Answer:
6.000$ I think the answer is , I 'm not sure
Answer:
Primary estoppel
Explanation:
Primary estoppel is defined as the principle that a promise made by a promisor is enforceable most especially when a promisee believes the promise and this leads to a subsequent detriment.
In the given scenario Jim used a small mechanic to repair his brakes and was assured he could do the job.
However the mechanic calls him and tells him he is in over his head and cannot fix his brakes, and finds his car in the mechanic's garage with the brakes disassembled around the mechanic's garage.
He can resort to primary estoppel as a legal recourse.
The correct answer is Driving without car insurance
That is irresponsible because it would take away a large chunk of your money should anything happen to your car.
When it comes to the second question, he should definitely find reliable and relevant information. Such information can be found in a bank and professionals working there can help him with his needs.
Answer:
A. At the end of one accounting period result in cash receipts in a future period
Explanation:
Revenue is total amount of money firm receives or is entitled to receive, by selling its goods / services, in a period of time.
Revenue can be :
- Cash (Actually received): Based on cash transactions.
- Accrued (Earned but not received): Based on credit transactions - with Debtors (who owe money to us)
Accrued Revenue i.e Revenue Earned but not received in an accounting period : is an asset in form of debtors of a firm. The firm will get cash receipts from them in a future period.
Answer:
Journal Entries on May 3:
a. Debit Prepaid Insurance $16,000
Credit Insurance Expense $16,000
To reverse the error.
Debit Insurance Expense $16,000
Credit Cash Account $16,000
To correct the error.
b. Debit Drawings $9,600
Credit Wages Expense $9,600
To correct the error.
Explanation:
a) Data:
1. Insurance expense credited to Prepaid Insurance, instead of Cash account = $16,000
2. Drawings by Brian Phillips, the owner of the business recorded as Wages Expense.
b) The journal can also be used to correct errors in posting transactions. The process can involve first reversing the error and then correcting it, as done with case (a). This will involve using two entries. It can also involve simply involve correcting the error without reversion, as done with case (b).