Answer:
The account "Warranty Liability":
is adjusted at the end of the year
Hello,
Here is your answer:
The proper answers to your question is options A,B, and D (information from experts in the field, information from recognized and reputable organizations, and <span>information that can be verified by other sources!
Your answers are A, B, and C!
If you need anymore help feel free to ask me!
Hope this helps!</span>
Answer:
June 15
Dr. Account Receivable $24,000
Cr. Service Revenue $24,000
At the time of Receipt in July
Dr. Cash $24,000
Cr. Account Receivable $24,000
Explanation:
As the Services are performed on June 15, and Great Venture has a right to received the payment against the services provided. So, the revenue is recognized and The payment for the services has not been made yet. This result in the creation of account receivable, That is expected to receive in July.
In July the payment is received. The cash account will be debited as the cash is received and on the other hand account receivable will be credited to remove the due balance of $24,000 from receivables balance.
Yes, I have.
“confused problems with symptoms" refers to a situation when we see the side effect of a problem as the most crucial thing to handle rather than the core of the problem itself.
For example, let's say that you cannot find fit clothings because you're overweight. If your solution to this problem is to write a letter of complain to the company and demanding so they could produce suitable sized clothing for you (rather than losing weight), You're confusing problems with the symtoms.
