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marshall27 [118]
3 years ago
5

jervis sells 3400 of its accounts receivable to northern bank in order to obtain necessary cash northern bank charges a 2% facto

ring fee what entry should jervis make to record the transaction
Business
1 answer:
lesya692 [45]3 years ago
6 0

Answer:

Factoring fee = 2% * Account Receivable

= 2% * $3,400

= $68

​

Date  Account Titles and Explanation     Debit    Credit

          Cash                                                   $3,332

          Factoring expenses                           $68

                    Account receivables                             $3,400

          (To record the receipt of cash against the receivables)

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According to the Crash Course video on the Industrial Economy, in which of the following ways did the US Civil War spur rapid in
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Answer:

A. Forced introduction of a national currency.

B. Provided federal contracts to arms and clothing manufacturers.

C. Improved infrastructure particularly in the form of the transcontinental railroad and telegraph systems.

Explanation:

The Civil War was a war between the then Northern States who comprised the Union and the then Southern States who comprised ti Confederacy in an attempt to get the Confederacy to rejoin the United States of America.

The war had many casualties but some good was done to the economy in terms of the following;

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3 years ago
Alan, an accountant in a law firm, is summarizing his company’s expenses and revenue in the form of an income statement. However
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Answer:

profit and loss account

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A profit and loss account  is a financial statement that summarizes the revenues, costs, and expenses incurred by a firm over a given period of time. It is an internal company document that  provide information about how a company was able to generate profit by increasing revenue, reducing costs, or both.

Hence, the title that Alan should give to his document is "Profit and Loss Account"

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Which of the following best explains why buying a single-family home in a city
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Answer:

C. Housing prices in cities generally increase more quickly than

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Explanation:

An investment is an activity that leads to an increase in value or wealth.  A good investment is one that appreciates its value with a big percentage in a short period. Houses are always in demand in big cities. For this reason, their prices are ever appreciating.

Buying a single-family home in a city is a good investment decision because it is bound to appreciate in value. Should one decide to sell it later, they are highly likely to receive a much higher amount than they paid for it. The probability of making some good profits from the house is high.

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Sheen Co. manufacturers laser printers. It has outlined the following overhead cost drivers: Overhead Costs Pool Cost Driver Ove
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Answer:

$200

Explanation:

As for the information provided,

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Machine operation = \frac{150,000}{1,500} =\ $100 per hour

Material Handling = \frac{1,200}{30} =\ $40\ per batch

Miscellaneous Overhead = $\frac{57,000}{5,700} =\ $10 per hour

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Machine operation = $100 \times 225 = $22,500

Material Handling = $40 \times 5 = $200

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Therefore, correct option is:

$200

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The reuse of one's previously published material in a new journal article is most appropriate if:
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