Brand Landscaping offers a promotion where they will mow your lawn 20 times if the customer pays
Question:
Required:
Prepare the journal entry to record
(1) The customers’ prepayment of $700
(2) Brand’s mowing of the lawn one time.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
Journal Date Account and Explanation Debit ...View the full answer
Answered By
Branice Buyengo Ajevi
I have been teaching for the last 5 years which has strengthened my interaction with students of different level.
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Question Posted:
Students also viewed these Managerial Accounting questions
-
Refer to the information for Kinsella Seed above. What journal entry should be recorded on December 31, 2011? a. Debit Interest Expense 5,000; credit Interest Payable 5,000. b. Debit Interest...
-
GERs financial statements contain the following information: Round answers to two decimal places. Required: 1. What is the current ratio? 2. What is the quick ratio? 3. What is the cash ratio? 4....
-
GCD Advisors offices are open Monday through Friday and GCD pays employees salaries of $50,000 every other Friday. During the current year December 31 falls on a Thursday and the next payday is...
-
Use implicit differentiation to find dy/dx. 6x 3 + 7y 3 = 13xy
-
The Handy-Dandy Department Store had forecast sales of $110,000 for the last week. The actual sales turned out to be $130,000. a. What is the forecast for this week, using exponential smoothing and ...
-
Graph South Africas national saving and investment as fractions of GDP from 2004 to the present. (Note that national saving is called gross saving and gross investment is called capital formation in...
-
You have just borrowed $\$ 10,000$ and will be required to make monthly payments of $\$ 227.53$ for the next five years in order to fully repay the loan. What is the implicit interest rate on this...
-
An insurance company has an online help service for its customers. Customer queries that take more than 5 minutes to resolve are categorized as unsatisfactory experiences. To evaluate the quality of...
-
Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He asks his friend, Carmen, if she'd like to join him in setting up a partnership to start the business. What is one...
-
Assume that Kohls Department Stores installed new cash registers in its stores. How do cash registers improve internal control over cash receipts?
-
During October, Seger Insurance employees earned $100,000 in wages. Social Security applied to $86,000 of these wages, while Medicare applies to all $100,000. State and federal unemployment taxes of...
-
EWO Property Management leases commercial properties. A new client signs a 5-year lease and agrees to pay the first 6 months in advance. The monthly rent is $50,000. Required: Prepare the journal...
-
Draw a Lewis structure for each of the following molecules or ions: (a) BrF 5 (b) IF 3 (c) IBr 2 (d) BrF 2 +
-
Borrowed $83,500 from a bank, signing a short-term note payable. Provided $106,200 in service to customers, with $100,000 on account and the rest received in cash. Purchased equipment for $189,000 in...
-
If x+y=7 and x-y=3, what is the value of 3x - 3y?
-
Consider company ABC whose stock pays an initial dividend per share next year of $30 and has expected dividend growth rate of 2% per year when the discount rate is 10% per year. (a) What is the price...
-
a) (4 marks) ABC LTD's's ordinary shares are currently selling for R218.40 per share, with a current dividend (Do) of R12.88 per share. The firm's dividends have been growing at an annual rate of...
-
Water from the ocean has 3.5% salt, and water from the Dead Sea has 33.7% salt. If someone has 10 gallons of ocean water, how many gallons of water from the Dead Sea (measured to the nearest...
-
Look at the satellite dish shown in Exercise 71. Why must the receiver for a shallow dish be farther from the base of the dish than for a deeper dish of the same diameter? Data from Exercise 71 A...
-
Problem 3.5 (4 points). We will prove, in steps, that rank (L) = rank(LT) for any LE Rnxm (a) Prove that rank (L) = rank (LTL). (Hint: use Problem 3.4.) (b) Use part (a) to deduce that that rank(L) =...
-
On January 1, Laura Brown borrowed $1000 from the Friendly Finance Company. The loan is to be repaid by four equal payments, which are due at the end of March, June, September, and December. If the...
-
The Rule of 78's is a commonly used method of computing the amount of interest when the balance of a loan is repaid in advance. Adding the numbers representing 12 months gives 1+ 2 + 3+ 4 + 5 +... ....
-
A bank is offering loan of $25,000 with a nominal interest rate of 18% compounded monthly, payable in 60 months. (Hint: The loan origination fee of 2% will be taken out from the loan amount.) (a)...
-
What is one specific security tactics to protect the network. Identify specific tools selections to accomplish compliance and audit requirement Describe how alerts would be collected and presented...
-
1. Solve each equation for x, where 0x & a) sin x-= 0 b) cosx-3 cosx+2=0
-
Explain Article III Standing, and explain how to achieve standing. b) Explain Negligence, and provide an example of a Negligence claim. c) What happened in the case of Genesco v. Visa? d) Explain the...
Study smarter with the SolutionInn App