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const2013 [10]
3 years ago
9

On May 1, Mary's Morsels provided catering services at a wedding. The bride is billed $4,000 and will pay during the following m

onth. Record this transaction on May 1 in the accounting equation of Mary's Morsels by:________
Business
1 answer:
frozen [14]3 years ago
3 0

Answer:

Debit Accounts receivables (B/S)   $4,000

Credit service revenue (P/L)           $4,000

Being entries to recognize revenue earned.

On the accounting equation of Mary's Morsels, it is an addition of $4,000 to assets and the addition of the same amount to the owners equity.

Explanation:

When service is provided but cash is yet to be received, such service is said to have been provided on account. The accounts involved are the service revenue account and accounts receivable.

As such where On May 1, Mary's Morsels provided catering services at a wedding. The bride is billed $4,000 and will pay during the following month, the entries required are

Debit Accounts receivables (B/S)   $4,000

Credit service revenue (P/L)           $4,000

Being entries to recognize revenue earned.

On the accounting equation of Mary's Morsels, it is an addition of $4,000 to assets and the addition of the same amount to the owners equity.

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The total fixed cost should equal $1000.

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The first step is to determine the average fixed cost. The average fixed cost can be determined by subtracting the average variable costs from average total costs.

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If the united states government raises the income taxes on the wealthiest americans, while increasing welfare payments to the po
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Efficiency will undoubtedly suffer if the US government increases assistance payments to the poorest Americans while raising income taxes on the wealthiest Americans and an increase in inequality.

<h3>What will happen if the U.S. raises taxes on the wealthiest Americans?</h3>

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