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Savatey [412]
3 years ago
14

Which of the following is not considered to be a liability? Answers: a. Wages Payable b. Unearned Revenues c. Accounts Payable d

. Accounts Receivable
Business
1 answer:
Verdich [7]3 years ago
4 0

Answer:

d. Accounts Receivable.

Explanation:

In Financial accounting, liability can be defined as the amount of money being owed by an individual or organization to another.

Simply stated, liability is a debt being owed and as such it usually has "payable" in its account title on the balance sheet.

Generally, liabilities are recorded on the right side of the balance sheet and it comprises of financial informations such as warranties, bonds, loans, deferred revenues, mortgages, account payable etc.

Accounts Receivable is not considered to be a liability because it is the payment a business firm would receive from its customers for goods purchased or services taken on credit. Accounts Receivable are recorded in the current assets section of the balance sheet because they add value to a business firm.

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REM Real Estate received a check for $27,000 on July 1 which represents a 6 month advance payment of rent on a building it rents
vovikov84 [41]

Answer:

Debit  Unearned Rent Revenue $4,500

Credit Rent revenue                    $4,500

Explanation:

Amount received in advance is recorded as a debit to cash account and a credit to deferred or unearned revenue. When revenue is earned, the amount earned is credited to revenue and debited to the deferred revenue account.

As such, where REM Real Estate received a check for $27,000 on July 1 which represents a 6 month advance payment of rent on a building, initial entries required are

Debit  cash account $27,000

Credit  Unearned Rent Revenue  $27,000

when financial statements are prepared for July 31, one month revenue would have been earned. This is equivalent to

= 1/6 × $27,000 = $4,500

Adjusting entries required

Debit  Unearned Rent Revenue $4,500

Credit Rent revenue                    $4,500

7 0
3 years ago
The government should extend the duration of unemployment benefits to those workers who lost their jobs due to outsourcing. This
kvv77 [185]

This is a value assessment in the form of a subjective statement. According to this viewpoint, the period of jobless benefits should be increased. It cannot be verified by the evidence at hand. Therefore, it is a declaration of norm. In the case of a positive assertion, the statement is factual and can be put to the test using the information at hand. However, this claim is subjective and dependent on opinion.

<h3>What is unemployment?</h3>

When someone actively searches for work but is unsuccessful, they are said to be unemployed. It is regarded as one of the important indicators of the health of the economy. The most popular technique for calculating a nation's unemployment rate is the unemployment rate. This may be calculated by simply dividing the entire population that makes up a country's work force by the number of unemployed persons. Governments at the federal, state, and municipal levels frequently work to provide job opportunities to those who fit the requirements they have established. Typically, work is made available to groups of people for a set minimum wage that is sufficient for basic survival and gives them more opportunities to find permanent jobs.

To know more about unemployment, visit;

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7 0
9 months ago
Why is it important to use positive language in business messages​
nasty-shy [4]

It is more important to use positive language in business messages because positive language sends a better appearance rather than sending a business message with negative language.

8 0
2 years ago
Read 2 more answers
A practice in which eavesdroppers drive by buildings or park outside and try to intercept wireless network traffic is referred t
REY [17]

The practice of "wardriving" involves a hacker driving around and using technology to find insecure wireless networks, possibly including ones in your house.

<h3>How could potential victims protect themselves again such an offence?</h3>

The hacker could have access to that network, obtain private information, steal identities, or carry out other nefarious deeds. Are you in danger? It partly relies on how secure your home network is. It makes sense to take precautions against wardrivers for your network, devices, and data.

Wardriving is the process of using hardware and software to find unsecured wireless networks with the goal of potentially gaining access to them. To crack passwords and decode networks, software programs are required. A mobile device like a wireless laptop, a GPS system, and a wireless network are examples of hardware.

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8 0
1 year ago
Giorgio Italian Market bought $11,100 worth of merchandise from Food Suppliers and signed a 120-day, 9% promissory note for the
Anvisha [2.4K]

Explanation:

The journal entry is as follows

Notes receivable A/c Dr $11,100

         To Sales A/c $11,100

(Being the sales is recorded)

Since the merchandise transaction is done through note receivable so we debited the note receivable account and the transaction is of sale type so the sales account is credited. Both the transactions are recorded at $11,100

4 0
3 years ago
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