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Nezavi [6.7K]
4 years ago
10

Journalizing reversing entries

Business
1 answer:
Anna11 [10]4 years ago
5 0

Answer:

                                         Dr.          Cr.

Adjusting Entry

December 31

Account Receivable     $8,500

Revenue                                       $8,500

Reversing Entry

January 1

Revenue                        $8,500

Account Receivable                     $8,500

Cash Receipt

January 15

Cash                               $14,500

Revenue                                        $14,500

Explanation:

On December 31 the accrued revenue is recording to comply with the accrual principle by debiting account receivable and crediting revenue account.

A reverse entry of accrued revenue was made on January 1 to eliminate its effect. it does not mean that company has negative revenue it is made to adjust the the cash receipt event of the transaction when its effect will be nil by a credit entry with.

Cash received on January 15 is recorded against the revenue.

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For a bank, when a person deposits money into the bank, this: a creates a liability and an asset for the bank. b creates a liabi
Blizzard [7]

Answer:

The answer is A.

Explanation:

Bank deposits from customers create both a liability and an asset for the bank.

1. As a liability: The deposit is the customer's money. The bank is keeping the money for the customer. The customer can withdraw the fund any time.

2. As an asset: The money deposited by the customer can be used by the bank to generate revenue pending when the customer withdraws the money. The money not yet withdrawn by customers is still in the possession of the bank and the bank controls it.

8 0
3 years ago
By comparing subsidiary accounts to schedules of accounts payable, an
Stolb23 [73]

A comparison of the subsidiary accounts to the schedules of accounts payable will help the accountant to <u>A. prove the accounts payable accounts at the end of a period.</u>

<h3>What is a Subsidiary Account?</h3>

A subsidiary account tracks the information of certain transactions in detail. Some of the most important subsidiary accounts include accounts receivable and accounts payable.

Thus, by comparing the subsidiary accounts to the schedules of accounts payable, an accountant proves the existence and completeness of the accounts payable balance at the end of a period.

Learn more about subsidiary accounts here: brainly.com/question/4656883

6 0
3 years ago
Suppose that the total revenue received by a company selling basketballs is $600 when the price is set at $15 per basketball and
SVETLANKA909090 [29]
I think the answer is <span>unit-elastic over this price range.  This happens  when a company earns the same revenue even with some slight changes on the prices. It means that slight increase or even decrease in price does not affect the revenue of the company.</span>
6 0
3 years ago
True or false Five out of seven members of the Board of Cosmetology must have been licensed cosmetologists for at least five yea
sertanlavr [38]

Five members of the board must hold valid cosmetology licenses and shall have been working as cosmetologists for at least five years in this state. This statement is TRUE.

  • A seven-member Board of Cosmetology is established inside the department. Its members will be selected by the governor and confirmed by the Senate, and its job will be to carry out the terms of this act.
  • The rest of the unexpired terms on the board may be filled by the Governor at any time.
  • Each appointee must take the constitutional oath of office and submit it to the Department of State before beginning their duties as board members.
  • The board will choose a chair and vice chair from among its members in the month of January.
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To know more about Cosmetology refer:

brainly.com/question/14069988

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5 0
1 year ago
What is a foreign country that is currently being impacted financially due to the Coronavirus
Westkost [7]

Answer:

Macau

Explanation:

First, we need to understand that all countries are impacted financially due to the corona virus. It's predicted that Corona Virus will cause a loss of around $2.7 trillion in Global Economy.

That being said, some countries are impacted more than the others.

Especially those who rely on tourism and hospitality as their main economy. Macau is probably the one that got the hardest hit. Not only this country is located near China (where the virus originally came from) , tourism and hospitality accounted for around 43% of Macau's economy. Basically half of its  economic activity shut down due to the virus.

6 0
3 years ago
Read 2 more answers
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