Answer:
Given that,
Amount paid = $72,000
Time period = 6-months
As cash is received it is debited and unearned revenue is credited as it is treated as liability until service is provided.
Therefore, the journal entry for this transaction is as follows:
Cash A/c Dr. $72,000
To unearned revenue A/c $72,000
(To record the unearned revenue)
Answer:
The correct answer to the following question is option C) $11,000 .
Explanation:
The phaseout limit for married couple filling their return jointly is up to $400,000, but in this case the annual gross income of Rhianna and Jay is $419,400 . So their annual gross income is $19,400 ($419,400 - $400,000) more, and then $19,400 / $1000 = $19.4 , which is approximately equal to $20.
Now the phase out limit would be $20 x $50
=$1000
For the 6 children , the tax credit wold be - $2000 x $6
= $12,000
From the above amount, the phase out amount will be deducted,
= $12,000 - $1000
= $11,000
Answer:
a) True
Explanation:
Electronic bill payment and presentment (EBPP) can be regarded as process that is been utilized by
companies in collection of payments electronically by utilization of systems such as Automated Teller Machines (ATMs) as well as Internet and direct-dial access. This has turned to a core component of online banking as regards to some financial institutions today, some industries such as telecommunications and insurance providers make use of it.
Electronic invoicing and presentment payment (EIPP) can be regarded as process involving sending of electronic invoice to customers using the internet, as well as the ability of customers to be able to pay that invoice online also. It give a solution that brings about increased productivity, as well as given room for business owner to spend more time in developing their business as well as relationships with their customers.
It should be noted that the The electronic invoicing and payment (EIPP) system for the B2B environment is similar to the electronic bill presentment and payment (EBPP) system for the B2C environment.
Answer:
c. Dividends
Explanation:
Whenever, dividends are recorded as a liability then that amount is charged against retained earnings, but the final entry for payment of dividend =
Dividend A/c Dr. $670
To Cash A/c. $670
Also at the time of recording as an expense, entry will be
Retained Earnings A/c Dr. $670
To Dividend A/c $670
Since retained earning balance will be reduced and finally cash balance will also be reduced.
Therefore, entry for payment will include debit to
c. Dividends
