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Lubov Fominskaja [6]
2 years ago
5

Which journal entry reflects the adjusting entry needed on December 31?:In November, BOC received a $5,000 cash deposit from a c

ustomer for custom-build goods that will be delivered in January (BOC recorded an entry for this $5,000 in November). Now, it is December 31, the end of the fiscal year.Dr. Unearned Revenue 5,000Cr. Inventory 5,000No entry needed.Dr. Cash 5,000Cr. Revenue 5,000Dr. Advances from Customers 5,000Cr. Revenue 5,000Dr. Unearned Revenue 5,000Cr. Revenue 5,000
Business
1 answer:
Kryger [21]2 years ago
7 0

Answer:

No adjusting entry required

Explanation:

When the contract was formed and advance was received the company must had recorded the following entry:

Dr Cash Account    $5000

Cr Unearned Revenue $5000

Now it is the year end and till now the goods are not delivered which means advance that was received is still our unearned revenue So no further entry is required until the delivery of the goods ordered to the customer.

Correct entry is "No adjusting entry required"

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The QuickBooks Online ecosystem gives you and your clients access to a wide range of 1.__________ to help 2.___________ their bu
kupik [55]

The Quick Book Online ecosystem gives you and your client access to a wide range of apps to help increase productivity in a business.

Explanation:

  • The Quick Book Ecosystem helps small firms in their growth and productivity. It keeps all the accounts properly,does all the legal work. It is an easy going app and is very useful for the businessman.
  • There is no need to keep any backup still the important data are kept secured. Online chats can also be easily performed.
  • There is not requirement of software to manage it as well as this app don't require any upgrades. Hence we can say that this app is very useful because through this app we can avail other apps too.

6 0
2 years ago
A building acquired at the beginning of the year at a cost of $1,375,000 has an estimated residual value of $250,000 and an esti
BARSIC [14]

Answer:

a. 0.05

b. $68,750

a. $1,150,000

b. 0.1

c. $115,000

Explanation:

Depreciation expense using the double declining method = Depreciation rate x cost of the asset

Depreciation rate = 2 x (1/useful life)  = 2 / 40 = 0.05

The double-declining-balance depreciation for the first year = 0.05 x $1,375,000  = $68,750

Straight line depreciation expense = (Cost of asset - Salvage value) / useful life

The depreciable cost = Cost of asset - Salvage value = $1,450,000 - $300,000 = $1,150,000

The straight line rate = 1 / useful life = 1 / 10 = 0.1

The annual straight-line depreciation = $1,150,000 x 0.1 = $115,000

5 0
3 years ago
Partially correct answer iconYour answer is partially correct. This information relates to Windsor Co.
I am Lyosha [343]

1.  Dr Merchandise inventory    25100

                Cr  Accounts payable       25100

        (To record purchase of inventory on account)

2. Dr Merchandise inventory   530

               Cr  Cash                          530

       ( To record freight cost )

3. No entry

4.  Dr Accounts payable   3600

             Cr  Merchandise inventory    3600

       ( To record purchase return)

5.  Dr Accounts payable   ( 25100-3600)  21500

                         Cr  Cash                                        21500

      (To record paid the amount due).

4 0
2 years ago
Where in an e-mail would you find information about the action required?
Masteriza [31]

Answer:

The message

Explanation:

7 0
2 years ago
Read 2 more answers
Which of these situations would give rise to the free-rider problem? Items (6 items)
sveta [45]

Answer:

The answer is: letter c, a recycling program

Explanation:

A "free-rider" problem happens when <em>some members in the society don't contribute an equal share in the cost of a shared resource. </em>

Among the choices above, the recycling program will give rise to such situation. For example, when it comes to a recycling program of making a school's wall out of recycled bottles (in order to protect it from outsiders), not everyone will join the program yet, most of the time, the program is done for the good of the society. In this case, for the good of the school and the people visiting it.

This results to many free riders taking advantage of the school's wall, including the people who visits the school (parents, babysitters, friends, guardians etc.) and loiters in the area to pass time while waiting for their kids or friends

3 0
3 years ago
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