Answer:
Journal Entry
Explanation:
The Journal Entry is shown below:-
Cash Dr, $150,000
To Unearned sales revenue $150,000
(Being receipt of cash in advance is recorded)
Therefore to record the inflow funds we debited cash and to record the liability/obligation to deliver such goods we credited unearned sales revenue.
Better Houses, Inc. has been contracted to build an addition on the Joyners' house. It built half of the addition and then unexpectedly announced that it was not going to finish the job. Such a desertion of work is called "Abandonment of contractual obligations".
<h3>What is contractual obligations?</h3>
Contractual obligations are responsibilities that each party is bound by law to fulfill under the terms of the agreement.
Each contract involves one or both parties exchanging anything of value in connection with a variety of duties, such as goods, services, money, etc.
Elements of a Contract are-
- Offer: An offer was made when one of the parties pledged to carry out or refrain from carrying out a specific action in the future.
- Promise of consideration: A promise of something of value in return for the intended conduct or inaction. This can be demonstrated by a substantial outlay of resources, a promise to provide a service, a commitment not to do something, or reliance on the promise. The incentive for the parties to enter into the agreement is known as consideration.
- Acceptance: The offer was unmistakably accepted. Acceptance can be demonstrated through words, actions, or by carrying out the contract's requirements. In general, the terms of the acceptance must match those of the offer. If not, the acceptance is interpreted as a counteroffer and rejection.
To know more about the contractual obligations, here
brainly.com/question/22433474
#SPJ4
Answer: Yes, because it is a contract whose terms prevent possible performance within one year
Explanation:
The Statute of Fraud mandates that certain contracts need to be written down. These contracts include the sale of land, amounts involving more than $500 and contracts that have a timeframe of over a year.
Melinda entered into a contract with terms that have to be fulfilled in more than a year. It is therefore under the Statute of Frauds.
Answer:
465 minutes or 8 hours and 15 minutes
Step-by-step explanation:
her monthly bill was 72.25 and she has to pay 2.50 per month
72.25 - 2.50 = 69.75
69.75/ 0.15 = 645 minutes
645 minutes/ 60 minutes= 7.75 = 8 hours 15 minutes
Answer: Secondary needs
Explanation; Secondary needs are generally psychological, such as the need for nurturing, independence, and achievement. While these needs might not be fundamental for basic survival, they are essential for psychological well-being.
