When a company provides services for which cash will not be received until some future date,...
When a company provides services for which cash will not be received until some future date, the company should record the amount billed as accounts receivable.
Homework Answers
Solution:
When a company provides services for which cash will not be received until some future, the amount is recorded as "Accounts Receivable". in that case Accounts Receivable is debited and Service Revenue is credited.
Hence, the statement is "True".
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When a company provides services for which cash will not be
received until some future date,...
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On March 1, Company A provides
legal services to Company B regarding some recent food poisoning
complaints. Legal services total $10,800. In payment for the
services, Company B signs a 8% note requiring the payment of the
face amount and interest to Company A on September 1. Required: For
Company A, record the acceptance of the note receivable on March 1
and the cash collection on September 1. (If no entry is required
for a particular transaction/event, select "No Journal...
43 45 Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12,000 B. Accounts Receivable 12,000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12.000 D. Unearned Revenue 12,000 Cash 12,000 OB 44 45 Provided $7,000 worth of the services referred to in transaction Q43. Account Name Debit Credit A. Cash 7,000 Accounts Receivable 7,000 B. Accounts Receivable 7,000 Service Revenue 7,000 C. Cash 7,000 Service Revenue...
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,500. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a...
Determine the amount of cash received by the club, with respect
to member services, during 2020.
Prepare journal entries for each of the following events that took place during 2020. (Hint: You will probably find it helpful to use T-accounts to analyze these data.) (1) (2) (3) Accounts receivable from 2019 were all collected. Gift certificates outstanding at the end of 2019 were all redeemed. (a) An additional $39,000 worth of gift certificates were sold during 2020. (b) A portion...
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a...
On October 1, 2019, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2019. The company's initial chart of accounts follows NO. Account Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent office Equipment Computer Equipment Accounts Payable No. Account 101 Common Stock 106 Dividends 126...
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