1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Lady bird [3.3K]
3 years ago
9

Gaur sells Jensen equipment under an arrangement whereby Gaur delivers the equipment on January 1, 2021 and receives payment on

June 30, 2022. When delivery of the equipment occurs, Gaur will record a journal entry that includes:
A. Debit to discount on notes receivable.
B. Credit to sales revenue.
C. Debit to cash
D. Credit to notes receivable
Business
1 answer:
S_A_V [24]3 years ago
5 0

Answer:

B. Credit to sales revenue

Explanation:

As per revenue recognition principle, revenue should be recognized when it is earned and not when cash is received.

As per accrual basis of accounting, revenue is to be recognized when the ownership of the goods has been passed by the seller to the buyer and there is reasonable assurance that payment would be received.

When a sale is effected and goods are delivered with reasonable certainty that payment would be received, following journal entry is recorded:

Accounts Receivable A/C                                Dr.

     To Sales Revenue

(Being equipment sold recorded)

You might be interested in
The market demand for wheat is Q = 100 − 2p + 1pb + 2Y . If the price of wheat, p, is $2, and the price of barley, pb, is $3, an
stira [4]

Answer:

0.95

Explanation:

Given that,

Market demand for wheat: Q = 100 − 2p + 1pb + 2Y

price of wheat, p = $2

price of barley, pb = $3

Income, Y = $1000

Q = 100 − 2p + 1pb + 2Y

   = 100 - (2 × 2) + (1 × 3) + (2 × 1,000)

   = 100 - 4 + 3 + 2,000

   = 2,099

Differentiating Q with respect to Y,

dQ/dY = 2

Income elasticity of wheat:

= (dQ/dY) × (Y ÷ Q)

= 2 × (1,000 ÷ 2,099)

= 0.95

4 0
3 years ago
On January 2, The Public Legal Clinic issued Check 2108 for $370 to establish a petty cash fund. Indicate how this transaction w
denis23 [38]

To create the petty cash fund, make the following journal entry: debit Petty cash fund account ($430), credit cash account ($430).

<h3>What is petty cash fund?</h3>

A petty cash fund's main objective is to give business units enough money to pay for small expenses. The purpose is to make it easier for staff workers and visitors to get reimbursed for little expenses like taxi rides, postage, office supplies, and other things that often don't cost more than $25.00.

The data can also come from of the petty cash fund. Add up all of the expenses that are mentioned on each petty cash vouchers in the petty cash fund. This sum should be deducted from the calculated cash withdrawal amount. The outcome ought to be 0. There is an excess of cash in the fund if there is a residual balance.

To know more about petty cash fund, visit:

brainly.com/question/29671797

#SPJ1

6 0
1 year ago
Joan, is a jewelry designer who had created a unique new jewelry piece called a neacklet. It can be either a necklace or a brace
patriot [66]

Answer and explanation:

In Joan's case, a general partnership will provide her control over her business that will be shared with the older gentleman who owns a jewelry store. Profits would be distributed evenly regardless of the contribution of each partner in the business. However, the older gentleman has offered Joan the chance of purchasing his share later on which would provide her the total control of the business and the patent of her creation.

The other option Joan has available is purchasing a franchise. This will allow Joan to avoid the initial costs of introducing her products to the market and the risks of not having enough consumers since her brand name is new. Though she will lose access to the patent of her creation and periodically Joan will need to pay NewJewelry a fee for using its name.

Therefore, <em>as Joan prefers to have control over her designs, it would be more convenient for her to choose the general partnership.</em>

6 0
3 years ago
Review the scenario:
ankoles [38]

Answer:

w4

Explanation:

because its w4 because it explains its his first day on the job

4 0
3 years ago
Read 2 more answers
when sending a claim to the insurance company for services provided by the physician why are both ICD-10 and CPT codes required
SSSSS [86.1K]

When a patient receives services from a licensed doctors, these services are recorded and assigned codes by the medical coder. ICD codes are used for diagnoses, while CPT codes are used for various treatments. The summary of these services, through these code sets, make up the bill. Medical Claim Billings are rejected when Diagnostic code (ICD-10 code) and procedure code (CPT code) are missing, not complete, or do not match to the treatment given by the physician.

8 0
3 years ago
Other questions:
  • Cathy’s apartment was broken into and her two-year-old sound system was taken. Cathy had paid $1,400 for the system, but it will
    9·1 answer
  • The Peridot Company purchased machinery on January 2, 2016, for $800,000. A five-year life was estimated and no residual value w
    14·1 answer
  • At what point does buying in bulk stop being a wise spending choice
    9·2 answers
  • A storeowner orders 25 calculators that cost ​$33 each. The storeowner can sell each calculator for ​$45. The storeowner sold 22
    6·1 answer
  • The menu in a franchise restaurant differs from that of an independently owned restaurant in which of the following ways
    5·1 answer
  • The general ledger of Red Storm Cleaners has the following summary of the transactions for the year:
    9·1 answer
  • Ryan is going to rent a truck for one day. There are two companies he can choose from, and they have the following prices. Compa
    13·1 answer
  • Hall Co.’s allowance for credit losses had a credit balance of $24,000 at December 31, Year 1. During Year 2, Hall wrote off unc
    7·2 answers
  • Recently, the owner of Martha's Wares encountered severe legal problems and is trying to sell her business. The company built a
    14·1 answer
  • On June 13, the board of directors of Siewert Inc. declared a 2-for-1 stock split on its 20 million, $5.00 par, common shares, t
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!