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Type your answer in the box. On December 27, a business completed a $400 service that...
Type your answer in the box. On December 27, a business completed a $400 service that...
Type your answer in the box. On December 27, a business completed a $400 service that had not yet been billed or recorded as of December 31. Demonstrate the required adjusting entry of the business by completing the following sentence. The required adjusting entry would be to debit the (Unearned revenue/Accounts receivable/Cash/Service revenue) account and (debit/credit) the (Unearned revenue/Accounts receivable/Cash/Service revenue) account. Read about this Do you know the answer? I know it Think so No idea
On December 28, 1. Greasy Catering Company completed $600 of catering services. As of December 31,...
On December 28, 1. Greasy Catering Company completed $600 of catering services. As of December 31, the customer had not been billed nor had the transaction been recorded. Demonstrate the required adjusting entry by choosing the correct statement below. Debit Catering revenue for $600. O Debit Unearned revenue for $600. O Credit Accounts receivable for $600. Debit Accounts receivable for $600.
On December 28, 1. Greasy Catering Company completed $600 of catering services
On December 28, 1. Greasy Catering Company completed $600 of catering services. As of December 31, the customer had not been billed nor had the transaction been recorded. Demonstrate the required adjusting entry by choosing the correct statement below.Debit Accounts receivable for $600.Credit Accounts receivable for $600.Debit Catering revenue for $600.Debit Unearned revenue for $600.
If a business has received cash in advance of services performed and credits a liability account,...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded...
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, Service Shop started the year with total assets of $110,000 and total liabilities of and owner drawings of $20,000. 7. Owner's equity at the end of the year was A) $30,000. B) $80,000. C) $100,000. D) $120,000. 8. Misra Company compiled the following financial information as of December 31, 2011 Revenues Owner's Capital (1/1/11) Equipment $170,000 70,000 40,000...
QUESTION ANSWER Debit Credit Date Accounts On March 26, Jones Repair Service earned $1,700 of service...
QUESTION ANSWER Debit Credit Date Accounts On March 26, Jones Repair Service earned $1,700 of service revenue on account. Mar. 26 Cash 1,700 Service Revenue 1,700 The journal entry to record this transaction would be: Debit Credit Date Accounts Mar. 26 Service Revenue 1,700 Cash 1,700 Debit Credit Date Accounts Mar. 26 Service Revenue 1,700 Accounts Receivable 1,700 Accounts Debit Credit Date Mar. 26 Accounts Receivable 1,700 Service Revenue 1,700 I DON'T KNOW YET submit
8- SELECT THE BEST ANSWER Mary Richardo has performed $550 of CPA services for a client...
8- SELECT THE BEST ANSWER Mary Richardo has performed $550 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Mary make? Debit Unearned Service Revenue and credit Service Revenue Debit Cash and credit Unearned Service Revenue Debit Accounts Receivable and credit Unearned Service Revenue Debit Accounts Receivable and credit Service Revenue 9- Employees at Cheyenne Corp. are paid $13200 cash every Friday for working Monday...
Assessment Progress Question #17 To start her own business, Patricia Gray put $29,000 of her personal...
Assessment Progress Question #17 To start her own business, Patricia Gray put $29,000 of her personal cash into the business account. Given the following additional transactions calculate the ending balance of each of the following accounts after all journal entry amounts are posted Cash, Unearned Revenue, Service Revenue, and Accounts Receivable Item Description Ref. Debit Credit 1 Caslh 1,700 Unearned Revenue 1,700 Cash Unearned Revenue Service Revenue Accounts Receivable 2 Unearned Revenue Service Revenue 1,230 1,230 3 Accounts Receivable 1,600...
The Missoula Dental Group had patients on December 31, 2020 and generated $4,500 in revenue on...
The Missoula Dental Group had patients on December 31, 2020 and generated $4,500 in revenue on that day. As of their year-end on December 31, 2020, no entry was recorded yet to bill the patients and the patients had not made any payments to the Dental Group during their visit. The adjusting journal entry at year-end would include which of the following: b Debit to Unearned Revenue for $4,500 Credit to Accounts Payable $4,500 Credit to Service Revenue for $4,500...
As of December 31, it was determined that $8,000 of a $15,000 job had been completed....
As of December 31, it was determined that $8,000 of a $15,000 job had been completed. The customer will not be billed until the job has been completed. The adjusting entry needed for this event would include a: O debit to Accounts Receivable for $8,000 O debit to Unearned Fees for $8,000 credit to Unearned Fees for $8,000 O debit to Accounts Receivable for $7,000
Type your answer in the box. On December 27, a business completed a $400 service that had not yet been billed or recorded as of December 31. Demonstrate the required adjusting entry of the business by completing the following sentence. The required adjusting entry would be to debit the (Unearned revenue/Accounts receivable/Cash/Service revenue) account and (debit/credit) the (Unearned revenue/Accounts receivable/Cash/Service revenue) account. Read about this Do you know the answer? I know it Think so No idea
On December 28, 1. Greasy Catering Company completed $600 of catering services. As of December 31, the customer had not been billed nor had the transaction been recorded. Demonstrate the required adjusting entry by choosing the correct statement below. Debit Catering revenue for $600. O Debit Unearned revenue for $600. O Credit Accounts receivable for $600. Debit Accounts receivable for $600.
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, Service Shop started the year with total assets of $110,000 and total liabilities of and owner drawings of $20,000. 7. Owner's equity at the end of the year was A) $30,000. B) $80,000. C) $100,000. D) $120,000. 8. Misra Company compiled the following financial information as of December 31, 2011 Revenues Owner's Capital (1/1/11) Equipment $170,000 70,000 40,000...
QUESTION ANSWER Debit Credit Date Accounts On March 26, Jones Repair Service earned $1,700 of service revenue on account. Mar. 26 Cash 1,700 Service Revenue 1,700 The journal entry to record this transaction would be: Debit Credit Date Accounts Mar. 26 Service Revenue 1,700 Cash 1,700 Debit Credit Date Accounts Mar. 26 Service Revenue 1,700 Accounts Receivable 1,700 Accounts Debit Credit Date Mar. 26 Accounts Receivable 1,700 Service Revenue 1,700 I DON'T KNOW YET submit
8- SELECT THE BEST ANSWER Mary Richardo has performed $550 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Mary make? Debit Unearned Service Revenue and credit Service Revenue Debit Cash and credit Unearned Service Revenue Debit Accounts Receivable and credit Unearned Service Revenue Debit Accounts Receivable and credit Service Revenue 9- Employees at Cheyenne Corp. are paid $13200 cash every Friday for working Monday...
Assessment Progress Question #17 To start her own business, Patricia Gray put $29,000 of her personal cash into the business account. Given the following additional transactions calculate the ending balance of each of the following accounts after all journal entry amounts are posted Cash, Unearned Revenue, Service Revenue, and Accounts Receivable Item Description Ref. Debit Credit 1 Caslh 1,700 Unearned Revenue 1,700 Cash Unearned Revenue Service Revenue Accounts Receivable 2 Unearned Revenue Service Revenue 1,230 1,230 3 Accounts Receivable 1,600...
The Missoula Dental Group had patients on December 31, 2020 and generated $4,500 in revenue on that day. As of their year-end on December 31, 2020, no entry was recorded yet to bill the patients and the patients had not made any payments to the Dental Group during their visit. The adjusting journal entry at year-end would include which of the following: b Debit to Unearned Revenue for $4,500 Credit to Accounts Payable $4,500 Credit to Service Revenue for $4,500...
As of December 31, it was determined that $8,000 of a $15,000 job had been completed. The customer will not be billed until the job has been completed. The adjusting entry needed for this event would include a: O debit to Accounts Receivable for $8,000 O debit to Unearned Fees for $8,000 credit to Unearned Fees for $8,000 O debit to Accounts Receivable for $7,000
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