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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)

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Answer:

FALSE

Explanation:

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<u><em>Know Your Strengths </em></u>

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Create a list of skills that you have, and then pick the strongest skills from that list. Consult your friends or family for an outer perspective. If you play by your strengths, you’ll enjoy a great professional life.

<u><em>Discover Your Personality Type </em></u>

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<u><em>Take a Career Test </em></u>

If you are confused deciding which career is right for you, you can also go for a career test. Typically, a career test presents you with a set of questions which you need to answer in the given time-frame. A career test is aimed at assessing your skills and strengths and then suggest a career that is a good match. Once you have finished answering all the questions, you’ll be provided with 2-3 career options that suit you best and promise a satisfying life.

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5 0
3 years ago
Read 2 more answers
Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $6.10 dividend every year, in perpetuity. If thi
Contact [7]

Answer:

7.56%

Explanation:

Calculation for the required return for Smiling Elephant

Using this formula

Required return =D/P0

Where,

D=$6.10

P0=$80.65

Let plug in the formula

Required return =$6.10/$80.65

Required return =0.0756×100

Required return =7.56%

Therefore the Required return for Smiling Elephant Inc will be 7.56%

5 0
3 years ago
Penny Smooth, a U.S. trade negotiator, is using which conflict resolution technique if she makes the following statement to the
otez555 [7]

Answer:

E) Superordinate goals

Explanation:

Superordinate goals refers to goals that in order to be achieved, require that opposing or confronting sides of a negotiation process start to work together. Penny must be able to break down barriers in order to encourage people on opposite sides to view each other as people wanting to work and a company trying to do business, instead of someone or some group that we just dislike. That is essential for overcoming the differences that exist between both groups.

3 0
3 years ago
When he finishes entering his transactions, Malcolm realizes that his balance is incorrect. Assuming that Malcolm had no beginni
yulyashka [42]

Incomplete question. The full question read;

Malcolm has several receipts from recent transactions that he entered into his records. The receipts include an ATM receipt for an $80.00 deposit, a grocery store receipt for $25.50, and a paycheck deposit slip for $650.00.

When he finishes entering his transactions, Malcolm realizes that his balance is incorrect. Assuming that Malcolm had no beginning balance, what should his correct balance be?

Answer:

<u>$704.50</u>

Explanation:

First, we need to note which transactions are credit transactions, and which is a debit transaction. <em>Remember</em>, a<u> credit transaction</u> basically means a transaction that brings money into your account, while the latter is a transaction that takes money out of your account.

Malcolm's credit transactions:

  • ATM receipt for an $80.00 deposit
  • paycheck deposit slip for $650.00

Total: <u>$730.</u>

Malcolm's debit transactions:

  • grocery store receipt for $25.50

Total: $25.50

Substracting total debit transactions from credit transactions, Malcolm's correct balance would be = $704.50 ($730-$25.50).

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3 years ago
Daveed is the warehouse supply manager for a privately owned auto parts distributor. It is his job to take inventory of the prod
vodomira [7]

This form of production that operates on supply and demand is the <u>market economy.</u>

<h3>Facts about the market economy </h3>
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  • Citizens are allowed to own the means of production.

The warehouse Daveed works in is privately owned and they seek supply based on the demand for their goods.

This is in conclusion, a market economy.

Find out more on the market economy at brainly.com/question/1659498.

7 0
2 years ago
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