If a company has advance ticket sales totaling 2,000,000 for the uncomping football season. the receipt of cash would be journalized as Debit Cash, credit Unearned Revenue.
A receipt is documentation that something was purchased and paid for. If you plan to return something you purchased, you usually need it. On business trips, people keep track of their receipts so that their employers can reimburse them for any expenses they incurred. A less common usage of the word receipt is as a verb, as in "The clerk receipted my purchases," which means that the clerk provided written evidence that the things were paid for. Receipts are given out in business-to-business transactions as well as stock market transactions, in addition to the receipts that customers normally obtain from vendors and service providers. Both transactions on the stock market and business-to-business exchanges issue receipts. Furthermore, receipts are required as verification of some expenses for tax purposes.
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Answer:
(C) Debit Office supplies, $500; credit Accounts payable, $500
Explanation:
Businesses maintain the office supplies inventory of supplies and record the supplies purchased into this account and expense it afterward with the usage of inventory. In this question offices supplies purchased will be debited to office supplies account. As it is purchased on account so it will be credited to account payable account to make a liability against the transaction.
Answer:
- Compound Interest ⇒ FV = PV x (1 + I ) ^N
- Simple Interest ⇒ FV = PV x I x N
Explanation:
With compound interest the rate of growth needs to be compounded which is why the time period is used to exponentially adjust it.
With simple interest there is no compounding so the value is simply the interest that will be earned every period (which is a constant value) multiplied by the number of periods and the amount to be invested.
The (maker/signer) of the note is the one that signed the note and promised to pay at maturity. The (maker/payee) of the note is the person to whom the note is payable.
A note that the maker has neglected to settle upon maturity is referred to as a dishonored note. The note is removed from notes receivable since it has matured, and the payee or holder reports the amount owed in accounts receivable. At the note's maturity date, the maker is obligated to pay the principal and interest.
Bad debt costs. Customers with (Bad/Invalid)(Collectible/Debts) accounts fail to honor their payment obligations. It is regarded as a cost associated with selling on credit. An amount owed by another party is known as a receivable.
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Answer: Monetary unit assumption
Explanation: The monetary unit of assumption states that every transaction of the business can be expresses in relation to monetary units and these units will be stable over time. The key point in this assumption is that it assumes monetary units to be stable and dependable.
In the given case, Lawton records transactions in dollars and disregards changes in value of dollars over time. Hence, we can conclude that Lawton is following monetary unit assumption.
