Answer:
1.Dr Cash 25,000
Cr Sales revenue 25,000
2. Dr Warranty expense 2,500
Cr Warranty liability 2,500
3.Journal entry for actual warranty expense
Dr Warranty liability 500
Cr Cash 500
Explanation:
Preparation of Dynamo's journal entries related to the sales and warranty in Year 1.
1.Dr Cash 25,000
Cr Sales revenue 25,000
(50*500)
2. Dr Warranty expense 2,500
Cr Warranty liability 2,500
3. Dr Warranty liability 500
Cr Cash 500
Explanation:
The journal entries are as follows
On December 31
Bad debt expense Dr $4,115 ($823,000 × 0.50%)
To Allowance for doubtful debts $4,115
(Being the bad debt expense is recorded)
On Feb 01
Allowance for doubtful debts Dr $412
To Account receivable $412
(Being the uncollectible amount is recorded)
On June 5
Account receivable $412
To Allowance for doubtful debts Dr $412
(Being the uncollectible amount is recorded)
On June 5
Cash Dr $412
To Account receivable $412
(Being the cash received is recorded)
<u>Answer:</u>
Fatima's statement that she intends to continue in her job in spite of her dissatisfaction makes you think that Fatima will likely experience "Cognitive Dissonance".
<u>Explanation:</u>
Cognitive dissonance is a psychological concept when an individual experiences non consistent thoughts and emotions (regardless of the environment). In this example, Fatima had been expected to quit her job (because she hated the manager).
In spite of that, she continued to work. That caused the cognitive dissonance in her behavior, as she changed her attitude. People correlate decisions and feelings many times, but due to some factors like patience, need of job etc, worked for an individual to be consistent and continue job.
1. you boss did not set a clear goal of your work expectation. he/she probably still sunk in your last year performance shadow. he/she judged your this year performance in accordance with whose his/her old impression
