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jacobhawkins112471
20.05.2020 •
Business
On september 1, best company began a contract to provide services to dilwood company for 6 months, with the total of $10800 payment to be made at the end of the six month period. equal services are provided each motnth. the firm usees the account fees receivable to reflect amounts due but not yet bulled. what propoer adjusting entry would best company make on devcember 31, the end of the accounting period (no previous adjustment has been made)
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Ответ:
Fee Receivable$7,200
To Service Fees Earned $7,200
(Being the service fess earned is recorded)
Explanation:
Th adjusting entry is shown below:
Fee Receivable$7,200
To Service Fees Earned $7,200
(Being the service fess earned is recorded)
For recording this we debited the fees receivable as it increased the assets and credited the services fees earned as it increase the revenues
Since the payment is made for 6 months but we have to recorded for 4 months i.e computed from September 1 to December 31
= $10,800 × 4 months ÷ 6 months
= $7,200
Ответ:
The appropriate solution is "$535 U". A further explanation is described below.
Explanation:
The given values are:
Actual level of activity,
= 1270
Budgeted variable cost,
= $3.50
Actual supply cost,
= $4980
Now,
The spending variance for supply costs will be:
=![(Actual \ level \ of \ activity\times Budgeted \ variable \ cost)\times Actual \ supply \ cost](/tpl/images/1383/5306/f4cd4.png)
=![(1270\times 3.50)-4980](/tpl/images/1383/5306/36201.png)
=![4445-4980](/tpl/images/1383/5306/acfb5.png)
=
(unfavorable)