Answer to: A company provided $3,200 of accounting services to a customer on account. Prepare the general journal entry to record this transaction...
When a company makes a sale, it is reflected as a credit journal entry. This is added to the revenue account. What Is the Formula for Revenue? Generally speaking, the formula for revenue is as follows: Revenue = Number of units sold x sales price The Bottom Line While it may seem stra...
On November 10,Magic Company sold goods to PopShop, costing $18 000 on account for $26 000.On November 15, Pop Shop asks for a price reduction of $3 000 for damagedduring shipment;Magic Company agreed to the price reduction. Record the transactions in journal entries instructions: On N...
The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for: ? A.$3,600 B.$3,568 C.$2,800 D.$4,400 正确答案:D解析:D、Answer:D Explanation: Desiredbalanceinallowanceaccount: $90,000×0.04= $3,600 credit Currentbalanceinallowanceaccount...
This course is designed to provide a basic understanding of financial statements with an emphasis on the income statement. Building on the foundation formed in the first course, you will learn about the third of our three measurement questions and how th
A company earned $215,000 in revenues for 2015, including $52,000 on credit and the rest in cash. How would you prepare a journal entry for this transaction, and how would you set up a T-account for it? If you received cash ...
At year-end , Sun company reported cost of goods sold of 400 million. Ending accounts payable is 100 million, Assuming there are 365 days in a year, How many days on average it takes Sun company to pay its suppliers.() A. 80.75 days B. 91.25 days C. 102.25 days ...
Payment information (e.g., credit card) when making a transaction; Demographic information; Preferences (e.g., on foods/recipe interests, website usage, grocery store chains, and input provided by participating in marketing focus groups and surveys); and Order and purchase information. Social Med...
such as 6/30/14 to record financial results for the first half of the calendar year. In the journal entry table, add a line for each income and expense account, as shown inFigure 1-2. Enter values for income accounts in the Credit column, and values for expense accounts in the Debit...
Second Avenue Capital Partners Provides $12MM Revolving Credit Facility to Female-founded, Women’s Lifestyle Brand ThirdLove Second Avenue Capital Partners (SACP), a Schottenstein affiliate, closed on a new $12 million revolving credit facility to ThirdLove, a female-founded, women's lifestyle br...