Question

Which journal entry reflects the adjusting entry needed on december 31?: in november, boc received a $5,000 cash deposit from a customer for custom-build goods that will be delivered in january (boc recorded an entry for this $5,000 in november). Now, it is december 31, the end of the fiscal year?

Answer 1

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❏The annuity payment formula is used to calculate the periodic payment on an annuity.

❏An annuity is a series of periodic payments that are received at a future date. The present value portion of the formula is the initial payout, with an example being the original payout on an amortized loan.

❏The discounted value of a series of equal amounts occurring at the beginning of each equal time interval.

Answer 2

❏The annuity payment formula is used to calculate the periodic payment on an annuity.

★ An annuity is a series of periodic payments that are received at a future date. The present value portion of the formula is the initial payout, with an example being the original payout on an amortized loan.

★ The discounted value of a series of equal amounts occurring at the beginning of each equal time interval.

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