Answer:
1.
d. $19610 debit
Option D is the correct answer.
2.
Cash 1480 Debit
Service Revenue 1480 Credit
Explanation:
1.
The balance in the accounts receivable account can be calculated as follows,
Closing Balance = Opening balance + Credit sales - Cash Received from Accounts Receivable
Closing Balance of Accounts receivable at 31 December 2022 will be,
Closing Balance = 12770 + 34200 - 27360
Closing Balance = $19610 debit
The balance is debit because accounts receivables is an asset and the normal balance for asset account is debit.
2.
The entry to record the transaction is made in the answer part.
Answer:
a. Realized gross profit of $100,000.
Explanation:
In 2013, Rigsby Sales Co would realize:
Gross profit percentage = ($4,500,000 - $3,600,000) /4,500,000
Gross profit percentage = 0.20
Gross profit percentage = 20%
Gross profit to be realized is
Gross profit = Installment received * Percentage of gross profit
Gross profit = $500,000*20%
Gross profit = $100,000
To adjust for rent used up during the year that was recorded to the prepaid rent account when paid for;
- Rent expense is debited, prepaid rent is credited
<h3>Prepaid rent account</h3>
A prepaid rent account simply a current asset account that's responsible for reporting the amount of future rent expense that was paid in advance of the rental period.
On this note, the amount reported on the balance sheet is the amount that has not yet been used or expired as of the balance sheet date.
Read more on prepaid rent account;
brainly.com/question/1202504
Lay people off or they would have to take people's money from the bank and pay them back later but I don't know the term that it is called when they do that
