a company performs 20 days of work on a 30 day contract before the end of...
Homework Answers
Out of 30 days contract, work for 20 days is completed. Thus, the company has earned ($6,000 x 20 days /30 days) $4,000 of unearned revenue by the year end. Thus, the adjusting entry would includes a $4,000 debit to unearned revenue.
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company performs 20 days of work on a 30 day contract before the
end of...
1. ) The Prepaid Insurance account has a balance of $200 less in the work sheet's...
1. ) The Prepaid Insurance account has a balance of $200 less in the work sheet's Balance Sheet Debit column than in the work sheet's Trial Balance Debit column. This would be the result of a Select one: a. $200 entry to Prepaid Insurance in the work sheet's Adjustments Credit column. b. $200 entry to Prepaid Insurance in the work sheet's Adjustments Debit column. c. $200 entry to Insurance Expense in the work sheet's Adjustments Credit column. d. $400 entry...
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...
At the beginning of the year, Modish Advertising owed customers $2,200 for unearned revenue collected in...
At the beginning of the year, Modish Advertising owed customers $2,200 for unearned revenue collected in advance. During the year, Modish received advance cash receipts of $8,600 and earned $50,000 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 $50,000. Read the requirements. 1. Record the adjusting entry assuming that Modish records the cash receipt of unearned revenue by initially crediting a liability account....
1.)External users are those within an organization who use financial information to make day-to-day decision. Group...
1.)External users are those within an organization who use financial information to make day-to-day decision. Group of answer choices True False 2)The four basic financial statements are Income Statement, Statement of Owner's Equity, Balance Sheet and the Chart of Accounts. Group of answer choices True False 3)Generally Accepted Accounting Principles (GAAP) are accounting principles, assumptions, concepts (the rules) that guide the preparation and presentation of financial statements. Group of answer choices True False 4)In double-entry bookkeeping, at least four accounts...
Required information [The following information applies to the questions displayed below Costanza Company experienced the following...
Required information [The following information applies to the questions displayed below Costanza Company experienced the following events and transactions during July 6 Received 57,500 cash in advance of performing work s as 12 Completed the job for Solana. 18 Received $8,500 cash in advance of performing work for Anina Bordan 27 Completed the job for Haru. 31 None of the work for jordan has been performed a. Prepare journal entries (including any adjusting entries as of the July 31 month-end)...
Mastering Adjusting Entries The following information relates to questions 31 and 32: CBA Co. uses accrual...
Mastering Adjusting Entries The following information relates to questions 31 and 32: CBA Co. uses accrual basis accounting. It collects $20,000 in December for a job and credits unearned revenue. By the end of December, its year end. CBA has completed 40% of the work. 31. How much revenue has CBA earned in December? a. $20,000 b. $12,000 c. $8,000 d. $0 32. Which accounts does CBA debit and credit in the adjusting journal entry on December 31? a. Unearned...
DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja...
DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja (Sole Proprietor) leased a portion of its building for a monthly rental fee of P20,000. On the same day, Borja received a three-month advance rental of P60,000 from a tenant. The entry made upon receipt of payment from tenant was debit to Cash and credit to Unearned Rent Revenue amounting to P60,000. What is the adjusting entry needed on December 31, 2019? Answer: Debit...
Century Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range...
Century Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Century engaged in the activities below during the current year: Required: 1. Prepare adjusting entries at December 31 for these four activities. If no entry is required, select "No entry required" for all accounts and leave associated amount boxes blank a. Century received $3,500 cash in advance from Rob's Department Store for an estimated 175 deliveries during December 2019 and January...
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
Each of the following independent events requires a year-end adjusting entry. Paid $9,900 cash in advance...
Each of the following independent events requires a year-end adjusting entry. Paid $9,900 cash in advance on July 1 for a one-year lease on office space. Purchased $3,400 of supplies on account on April 15. At year-end, $270 of supplies remained on hand. Received a $8,800 cash advance on July 1 for a contract to provide services for one year beginning immediately. Paid $3,800 cash in advance on February 1 for a one-year insurance policy. Required Record each event and...
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...
At the beginning of the year, Modish Advertising owed customers $2,200 for unearned revenue collected in advance. During the year, Modish received advance cash receipts of $8,600 and earned $50,000 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 $50,000. Read the requirements. 1. Record the adjusting entry assuming that Modish records the cash receipt of unearned revenue by initially crediting a liability account....
Required information [The following information applies to the questions displayed below Costanza Company experienced the following events and transactions during July 6 Received 57,500 cash in advance of performing work s as 12 Completed the job for Solana. 18 Received $8,500 cash in advance of performing work for Anina Bordan 27 Completed the job for Haru. 31 None of the work for jordan has been performed a. Prepare journal entries (including any adjusting entries as of the July 31 month-end)...
Mastering Adjusting Entries The following information relates to questions 31 and 32: CBA Co. uses accrual basis accounting. It collects $20,000 in December for a job and credits unearned revenue. By the end of December, its year end. CBA has completed 40% of the work. 31. How much revenue has CBA earned in December? a. $20,000 b. $12,000 c. $8,000 d. $0 32. Which accounts does CBA debit and credit in the adjusting journal entry on December 31? a. Unearned...
DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja (Sole Proprietor) leased a portion of its building for a monthly rental fee of P20,000. On the same day, Borja received a three-month advance rental of P60,000 from a tenant. The entry made upon receipt of payment from tenant was debit to Cash and credit to Unearned Rent Revenue amounting to P60,000. What is the adjusting entry needed on December 31, 2019? Answer: Debit...
Century Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Century engaged in the activities below during the current year: Required: 1. Prepare adjusting entries at December 31 for these four activities. If no entry is required, select "No entry required" for all accounts and leave associated amount boxes blank a. Century received $3,500 cash in advance from Rob's Department Store for an estimated 175 deliveries during December 2019 and January...
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
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