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IceJOKER [234]
3 years ago
12

Jim is a lawyer who requires that his clients pay him in advance of legal services rendered. Jim routinely credits Legal Service

Revenue when his clients pay him in advance. In June Jim collected $12,000 in advance fees and completed 75% of the work related to these fees. What adjusting entry is required by Jim's firm at the end of June
Business
1 answer:
ss7ja [257]3 years ago
3 0

Answer:

Legal Service Revenue Dr $3000

Unearned Revenue Cr $3000

This is due to the fact that the amount of 25% of the work is undone. Hence, it is recorded as a liability and since it is earned, it is shown as unearned revenue.

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Two important group outcomes or consequences of the interactive
Alik [6]

Answer:

task performance and group maintenance.

Explanation:

Leadership can be defined as a process which typically involves motivating, encouraging and inspiring employees working under an individual to be innovative and create positive changes that will foster growth and enhance the success of a business firm or company in the future.

This ultimately implies that, beyond an individual possessing the traits or qualities of a leader, leadership in itself is a process that revolves around the activities or happenings between the leader and those who he or she is leading, which are the followers. Thus, leadership is simply a continuous process and it's transactional in nature because it occurs between a leader and the followers.

A leader can be defined as an individual who is saddled with the responsibility of controlling, managing and maintaining a group of people under him or her.

Some types of power expressed by leaders are referent power, coercive power, etc.

Hence, two important group outcomes or consequences of the interactive process that unfolds between a leader, follower, and the situation include task performance and group maintenance.

Leaders are saddled with the responsibility of ensuring that the follower performs his or her duties or tasks as stated in the contract and to foster cohesion among the various team members.

6 0
3 years ago
On January 15, Year 5, Rico Co. declared its annual cash dividend on common stock for the year ended January 31, Year 5. The div
11Alexandr11 [23.1K]

Answer:

January 15, Year 5.

Explanation:

The Rico should decrease retained earnings by the amount of the dividend is declaration date.

The declaration date refers to date the board of directors of a company makes a formal announcement of when the next dividend will be paid. The declaration is therefore also referred to as the announcement date.

On the declaration date, liability account known as dividend payable account is created and credited, while the retained earnings is debited or reduced by the amount of the dividend.

From the question, January 15, Year 5 is the announcement date and it is therefore the date Rico should decrease retained earnings by the amount of the dividend.

3 0
3 years ago
What cost of living?<br> Need help please
Nezavi [6.7K]
Around 56 thousand and 65 thousand dollars, I think
6 0
3 years ago
What is the term for media for broad popular audiences—including newspapers, radio, and television?.
astra-53 [7]

Answer:

Mass media

Example

Mass media is actually the primary means of communication for the general public to communicate with each other as well as on a grander level. The most popular types of mass media include Newspapers, Radio, Television, Internet, Magazines.

8 0
3 years ago
Stryker Industries received an offer from an exporter for 27,000 units of product at $17 per unit. The acceptance of the offer w
Aloiza [94]

Answer:

$162,000

Explanation:

Income Statement - New Offer

Sales (27,000 x $17)                                           $459,000

Less Variable Costs of the offer :

Variable manufacturing costs (27,000 x $11)  ($297,000)

Net Income (Loss)                                               $162,000

therefore,

the amount of income  from the acceptance of the offer is $162,000

7 0
3 years ago
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