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IgorLugansk [536]
3 years ago
15

Claremore Company received $7,000 as payment from Tulsa Company for a sale made on account in the previous month. Which of the f

ollowing is the journal entry the company should record? a. Cash 7,000 Accounts Receivable 7,000 b. Cash 7,000 Fees Earned 7,000 C. Accounts Receivable 7,000 Cash 7,000 d. Accounts Receivable 7,000 Fees Earned 7,000
Business
1 answer:
Inessa [10]3 years ago
7 0

Answer:

a. Cash 7,000 Accounts Receivable 7,000

Explanation:

As for the information provided, the payment is received for a sales made in last month, and thus entry at the time of sales shall be:

Accounts Receivables A/c Dr.  $7,000

                    To Sales                               $7,000

Therefore, when the amount is collected today it will increase cash by debiting cash for the same amount.

Further, balance of accounts receivables will be decreased by crediting such account.

Therefore, correct option is

a. Cash 7,000 Accounts Receivable 7,000

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When museums charge a lower admission fee to students and senior citizens, this form of price discrimination is known as _______
AVprozaik [17]

Segmented pricing is a situation, when seller or a company establishes different prices (two or more), for one the same product.

Price segmentation, to put it simply, is the process of differentiating pricing based on willingness to pay. It is motivated by the reality that customers' price sensitivity might differ greatly from one another, from one product to another, and throughout all the environments in which they use your product.

With price segmentation, you may set different prices for various consumer types according to their willingness and ability to pay. Price segmentation allows you to profit more from consumers who spend the most and less from those who pay the least.

Learn more about Price segmentation here

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3 0
1 year ago
Isabel Lopez from Lewiston, Idaho, who is 19 years old, recently received an inheritance of $54,000 from her grandmother's estat
Zielflug [23.3K]

Answer:

She will have $16,772.59 more in the second investment.

Explanation:

Giving the following information:

Recently she received an inheritance of $54,000 from her grandmother's estate. She plans to use the money for the down payment on a home in ten years when she finishes her education.

We need to use the following formula:

FV= PV*(1+i)^n

First savings account:

FV= 54,000*(1+0.04)^10= $79,933.19

Second investment:

FV= 54,000*(1+0.06)^10= $96,705.78

She will have (96,705.78 - 79,933.19) $16,772.59 more in the second investment.

3 0
3 years ago
Incorporators are required to sign the charter, deliver it to the proper state officials, and purchase a certain percentage of t
alex41 [277]

The statement " Incorporators are required to sign the charter, deliver it to the proper state officials, and purchase a certain percentage of the initial stock offering " is FALSE.

Explanation:

Incorporation of a business means making a company officially known by the company's sole property or general partner. If a company forms, it becomes a legal structure separating the individuals who founded the company.

Even though a company does not have a office there, the company must always have a registered agent within the state of incorporation.

Incorporation provides shareholders with immunity from personal liability for the company's debts.

8 0
3 years ago
Why do girls on the phone act like they like u then call u desperate or say they don't like u
KiRa [710]

Answer:

mom what do you mean by this like what

5 0
3 years ago
Read 2 more answers
A proximity sensor attached to the tip of an endoscope could reduce risks during eye surgery by alerting surgeons to the locatio
lilavasa [31]

Answer:

He could afford to spend $133,411 for the device now.

Explanation:

The maximum the surgeon could afford for the device is equal to the sum of present value of the lawsuit costs that he can avoid in year 2 and year 5 which is:

+ Year 2: 600,000 * %out-of-pocket cost for the law suit = 600,000 * 10% = $60,000;

+ Year 5: 1,350,000 * %out-of-pocket cost for the law suit = 1,350,000 * 10% = $135,000.

=> The amount he can afford for the device = 60,000 / 1.1^2 + 135,000 / 1.1^5 = $133,411.

So, the answer is $133,411.

7 0
4 years ago
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