights or properties of the parent company to trade in exchange for an initial fee as well as royalties whose sum is agreed by both parties.

The original company is usually called the franchisor and the new entrant the franchisee.

For this type of strategy to work, the franchisor must already have a strong brand, a tested business operating system that works and one that is easily replicable or scalable.

A franchise is not a franchise if it's services or operations differ from that of the parent company. So, whether it is the Franchisor or the Franchisee, the system, products, and services must look and feel the same everywhere one goes.

Cheers

5 0

3 years ago

Dream Homes is an appliance store. It recently launched its own brand of freezers in order to build customer loyalty. The store

alexdok [17]

The Pricing strategy which Dream Homes implemented is known as Price lining (Option A) which categorized the prices accordingly with the financial soundness of the customers.

Explanation:

The demand for more goods always plays a vital role in ensuring good sales. The likes of the customers towards particular products depend upon the nature of unique features and its fine quality. By capturing the pulse of the purchasing power of the customers, the business ventures fixed the prices according to the level of economical weaker sections, middle, and high-income groups.

In this case, Dream Homes fix the price of freezers by measuring the ability of customers' to buy them without compromising with the customers requirements. Dream Homes uses the price lining method to gain customers' reputation by selling the products accordingly with their status of income level.

5 0

3 years ago

Imagine that your country takes in $100 million each year in tax money but chooses to spend $500 million on various services it

soldi70 [24.7K]

Option B Expansionary stance

6 0

3 years ago

Just before the close of its fiscal year, a city government issues $2 million of bonds to finance the acquisition of capital ass

-BARSIC- [3]

Answer:

Dr Other financing sources and uses - bonds issued 2,000,000

Cr Bonds payable - 2,000,000

Explanation:

The other financing sources and uses account includes all the transactions involving non-operating revenues/receipts and expenditures/disbursements, e.g. issuance of bonds.

Since the bonds were issued and the money was received, the city government must record the liability.

4 0

3 years ago