Answer:
<u>January 1, 2017</u>
Debit: Accounts Receivable $2800
Credit: Deferred Revenue[Wiring Base] - $1120
Credit: Deferred Revenue[Shelving Unit] - $1680
Narration: Contract Detail and invoicing of the client.
<u>February 5, 2017</u>
Debit Deferred Revenue[Wiring Base] - $1120
Credit Revenue Account - [Wiring Base] - $1120
Narration: Revenue recognition of Wiring Base delivered to customer
<u>February 25, 2017</u>
Debit Deferred Revenue[Shelving Unit]- $1680
Credit Revenue Account - [Shelving Unit] - $1680
Narration: Revenue recognition of Shelf delivered to customer
<u>February 25, 2017</u>
Debit: Bank - $2800
Credit: Accounts Receivable - $2800
Narration: Payment received in settlement of contract fully delivered
Explanation:
The question is an example of a Performance Contract.
A Performance Contract is an agreement with a customer by a vendor to discharge a service or provide goods that are distinct from each other. The accounting for this obligations will therefore be recorded and recognized separately.
It is also important to note that the services or goods must be separately identifiable and the customer must be able to derive from each goods on individually or jointly.
The rule is to
- Recognize the contract and invoice amount with the customer as Deferred Income.
- Identify the distinct obligations and services to be provided.
- Identify the transaction amount for each service or good.
- As each obligation is met, the revenue is finally recognized and transferred from Deferred income.
Aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
Answer: b) The Premack Principle
Explanation:
Premack principle is the reinforcement method in which high probable behavior, attitude or activity is used to reinforce less expected behavior or act.This intends to make a person involved in less expected activities through more likely reinforcer act.
According to the question,Andrew's parent s are using premack principle by asking him to clean his room which is less -expected activity through high expect activity of playing.
Other options are incorrect because escaping attitude,punishment or positive reinforcement are not the reinforcement process to reinforce low probable behavior through high probable behavior.Thus, the correct option is option(b).
Limited Life Span
if the Sole Proprietor Dies so does the company.
Answer: Transaction processing systems
Explanation:
The transactional processing system is one of the type of information system in which the we managing all the business transaction ad the collection of the data by using the efficient software system.
It is also known as the real processing system that helps in maintain the reliability, consistency and also the performance of the system.
The transaction processing system is the combination of hardware and the software that efficiently manage the day activities in an organization to conduct the business.
Therefore, Transaction processing system is the correct answer.
