Please give an example of how an entity’s revenue may result from a decrease in liability...
- Please give an example of how an entity’s revenue may result from a decrease in liability from primary operations.
- Please provide the journal entry based on the example you described. Hint: it is an adjusting entry.
Homework Answers
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When cash is received by a company for the services to be performed in future , resulting in increase in cash and increase in liability (unearned revenue).Revenue is recognized when the services are performed thus the liability decreases(unearned revenue) and increase in service revenue Ex: Company received 5000 from customer in advance for the services to be performed next month. Journal Entry Cash received in advance for services to be performed in future Cash DR 5,000 Unearned revenue CR 5,000 when the services are performed Unearned revenue DR 5,000 Service revenue CR 5,000 |
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Please give an example of how an entity’s revenue may result
from a decrease in liability...
answer please MC1q4 discussion, 1 point, due 2/3 Refer to Chapter / multiple-choice question 4 below....
answer please
MC1q4 discussion, 1 point, due 2/3 Refer to Chapter / multiple-choice question 4 below. (4) According to the FASB's conceptual framework, an entity's revenue may result from a(n) A. Decrease in an asset from primary operations. B. Increase in an asset from incidental transactions. C. Increase in a liability from incidental transactions. D. Decrease in a liability from primary operations. The correct answer is D. A. A decrease in an asset from primary operations results in an expense....
plz help me w this Asap MC174 discussion, 1 point, due 2/3 Refer to Chapter I...
plz help me w this Asap
MC174 discussion, 1 point, due 2/3 Refer to Chapter I multiple-choice question 4 below. [4] According to the FASB's conceptual framework, an entity's revenue may result from a(n) A. Decrease in an asset from primary operations. B. Increase in an asset from incidental transactions. C. Increase in a liability from incidental transactions. D. Decrease in a liability from primary operations. The correct answer is D. A. A decrease in an asset from primary operations...
Give an example of a real account. Give an example of a nominal account. Why are...
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For each of the following items give an example of a business transaction that has the described effect on the accounting equation: increase an asset and increase a liability increase one asset and decrease another asset decrease an asset and decrease
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4. Which of the following is not one of the essential characteristics of a liability? a. Result from past transactions o...
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answer please
MC1q4 discussion, 1 point, due 2/3 Refer to Chapter / multiple-choice question 4 below. (4) According to the FASB's conceptual framework, an entity's revenue may result from a(n) A. Decrease in an asset from primary operations. B. Increase in an asset from incidental transactions. C. Increase in a liability from incidental transactions. D. Decrease in a liability from primary operations. The correct answer is D. A. A decrease in an asset from primary operations results in an expense....
plz help me w this Asap
MC174 discussion, 1 point, due 2/3 Refer to Chapter I multiple-choice question 4 below. [4] According to the FASB's conceptual framework, an entity's revenue may result from a(n) A. Decrease in an asset from primary operations. B. Increase in an asset from incidental transactions. C. Increase in a liability from incidental transactions. D. Decrease in a liability from primary operations. The correct answer is D. A. A decrease in an asset from primary operations...
How is present Worth Analysis ined for Projects? Please give an example ether from a real world project you've worked on, or perform a Google search for an example of an engineering project where is used in the economic reports. If you find an example from the Internet, please include a link to the PDF or website if you choose to use an example from your professional life, please attach the section of the economic report where PWA is used...
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