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18. An accountant received $1,200 in advance of doing tax work for a client. This amount...
An advance payment of $1,000 for services was received on December 1 and was recorded as...
An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been earned Demonstrate what the correct adjusting entry should include by choosing the correct statement below. O Debit Unearned revenues for $600. O Debit Unearned revenues for $400. O Debit Service revenue for $400. Credit Unearned revenues for $400
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.
A company received a check for $30,000 on June 1. This amount represents a 6-month advance...
A company received a check for $30,000 on June 1. This amount represents a 6-month advance payment of rent on a building it rents to a client. The company records the amount as unearned rent revenue. Before preparing financial statements on July 31, the company should make the following adjusting entry: O debit Cash for $10,000 for credit Rent Revenue for $10,000. O debit Rent Revenue for $10,000 and credit Unearned Rent Revenue for $10,000. O debit Unearned Rent Revenue...
Steelar company received $ 9,000 as an advance payment from a customer on june 1. At...
Steelar company received $ 9,000 as an advance payment from a customer on june 1. At Sept 30, management indicates that 60% of the services have been rendered to date on the job. For the adjusting entry on Sept 30, which statement is correct? 1 Unearned revenue is debited for $5,400 2 Unearned revenue is credited for $ 5,400 3 Revenue earned is credited for $ 4,600 4 Revenue earned is debited for $ 4,600
Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for...
Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for magazines to be mailed in September 2004 through December 2004. It originally recorded the amount received in a "temporary" account. After mailing 1/4 of the magazines in September 2004, the correct adjusting entry at the end of September (adjusting entries are made monthly by the Company) will be: Subscriptions Revenue 300 Unearned Revenue 300 Subscriptions Revenue 900 Unearned Revenue 900 Unearned Revenue 300 Subscriptions...
Blue Spruce Corp. received a check for $27840 on July 1 which represents a 6 month...
Blue Spruce Corp. received a check for $27840 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $27840. Financial statements will be prepared on July 31. Blue Spruce's should make the following adjusting entry on July 31: O debit Unearned Rent Revenue, $27840; credit Rent Revenue, $27840. debit Rent Revenue, $4640; credit Unearned Rent Revenue, $4640. debit Cash, $27840; credit Rent...
On September 1, Watson Company received $35,100 for six months of rent in advance. On September...
On September 1, Watson Company received $35,100 for six months of rent in advance. On September 1, Watson Company credited Rent Revenue, which is an alternate way of recording the initial receipt of cash. Required: Journalize the adjusting entry on December 31. Date Account Title Debt Credit Dec. 31
aces for a client in December. A e-transfer on January 5. The accounts appears on the...
aces for a client in December. A e-transfer on January 5. The accounts appears on the balance 7. Richard Bains, a professional accountant, performed accounting services for a client in bill was mailed to the client on December 30. Richard received an e-transfer on Revenue recornition principle requires that which of the following accounts and sheet at December 31? a) Prepaid expense by Accounts receivable c) Unearned revenue d) Accounts payable $2.000 down payment and issuing a 8. A business...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1170 of unused office supplies on hand and the balance of supplies expense is $3710. What should the accountant do? Nothing, company policy says to expense supplies when purchased. Debit Supplies and credit Supplies Expense for $1170. Convince management to change its policy to avoid problems in the future....
ces for a client in December. A dan e-transfer on January 5. The unts appears on...
ces for a client in December. A dan e-transfer on January 5. The unts appears on the balance 7. Richard Bains, a professional accountant, performed accounting services for a clienti bill was mailed to the client on December 30. Richard received an e-transfer on bith of the following accounts appears on Revenue recognition principle requires that which of the sheet at December 31? a) Prepaid expense by Accounts receivable c) Unearned revenue d) Accounts payable $2.000 down payment and issuing...
An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been earned Demonstrate what the correct adjusting entry should include by choosing the correct statement below. O Debit Unearned revenues for $600. O Debit Unearned revenues for $400. O Debit Service revenue for $400. Credit Unearned revenues for $400
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.
A company received a check for $30,000 on June 1. This amount represents a 6-month advance payment of rent on a building it rents to a client. The company records the amount as unearned rent revenue. Before preparing financial statements on July 31, the company should make the following adjusting entry: O debit Cash for $10,000 for credit Rent Revenue for $10,000. O debit Rent Revenue for $10,000 and credit Unearned Rent Revenue for $10,000. O debit Unearned Rent Revenue...
Blue Spruce Corp. received a check for $27840 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $27840. Financial statements will be prepared on July 31. Blue Spruce's should make the following adjusting entry on July 31: O debit Unearned Rent Revenue, $27840; credit Rent Revenue, $27840. debit Rent Revenue, $4640; credit Unearned Rent Revenue, $4640. debit Cash, $27840; credit Rent...
On September 1, Watson Company received $35,100 for six months of rent in advance. On September 1, Watson Company credited Rent Revenue, which is an alternate way of recording the initial receipt of cash. Required: Journalize the adjusting entry on December 31. Date Account Title Debt Credit Dec. 31
aces for a client in December. A e-transfer on January 5. The accounts appears on the balance 7. Richard Bains, a professional accountant, performed accounting services for a client in bill was mailed to the client on December 30. Richard received an e-transfer on Revenue recornition principle requires that which of the following accounts and sheet at December 31? a) Prepaid expense by Accounts receivable c) Unearned revenue d) Accounts payable $2.000 down payment and issuing a 8. A business...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1170 of unused office supplies on hand and the balance of supplies expense is $3710. What should the accountant do? Nothing, company policy says to expense supplies when purchased. Debit Supplies and credit Supplies Expense for $1170. Convince management to change its policy to avoid problems in the future....
ces for a client in December. A dan e-transfer on January 5. The unts appears on the balance 7. Richard Bains, a professional accountant, performed accounting services for a clienti bill was mailed to the client on December 30. Richard received an e-transfer on bith of the following accounts appears on Revenue recognition principle requires that which of the sheet at December 31? a) Prepaid expense by Accounts receivable c) Unearned revenue d) Accounts payable $2.000 down payment and issuing...
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