Write the Journal Entry for the following situation: ABC company collects funds from each of its...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Write the Journal Entry for the following situation: ABC company collects funds from each of its clients for medical benefits during each month. These billings are pass-throughs to the company and belong to the client. If ABC Company was billed $75,000 for their client A monthly benefits, what would be the JE written for that transaction? What would the subsequent JE be when the benefits provider was paid by the company? Write the Journal Entry for the following situation: ABC company collects funds from each of its clients for medical benefits during each month. These billings are pass-throughs to the company and belong to the client. If ABC Company was billed $75,000 for their client A monthly benefits, what would be the JE written for that transaction? What would the subsequent JE be when the benefits provider was paid by the company?
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided bel... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
Posted Date:
Students also viewed these accounting questions
-
Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Cost of goods sold Gross profit 2021 2020 $ 562,983 $ 431,291 2019 $ 299,300 338,916 271,282 191,552 224,067 160,009...
-
Fred Flinstone along with Barney Rubble runs a Winter Snow Removal company. Wilma Flintstone is the office manager for Yabba-Dabba-Do Snow Removal. January will be the first official month that...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Evaluating these 3 bonds: Face value Coupon rate Maturity year A 1000 8% 5 B 1000 6% 10 C 1000 0% 10 Suppose the yield curve is flat at 7% for all maturities. Use annual compounding in this problem....
-
What makes clothes cling together-or to your body-after they've been through the dryer? Why do they not cling as much if they are taken out of the dryer while slightly damp? In which case would you...
-
I. Identify each work: culture, location, date, medium, artist, location
-
Equilibrium for extraction of acetic acid from 3-heptanol into water at \(25^{\circ} \mathrm{C}\) is \(\mathrm{y}=1.208 \mathrm{x}\), where \(\mathrm{y}=\) weight fraction acetic acid in water and...
-
In September, TEE Company, a merchandising firm that sells one product, assembled the following information and estimates to prepare a budget for October. Expected sales are 40,000 units at a price...
-
Drew owns a candy store and is constantly trying new gummy bear flavours. They like to run tests to analyze the results before launching new products. Currently, A Pistachio Durian costs are 2 0 % of...
-
George and Harry Haygood are building contractors who specialize in the construction of private home dwellings, storage warehouses, and small businesses (less than 20,000 sq. ft. of floor space)....
-
Meyer & Co. expects its EBIT to be $95,000 every year forever. The firm can borrow at 8 percent. The company currently has no debt, and its cost of equity is 13 percent and the tax rate is 23...
-
In a short essay, write bout challenges and opportunities of EHR Implementation in Saudi Arabia.
-
What is it referred to as when a licensee makes a change to a contract 1 point extinguishing the original terms and conditions and thereby, simultaneously replacing them?
-
Taco Bell took a major hit when it was reported that the meat they used was filled with bi - products and fillers. Do you think that they have redeemed their reputation by having fresh ingredients...
-
Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,950,000 in 2024 for the mining site and spent an additional $790,000 to prepare the mine for extraction of the...
-
List and describe the challenges that a global, virtual team must overcome to be successful.
-
How many moles of O2 would be needed to cause the complete combustion of 0.500 g C3Hg. C3Hg (g) +50(g) 2nd attempt >>> 3CO(g) + 4HO(g)
-
A line l passes through the points with coordinates (0, 5) and (6, 7). a. Find the gradient of the line. b. Find an equation of the line in the form ax + by + c = 0.
-
The comparative statements of financial position for Marwa Ld. at December 31, 2015 and 2014, are presented below: The statement of earnings for 2015 showed the following information: Sales...
-
The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Rami, who charged the $ 1,000 purchase on his Visa credit card. Visa charges Evergreen a 2...
-
Dimitri Company has prepared draft financial results now being reviewed by the accountants. You notice that the financial leverage percentage is negative. You also note that the current ratio is 2.4...
-
Comparative stockholders' equity sections from two successive years of balance sheets from Farrow, Inc., are as follows: No dividends were declared or paid during 2018. Required Prepare the journal...
-
The stockholders' equity accounts of Raymund Corporation as of January 1 appear below: During the year, the following transactions occurred: June 7 Declared a 20 percent stock dividend; market value...
-
The stockholders' equity of Carly Corporation at January 1 follows: The following transactions, among others, occurred during the year: June 18 Declared a 70 percent stock dividend on all outstanding...
Study smarter with the SolutionInn App