On December 12, 2020, the furnace went out in the offices of Lambert & Sons Law Firm. They put in a service call to fix or replace the furnace. The service call and new furnace system cost the company $8,293. The company received a bill for the furnace repair on December 18, 2020, and paid the bill on January 4, 2021. What is (are) the correct journal entry(ies)? O O Dec. 12, 2021 Miscellaneous Expense Jan. 4, 2021 Cash (purchased furnace system for cash) Jan. 4, 2021 Dec. 12, 2020 Miscellaneous Expense Accounts Payable (purahsed furnance system on account) Accounts Payable Cash (paid cash for furnace system purchased on account) Dec. 18, 2020 Miscellaneous Expense Accounts Payable (purcahsed furnace system on account) Accounts Payable Cash 799 8,293 101 Jan. 4, 2021 Miscellaneous Expense (paid cash for furnace system purcahsed on account) Cash (purchased furnace system for cash) 8,293 8,293 8,293 799 8,293 201 201 8,293 101 8,293 8,293 8,293 8,293 8,293 8,293

Q: alternate answer?

A: Yield to Maturity (YTM):Yield to Maturity (YTM) is the total return anticipated on a bond if it is…

Q: Horizontal analysis is often referred to as the simplest approach of analyzing information. True…

A: Horozontal analysis also known as trend analysis is used to analyse and compare the data present in…

Q: Which of the following orders allows for partial execution?

A: FOK (Fill or Kill Order): This type of order allows being executed immediately at the specified…

Q: how does it became an over applied OH? how will you know that it is under or over applied OH?

A: Lets understand the basics. When applied overhead is more than actual overhead then it is known as…

Q: mni.4 answer must be in proper format or i will give down vote

A: Approach to solving the question: post the question  Detailed explanation: Post the question and the…

Q: incorfrect please redo with a accurate answer

A: Molding FabricationMachine Hours $      2,500.00 $      1,500.00Fixed Manufacturing Overhead cost  $…

Q: is the target of data flow. Select one: O a. Destination O b. Pass O c. Source O d. Stores

A: Which is the target of data flow as follows:-

Q: The answer provided is not correct, please provide the correct value

A: Free Cash Flow Free Cash flow which can be determined by using the amount of net operating cash flow…

Q: Req C is incorrect.

A: Equivalent unit of production is multiplied by cost per equivalent unit to compute the assignment of…

Q: How to calculate PMT,  P/Y and C/Y

A: As per the given information: The time value of money concept states that earlier receipts are more…

Q: Explain put–call parity relationship

A: Put-Call parity is the concept that defines the relationship between price of European call option…

Q: True or false: IFRS is based on the same characteristics of information as AspE

A: IFRS:It stands for International Financial Reporting Standards, a set of accounting standards…

Q: Different ___________ are separated by definite visibleboundaries

A: The answer is provided as follows:

Q: 7. The ultimate control of the corporation rests with the board of directors.

A: Introduction:- Board of directors:- Board of directors play vital role in every organization for…

Q: B. Working trial ba C. Control accoun

A: The correct answer is  a. Lead schedule

Q: What is a proxy statement? What information does it provide?

A: Definition:   Proxy statement: Proxy statement is a statement required for seeking shareholders’…

Q: Formulas are missing. which formulas did you use?  Please clarify

A: The formula used is that of Future value. Future value is based on time value of money concept.…

Q: Communication is the process of Select one: a. writing messages. b. transferring information ahd…

A: The communication is an important role of accounting so as to communicate the final reports of the…

Q: State the meaning of incomplete records?

A: Accounting refers to the process through which the financial transactions related to a business are…

Q: What is the meaning of incoterms

A: International chamber of commerce is the supervisor of international trading, and try to provide…

Q: feature of relevant information

A: Which one of the following is a feature of relevant information?  Answer :- D. Neutrality

Q: solution cannot be understand, please show a clearer one.

A: Here, Required Amount (FV) is P2,500,000 Time Period (n) is 40 years Interest Rate (r) is 9%…

Q: The anwswer is not correct

A: Here, Annual deposits = $1,400 Annual interest rate = 5% Total years to annual deposits = 10 years…

Q: Identify the minimum cardinality of any REA diagram relationship. O or 1. O or N. 1 or N. None of…

A: Cardinality describes the nature of the relationship between two entities. It refers to the number…

Q: 3. What is availability? Give an example showing a violation of availability.

A: Following is a meaning of availability and its examples

Q: -----------------is not a type of Management Report in QBO?

A: Solution -----------------is not a type of Management Report in QBO? The correct answer is financial…

Q: can you solve by ansewring the question'a in a fromual.

A: Data given: Costs  of house(Purchase price) =$250,000 Down payment = 2% of the purchase price.…

Q: Explain the meaning of withholding at source

A: In finance withholding at source pertains to the domain of taxation. This is found in many countries…

Q: How can forwardrates be used for hedging purposes?

A: SOLUTION:- Risk management is the main stimulus for forward contracts. Forward contract is a…

Q: it is still incorrect, please find correct answer

A: Accounts receivable is amount that is yet to be recovered from the customers to whom goods or…

Q: Define Profi t and loss (P&L) statement

A: Introduction: The financial statement is a detailed analysis of the financial situation of the…

Q: What is a double-entry? Give an example?

A: Double entry: Double-entry refers to the double effect of each financial transaction that occurs.…

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.