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(Answered) Under GAAP, for a future commitment to be recognized as a


Under GAAP, for a future commitment to be recognized as a
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Under GAAP, for a future commitment to be recognized as a liability, it must be,

 

a. A probable future sacrifice ,

 

b. Due to a past event or transaction,

 

c. Unavoidable,

 

d. All of the above,

 

,

 

Alaina Co. bought a piece of equipment for $60,000 on January 1, 2013. The equipment will be used by Alaina's sales staff for 8 years, at which time it should have a $4,000 salvage value. How much depreciation expense will Alaina recognize in 2014? Alaina uses the straight-line method of depreciation and has a December 31 fiscal year end.,

 

a. $8,000,

 

b. $7,500,

 

c. $7,000,

 

d. None of the above,

 

,

 

The Holbrook Co. received cash from a customer last period but did not provide the services to its customer until this period. What accounts would appear in the journal entry this period to record the provision of the services?,

 

a. Debit a liability and credit a shareholders' equity account,

 

b. Debit an asset and credit a shareholders' equity account,

 

c. Debit an asset and credit a liability,

 

d. No journal entry is necessary this period,

 

,

 

The Gaines Co. spent $10,000 in cash on a banquet for its major customers this accounting period. Gaines hopes the banquet leads to increased customer loyalty and increased sales next period. What accounts would appear in the journal entry this period related to the banquet?,

 

a. Credit an asset and credit a liability,

 

b. Credit an asset and debit a shareholders' equity account,

 

c. Credit one asset and debit another asset,

 

d. No journal entry is necessary this period

 


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