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Delvig [45]
2 years ago
11

Accounts receivable are shown as _____ in the AR customer file.

Business
2 answers:
Juli2301 [7.4K]2 years ago
8 0
The answer is b.

Thank me by clicking on the ❤️. Thanks!
Nikolay [14]2 years ago
5 0

Answer:

credits

Explanation:

i guess eeeeeeeeeee

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One of your customer accounts is a trust account. The trustee of the trust is inexperienced in investing.
Alinara [238K]

Answer:

A) The duty to diversify the trust portfolio to reduce risk

Explanation:

The Uniform Prudent Investor Act (UPIA) requires trustees to make investments following the Prudent Person Rule. This means that trustees should invest the trust funds as if the trustee was a prudent person investing his/her own assets.

The best way to comply with the prudent person rule is to invest in a diversified portfolio that reduces risk.

7 0
3 years ago
On January 1, Revis Consulting entered into a contract to complete a cost reduction program for Green Financial over a six-month
Naddika [18.5K]

Answer:

1. Jan 31  Debit Cash $53,600

                         Credit Accounts receivable $53,600

2. June 30  Debit Cash $80,400

                           Credit Deferred Revenue $21,440

                           Credit Bonus Received $5,360

                           Credit Accounts Receivable $53,600

3. June 30 Debit  Penalty Payable $26,800

                 Debit Cash                       $53,600

                             Credit Accounts Receivable $53,600              

                             Credit Deferred Revenue $21,440

                             Credit Bonus adjustment $5,360

Explanation:

The question required that the month end revenue actually realized under the contract be journalized.

1.$53,600/- is a monthly payment which Revis will be receiving from Green Financial for every month for 6 months. Hence the receipt increases cash/bank balance and these are receivable under the contract. Hence accounts receivable is credited against the actual money received in the first month.

2.If cost saving targets are achieved by Revis, then apart from the monthly payment of $53,600/-, Green Financials has agreed to pay $26,800/- as bonus. Since the question states that Revis estimates that 80% it will reach the target, it would have accounted for the 80% as deferred revenue to be received. Hence 80% of $26,800/- is recorded under deferred revenue. Since now entire $26,800/- is received, the remaining 20% is shown as bonus received.  

3.When the targets are not met, the deferred revenue recognized is reversed and penalty is paid. The difference of 20% is shown as bonus adjustment amount. The regular monthly income of $53,600/- is recognized as is.

6 0
3 years ago
The costs of services charged to a profit center on the basis of its use of those services are:__________a. support department a
Aleonysh [2.5K]

Answer:

a. support department allocations

Explanation:

These costs are known as support department allocations or service department charges. Every company tends to have these costs since this applies to any department or third party which provides the company with a service. Many times this mainly refers to manufacturing departments and production departments since both provide a service that every company needs in order to obtain their desired product.

4 0
2 years ago
Kennedy Inc. has the following data for its operation in August: Increase in direct materials inventory 100 Sets Direct material
vesna_86 [32]

Answer:

Actual price= $1.6 per unit

Actual price= $3.2 per set

Explanation:

<u>To calculate the actual price, we need to use the following formula:</u>

Direct material price variance= (standard price - actual price)*actual quantity

400= (1.8 - actual price)*2,000

400= 3,600 - 2,000actual price

2,000actual price = 3,200

actual price= $1.6 per unit

8 0
2 years ago
On July 1, 2008, Sheeley Company pays $8,000 to its insurance company for a 2-year insurance policy.InstructionsPrepare the nece
Readme [11.4K]

Answer:

Debit Prepaid insurance  $8,000

Credit Cash account         $8,000

Being entries to recognize prepaid insurance as at July 1 , 2008

Debit Insurance expense $2,000

Credit Prepaid Insurance $2,000

Being entries to recognize insurance expense as at December 31.

Explanation:

The amount paid by Sheeley Company On July 1, 2008 is a prepayment (an asset) as it is paid in advance. The insurance cover was yet to be enjoyed as at that date.

Entries required to recognize this payment

Debit Prepaid insurance  $8,000

Credit Cash account         $8,000

Being entries to recognize prepaid insurance as at July 1 , 2008

As at 31 December, the company would have incurred expenses for 6 months out of the 24 months (2 years) paid for.

This amounts to

= 6/24 × $8,000

= $2,000

To recognize this by December 31

Debit Insurance expense $2,000

Credit Prepaid Insurance $2,000

Being entries to recognize insurance expense as at December 31.

3 0
3 years ago
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