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Lelechka [254]
3 years ago
5

On December 28, I. M. Greasy, Catering completed $600 of catering services. As of December 31, the customer had not been billed

nor had the transaction been recorded. Demonstrate the required adjusting entry by choosing the correct statement below.
Credit Acciunts receivable for $600.
Credit Catering revenue for $600.
Debit Unearned revenue for $600.
Debit Accounts receivable for $600.
Business
1 answer:
Alex3 years ago
5 0

Answer: Debit Accounts receivable for $600.

Explanation:

The customer had not been billed so that means that they still owe the company. This would make them an accounts receivable so the adjusting entry will have to debit the Accounts Receivable account for $600 to show that it is increasing.

This amount will be credited to the Accrued revenue account to show that the cash has not yet been received.

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Answer:

S/N    Account and Explanation             Debit     Credit

1.        Rent expense                                  $860

         ($4,300 / 5 month)

                Prepaid rent                                             $860

         (To record adjusted rent expense)

2.      Supplies expense                            $4,300

        ($7,250 - $2,950)

               Supplies                                                     $4300

        (To record adjusted supplies)

3.      Depreciation expense                      $460

        (($44,160/8)/12)

                Accumulated depreciation                       $460

        (To record depreciation)  

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If Country B can produce beans at a lower opportunity cost than Country A, then Country B has a(n) _____________ over Country A
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Suppose that real GDP per capita in the United States is $49,000. If the long-term growth rate of real GDP per capita is 1.6% pe
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Answer:

n = 43.6673555

it will take 43.67 year to achice a real GDP of 98,000

Explanation:

we solve for time of a future lump-sum:

PV (1+r)^n = FV\\(1+r)^n = FV / PV\\

we use logarithmics properties:

(1+r)^n = FV/PV\\log_{1+r}FV/PV = n\\n = \frac{log FV/PV}{log(1+r)}

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rate 1.6%

n = \frac{log 98,000/49,000}{log(1+0.016)}

n = 43.6673555

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