Explanation:
The correct journal entry is as follows:
Cash Dr $90
Service revenue Dr $560
To Account receivable $650
(Being the cash received is recorded)
Basically we debited the cash for $90 and service revenue for $560 and credited the account receivable for $650 so that the correct posting could be done
The cash difference is
= $650 - $560
= $90
Several of the readings highlight the differences between firms in realizing IT value. The biggest factors in creating these differences are growth prospects , earning history , location, concentration, staff and management, reputation etc.
Growth prospects - this factor looks at how much potential the business has to grow in the future.
Earning history - In earning history, income is a major factor in valuation of any business.
The importance of IT value is the first way to increase value is simply to increase the speed you deliver the kind of value people are willing to, offer better quality.
Learn more about IT here
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Answer:
The answer is:
- Dr Interest receivable 303
- Cr Interest revenue 303
Explanation:
The total interest Sheffield Company will charge during the four months is $1,212, equivalent to $303 per month. Since only one month has passed since the debt was made, Sheffield should record revenue for one month interest:
- Dr Interest receivable 303
- Cr Interest revenue 303
Answer:
Option D: Counterfeit activity
Explanation:
Counterfeiting activities refer to the wide range of activities that violate the intellectual property rights of individuals. They range from illegal product duplication to piracy and illegal production and sale of a patented product.
Counterfeiting does not only harm the Intellectual property owner, it also affects the nation. This is because counterfeiting activities discourage creators from investing time and other resources to create novel products for the market that can boost the economy.
<em>The other options are not correct. They mean the following:</em>
Royalties refer to the sum of money that is paid to patent holders over the use f their products.
International franchising refers to the process of given permission to individuals around the world to operate and do business under your brand name, under strict adherence to certain codes of conduct
foreign licensing refers to is the agreement between two companies to sell each other's products outside their home country.
Answer:
The journal entry to record the factory wages of $25,000 incurred in the processing department is given below.
Debit Processing Department (WIP Asset) $ 25,000
Credit Factory Wage (Liability) $ 25,000
The journal entry to record the factory wages of $15,000 incurred in the production department.
Debit Production Department (WIP Asset) $ 15,000
Credit Factory Wage (Liability) $ 15,000
Please note that these work in process are asset accounts and the cost of inventory is expenses as goods are sold.
