Homework Answers
$3,100 cash received for consulting services to be completed on January 12, is an unearned revenue since service have not been provided so far till the date of receipt of cash i.e on December 14.
hence, it has the following effects ( on December 14)
- Assets increase in the form of cash.
- Liabilities increase in the form of unearned revenue.
Following adjustment entry is needed on January 12:
| Date | General Journal | Debit | Credit |
| January 12 | Unearned service revenue | $3,100 | |
| Consulting service revenue | $3,100 | ||
| ( To record revenue earned) |
When service are completed on January 12, liability an account of unearned revenue disappears.
Kindly comment if you need further assistance. Thanks‼!
Add Answer to:
Total Assets 1 400,000 385,000 350,000 60. On December 14 Branch Company received $3,100 cash for...
On December 15, Branch Company received $3,000 cash for 30 days of consulting services that will be completed on January 13.
On December 15, Branch Company received $3,000 cash for 30 days of consulting services that will be completed on January 13. Branch records all such prepayments by customers in a liability account. Prepare the December 31 adjusting entry. For the toolbar, press ALT+F10 (PC or ALT+FN+F10 (Mac).
Prepare journal entries for the January 2018 transactions 7-12 7 12-Jan Received $3,100 cash advance from...
Prepare journal entries for the January 2018 transactions 7-12 7 12-Jan Received $3,100 cash advance from Anthony Inc. on future consulting services 8 17-Jan Completed a consulting assignment and received $2,400 for the services performed 9 21-Jan Paid for insurance coverage for the year (January through December) $1,800 10 25-Jan Received $1,000 from ABC Co. (see transaction #6) 11 26-Jan Paid secretary $2,000 for four weeks from 1/2/2018 - 1/27/2018 12 31-Jan Declared and paid a dividend to stockholders of...
a. Received $10,300 cash for consulting services rendered in January b. Issued common stock to investors...
a. Received $10,300 cash for consulting services rendered in January b. Issued common stock to investors for $16,500 cash. c. Purchased $15,300 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,100 cash for consulting services to be performed in February e. Bought and received $1,030 of supplies on account. Received utility bill for January for $2,190, due February 15. g. Consulted for customers in January for fees totaling...
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $19,200 cash for...
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $19,200 cash for consulting services rendered in January. b. Issued common stock to investors for $11,000 cash. c. Purchased $21,900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,350 cash for consulting services to be performed in February. e. Bought and received $1,090 of supplies on account. f. Received utility bill for January for $1,950,...
10) Parks Company has total assets of $1,000,000, liabilities of $400,000, and equity of $600,000. What...
10) Parks Company has total assets of $1,000,000, liabilities of $400,000, and equity of $600,000. What is the debt ratio (rounded to a whole percent)? a. 40% b. 67% C. 150% d. 167% e. 250% 11) A Company forgot to record accrued and unpaid employee wages of $350,000 at year end. This oversight would a. Understate net income by $350,000 b. Overstate net income by $350,000 C. Have no effect on net income d. Overstate assets by $350,000 e. Understate...
Rhoades Tax Services began business on December 1, 2015. Its December transactions are as follows. Dec Rhoade...
Rhoades Tax Services began business on December 1, 2015. Its December transactions are as follows. Dec Rhoades invested $20,000 in the business in exchange for common stock. Paid $1,200 cash for December rent to Bomba Realty. 2 Purchased $1,080 of supplies on account. 2 Purchased $9,500 of office equipment; paying $4,700 cash with the balance due in 30 days. Paid $1,080 cash on account for supplies purchased December 2. 14 Paid $900 cash for assistant's wages for 2 weeks' work...
On December 1, ABC Company received $3,000 cash from a customer for 3 months of business...
On December 1, ABC Company received $3,000 cash from a customer for 3 months of business services beginning December 1st. Prepare the journal entry to record the receipt of the 3,000 and the adjusting entry required on December 31st.
On December 12, 2018, Pace Electronics received $31,200 from a customer toward a cash sale of...
On December 12, 2018, Pace Electronics received $31,200 from a customer toward a cash sale of $312,000 of diodes to be completed on January 16, 2019 What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on December 12. Note: Enter debits before credits Date General Journal Debit Credit December...
On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of...
On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of $368,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on December 12. Note: Enter debits before credits. General Journal Debit Credit Date December...
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31.
[The following information applies to the questions displayed below.]Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31.Jan.15Purchased and paid for merchandise. The invoice amount was $26,500; assume a perpetual inventory system.Apr.1Borrowed $700,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money.June14Received a $15,000 customer deposit for services to be performed in the future.July15Performed $3,750 of the services paid for on June 14.Dec.12Received electric bill for $27,860....
a. Received $10,300 cash for consulting services rendered in January b. Issued common stock to investors for $16,500 cash. c. Purchased $15,300 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,100 cash for consulting services to be performed in February e. Bought and received $1,030 of supplies on account. Received utility bill for January for $2,190, due February 15. g. Consulted for customers in January for fees totaling...
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $19,200 cash for consulting services rendered in January. b. Issued common stock to investors for $11,000 cash. c. Purchased $21,900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,350 cash for consulting services to be performed in February. e. Bought and received $1,090 of supplies on account. f. Received utility bill for January for $1,950,...
10) Parks Company has total assets of $1,000,000, liabilities of $400,000, and equity of $600,000. What is the debt ratio (rounded to a whole percent)? a. 40% b. 67% C. 150% d. 167% e. 250% 11) A Company forgot to record accrued and unpaid employee wages of $350,000 at year end. This oversight would a. Understate net income by $350,000 b. Overstate net income by $350,000 C. Have no effect on net income d. Overstate assets by $350,000 e. Understate...
Rhoades Tax Services began business on December 1, 2015. Its December transactions are as follows. Dec Rhoades invested $20,000 in the business in exchange for common stock. Paid $1,200 cash for December rent to Bomba Realty. 2 Purchased $1,080 of supplies on account. 2 Purchased $9,500 of office equipment; paying $4,700 cash with the balance due in 30 days. Paid $1,080 cash on account for supplies purchased December 2. 14 Paid $900 cash for assistant's wages for 2 weeks' work...
On December 12, 2018, Pace Electronics received $31,200 from a customer toward a cash sale of $312,000 of diodes to be completed on January 16, 2019 What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on December 12. Note: Enter debits before credits Date General Journal Debit Credit December...
On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of $368,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on December 12. Note: Enter debits before credits. General Journal Debit Credit Date December...
Most questions answered within 3 hours.
-
Which is a possible value for the principal quantum number
n?
7, 3.14 , 2.5, None...
asked 2 minutes ago -
Everyone loves a helium filled balloon for a party. Do some
basic Internet research and answer...
asked 1 minute ago -
Here is a pair of aromatic compounds that each have a complicated
set of aromatic peaks....
asked 20 minutes ago -
As with many public goods, determining the appropriate level of
government support for the production of...
asked 23 minutes ago -
Write a balanced chemical equation for the oxidation reaction
between Caro’s acid (H2SO5) and CN– ion...
asked 26 minutes ago -
Calculate the number of valence electrons for
[Mo(C6H6)(CO)3]
asked 36 minutes ago -
Which of the following are true about the strength of the
association between two variables?
1-...
asked 33 minutes ago -
You are a monopolist and know that your consumers have a linear
demand curve. At what...
asked 32 minutes ago -
Raising a heavy load requires work. Raising it in half the time
requires:
asked 38 minutes ago -
MGT-201: Marketing Management
Before deciding on the structure of the channel marketers must
take several factors...
asked 38 minutes ago -
1. ACLs allow a router to control traffic within a network. The
concept is very similar...
asked 39 minutes ago -
35. When the electron in a hydrogen atom falls from its first
excited energy level to...
asked 41 minutes ago