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ve 1 S11-3 Recording unearned revenue On June 1, Hunting Man Magazine collected cash of $63,000...
S11-3 Recording unearned revenue On June 1, Hunting Man Magazine collected cash of $63,000 on future...
S11-3 Recording unearned revenue On June 1, Hunting Man Magazine collected cash of $63,000 on future annual subscrip! tions starting on July 1. Requirements 1. Journalize the transaction to record the collection of cash on June 1. 2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded. (Round adjustment to the neares whole dollar.)
Chapter 11 1). On August 1, Cooking Fun Magazine collected cash of $72,000 on future annual...
Chapter 11
1).
On August 1, Cooking Fun Magazine collected cash of $72,000 on future annual subscriptions starting on September 1. Requirements 1. Journalize the transaction to record the collection of cash on August 1. 2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded. (Round adjustment to the nearest whole dollar.) Requirement 1. Journalize the transaction to record the collection of cash on August 1. (Record debits first, then credits. Select...
Exercise 13-11A Recording unearned revenue and identifying its effect on financial statements LO 13-1 Raylan received...
Exercise 13-11A Recording unearned revenue and identifying its effect on financial statements LO 13-1 Raylan received a $58,000 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1, Year 1. Required a. & b. Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1. c. Show the preceding transaction and related adjustment in a horizontal statements model. d....
On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue....
On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. At December 31, the business must account for the amount of rent it has earned. a.On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has earned....
PB4-2 Recording Adjusting Journal Entries (LO 4-1, LO 4-2] [The following information applies to the questions...
PB4-2 Recording Adjusting Journal Entries (LO 4-1, LO 4-2] [The following information applies to the questions displayed below.) Cactus Company's annual accounting year ends on June 30. Assume it is June 30, and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $2,200 on a special job that was completed June 29. Collection will be made during July, no entry has been recorded. b. On March 31, Cactus paid...
Drop menu options are Adj Bal, Bal, Cash collected for future services, and Earned from advanced...
Drop menu options are Adj Bal, Bal, Cash collected for future
services, and Earned from advanced collections
At the beginning of the year, Choice Advertising owed customers $3,200 for unearned revenue collected in advance. During the year, Choice received advance cash receipts of $8,600 and earned $40,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $4,700 and unadjusted service revenue is $40,000. Read the requirements. Requirement 1. Record the...
6 value: 10.00 points Cactus Company's annual accounting year ends on June 30. Assume it is...
6 value: 10.00 points Cactus Company's annual accounting year ends on June 30. Assume it is June 30, and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $3,600 on a special job that was completed June 29 b. On March 31, Cactus paid a six-month premium for property insurance in the amount of $4,800 for c. At June 30, wages of $2,500 were earned by employees but not...
PB4-2 Recording Adjusting Journal Entries [LO 4-1, LO 4-6] Cactus Company's annual accounting year ends on...
PB4-2 Recording Adjusting Journal Entries [LO 4-1, LO 4-6] Cactus Company's annual accounting year ends on June 30. Assume it is now June 30 and all of the entries except the following adjusting journal entries have been made: d. The company earned service revenue of $2,000 on a special job that was completed June 29. Collection will be made during July no entry has been recorded. b. On March 31, Cactus paid a six- month premium for property insurance in...
wg that Modish records the cash receipt of unearned revenue by initially crediting a liability account....
wg that Modish records the cash receipt of unearned revenue by initially crediting a liability account. Post the adjusting entry the Unearned Revenue and Service Revenue T-accounts. Make sure to include she beginning balance and additional unearned revenue in the Unearned Revenue T-account. Record the adjusting entry assuming that Modish records the cash receipt of unearned revenue by initially crediting a revenue account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts. Make sure to include the...
PB4-2 Recording Adjusting Journal Entries LO 4-1, 4-2, 4-6 Cactus Company's annual accounting year ends on...
PB4-2 Recording Adjusting Journal Entries LO 4-1, 4-2, 4-6 Cactus Company's annual accounting year ends on June 30. Assume it is now June 30 and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $2,000 on a special job that was completed June 29. Collection will be made during July, no entry has been recorded. b. On March 31, Cactus paid a six-month premium for property insurance in the...
S11-3 Recording unearned revenue On June 1, Hunting Man Magazine collected cash of $63,000 on future annual subscrip! tions starting on July 1. Requirements 1. Journalize the transaction to record the collection of cash on June 1. 2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded. (Round adjustment to the neares whole dollar.)
Chapter 11
1).
On August 1, Cooking Fun Magazine collected cash of $72,000 on future annual subscriptions starting on September 1. Requirements 1. Journalize the transaction to record the collection of cash on August 1. 2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded. (Round adjustment to the nearest whole dollar.) Requirement 1. Journalize the transaction to record the collection of cash on August 1. (Record debits first, then credits. Select...
Exercise 13-11A Recording unearned revenue and identifying its effect on financial statements LO 13-1 Raylan received a $58,000 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1, Year 1. Required a. & b. Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1. c. Show the preceding transaction and related adjustment in a horizontal statements model. d....
PB4-2 Recording Adjusting Journal Entries (LO 4-1, LO 4-2] [The following information applies to the questions displayed below.) Cactus Company's annual accounting year ends on June 30. Assume it is June 30, and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $2,200 on a special job that was completed June 29. Collection will be made during July, no entry has been recorded. b. On March 31, Cactus paid...
Drop menu options are Adj Bal, Bal, Cash collected for future
services, and Earned from advanced collections
At the beginning of the year, Choice Advertising owed customers $3,200 for unearned revenue collected in advance. During the year, Choice received advance cash receipts of $8,600 and earned $40,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $4,700 and unadjusted service revenue is $40,000. Read the requirements. Requirement 1. Record the...
6 value: 10.00 points Cactus Company's annual accounting year ends on June 30. Assume it is June 30, and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $3,600 on a special job that was completed June 29 b. On March 31, Cactus paid a six-month premium for property insurance in the amount of $4,800 for c. At June 30, wages of $2,500 were earned by employees but not...
PB4-2 Recording Adjusting Journal Entries [LO 4-1, LO 4-6] Cactus Company's annual accounting year ends on June 30. Assume it is now June 30 and all of the entries except the following adjusting journal entries have been made: d. The company earned service revenue of $2,000 on a special job that was completed June 29. Collection will be made during July no entry has been recorded. b. On March 31, Cactus paid a six- month premium for property insurance in...
wg that Modish records the cash receipt of unearned revenue by initially crediting a liability account. Post the adjusting entry the Unearned Revenue and Service Revenue T-accounts. Make sure to include she beginning balance and additional unearned revenue in the Unearned Revenue T-account. Record the adjusting entry assuming that Modish records the cash receipt of unearned revenue by initially crediting a revenue account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts. Make sure to include the...
PB4-2 Recording Adjusting Journal Entries LO 4-1, 4-2, 4-6 Cactus Company's annual accounting year ends on June 30. Assume it is now June 30 and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $2,000 on a special job that was completed June 29. Collection will be made during July, no entry has been recorded. b. On March 31, Cactus paid a six-month premium for property insurance in the...
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