Answer:
Office Supplies T-account
<u>Debit :</u>
Beginning Balance $600
Purchases $2,300
Totals $2,900
<u>Credit:</u>
Ending Balance $500
Used (<em>Balancing Figure</em>) $2,400
Totals $2,900
Adjusting Entry
Supplies Expenses $2,400 (debit)
Office Supplies $2,400 (credit)
Posting Entries.
1. Supplies Expense = $2,400 (Debit Balance)
2.Office Supplies = $500 (Debit Balance)
Explanation:
As the supplies are used during the period, recognize an expense : Supplies Expense and de-recognize the Office Supplies Asset account to the extend of the amount of inventory used during the period.
In other words we are taking out an expense (Increasing it) and decreasing an asset : Office Supplies.
The cost of successfully defending a patent in an infringement suit should be amortized over the remaining estimated life of the patent. Amortization means adding the cost to patent account and dividing the costs of the suit by twenty years or by the remaining useful life of the patent, whichever one is shorter.
Answer:
Option C: Buying a franchise
Explanation:
Franchise is simply defined as a business that sells or distribute a product or service that has beingdeveloped by a franchisor. It is usually in the way or manner that the franchisor listed.
The product, method of distribution, and, sales and management are governed or controlled by the franchisor of the business.
The process of purchasing that is buying of a Franchise is by looking into franchising company, contact, application, franchise contact and review, franchise agreement, negotiation terms, agreement signed and others.
This statement is <u>false </u> .
What is Sales Revenue ?
A company's sales revenue is the income it receives from the selling of goods or the provision of services. The phrases "sales" and "revenue" in accounting can and frequently are used interchangeably to signify the same thing. It is vital to understand that revenue does not always imply cash received. A portion of sales revenue may be paid in cash, while another portion may be paid on credit via accounts receivable.
On the income statement, sales revenue can be shown as either gross revenue or net revenue. Net revenue includes all deductions for products returned, the potential of undelivered merchandise, and the expense for uncollectible accounts receivable (sometimes known as "bad debt expense").
To know more about Sales Revenue
brainly.com/question/28390695
#SPJ4
Based on the information given the amount of net income that Chung would report on the Year 1 income statement is $2,900.
<h3>Net Income: </h3>
Using this formula
Net income=Cash Revenue-Salary Expense
Where:
Cash Revenue=$7,000
Salary Expense=$4,100
Let plug in the formula
Net income=$7,000-$4,100
Net income=$2,900
Inconclusion the amount of net income that Chung would report on the Year 1 income statement is $2,900.
Learn more about net income here:brainly.com/question/15530787
