40. If you could live anywhere, where would it be?

Wildhorse Magazine sold 9,240 annual subscriptions on August 1, 2017, for $17 each. Prepare Wildhorse’s August 1, 2017, journal

VMariaS [17]

Answer:

Journal to be posted on August 1, 2017

Debit Cash account $157,080

Credit Deferred revenue $157,080

Being entries to record cash received on August 1, 2017 for subscription to be sold.

Debit Deferred revenue $65,450

Credit Revenue (p/l) $65,450

Being entries to recognized revenue earned from subscription as at December 31, 2017

Explanation:

Number of subscription sold = 9240

Selling price of each = $17

Amount received = 17 × 9240

= $157,080

Journal to be posted on August 1, 2017

Debit Cash account $157,080

Credit Deferred revenue $157,080

Being entries to record cash received for subscription to be sold

On December 31 2017, the fee for 5 months would have been earned

= (5/12) × $157,080

= $65,450

Entries to be posted

Debit Deferred revenue $65,450

Credit Revenue (p/l) $65,450

Being entries to recognized revenue earned from subscription as at December 31, 2017.

7 0

3 years ago

Prior to investing, you should..

mash [69]

I Think The answer is b I hope it will help you just Trying To help others

8 0

3 years ago

Indicate whether each of the following cost of an automobile manufacturer would be classified as direct materials, direct labor,

CaHeK987 [17]

Answer:

a) DM Windshield

(b) DM Engine

(c) DL Wages of assembly line worker

(d) MO Depreciation of factory machinery

(e) MO Factory Machinery lubricants

(f) DM Tires

(g) DL Steering wheel

(h) MO Salary of painting supervisor

Explanation:

Direct materials (DM) are those materials and supplies that are consumed during the manufacture of a product, and which are directly identified with that product.

Direct labor (DL) is production or services labor that is assigned to a specific product, cost center, or work order.

Manufacturing overhead (MO) is all indirect costs incurred during the production process.

(a) DM Windshield

(b) DM Engine

(c) DL Wages of assembly line worker

(d) MO Depreciation of factory machinery

(e) MO Factory Machinery lubricants

(f) DM Tires

(g) DL Steering wheel

(h) MO Salary of painting supervisor

7 0

3 years ago

On January 10, 2017, a man in Lebanon, Virginia, frustrated with the DMV bureaucracy, paid his DMV bill with 300,000 pennies tha

4vir4ik [10]

Answer:

the requirements are missing, so I looked for them:

a. Money supply.
b. Deposits.
c. Total reserves.
d. Excess reserves.

a. $0

the coins are part of M1 money supply already, so it will not change it.

b. $3,000.

the DMV should deposit the pennies in their account account, therefore, total bank deposits will increase by 300,000¢ /100 = $3,000

c. $3,000

since bank deposits increase by $3,000, total reserves also increase by $3,000

d. $2,790

excess reserves = total reserves - required reserve ratio = $3,000 - ($3,000 x 7%) = $2,790

3 0

3 years ago

1) Household spending on goods and services is known as A) consumption spending. B) planned investment spending. C) government p

Levart [38]

Household spending on goods and services is known as consumption spending.

Explanation:

Consumption spending is the purchasing of goods and services by individuals or families. At the macroeconomic point, it is the bulk of aggregate demand. Household spending is the amount resident households pay for end-consumption spending to meet their daily needs.

Consumer spending is the overall money that individuals and households spend on the final goods and services for personal use and pleasure in an economy. Consumer spending is a major economic driving factor and a central principle in economic theory.

5 0

3 years ago