Homework Answers
At the time of Receiving Payment
Cash Dr $62,000
Account Receivable Cr $62,000
As the time of Service Provided and Invoice Rasied of Service
Account Receivable Dr $62,000
Service Reveune Cr $62,000
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Golddigger Services, Inc. provides services to clients. On May 1, a client prepaid Golddigger Services $62,000...
Spafford Services, Inc. provides services to clients. On May 1, a client prepaid Spafford Services $78,000...
Spafford Services, Inc. provides services to clients. On May 1, a client prepaid Spafford Services $78,000 for 6-months services in advance. Spafford Services' general journal entry to record this transaction will include a: Multiple Choice Debit to Management Fees Earned for $78,000. Credit to Management Fees Earned for $78,000. Debit to Unearned Management Fees for $78,000. Credit to Unearned Management Fees for $78,000. Credit to Cash for $78,000.
GreenLawn Co. provides landscaping services to clients. On May 1, a customer paid GreenLawn $60,000 for...
GreenLawn Co. provides landscaping services to clients. On May 1, a customer paid GreenLawn $60,000 for 6-months services in advance. GreenLawn’s general journal entry to record this transaction will include a: Multiple Choice Debit to Unearned Revenue for $60,000. Credit to Cash for $60,000. Credit to Unearned Revenue for $60,000. Debit to Accounts Receivable for $60,000. Credit to Accounts Receivable for $60,000.
A company provides services to customers for $2,500 cash. Record the transaction. (If no entry is...
A company provides services to customers for $2,500 cash. Record the transaction. (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 < 1 A company provides services to customers for $2,500 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (...
Groro Co. bills a client $62,000 for services provided and
agrees to accept the following three items in full payment: (1)
$10,000 cash, (2) equipment worth $80,000, and (3) to assume
responsibility for a $28,000 note payable related to the
equipment.
(a) Analyze the transaction using the
accounting equation.
(b) Prepare general journal entries for the
above transactions.
(c) Post the entry using T-accounts to
represent ledger accounts.
Complete this question by entering your answers in the tabs below. Required...
On May 1, a business provided legal services to a client and billed the client $...
On May 1, a business provided legal services to a client and billed the client $ 4 comma 000$4,000. The client promised to pay the business in one month. Which journal entry should the business record on May 1?
On May 7, a company provides services on account to an individual for $2,400. The individual...
On May 7, a company provides services on account to an individual for $2,400. The individual pays for those services on May 13. Required: For the company, record the service on account on May 7 and the collection of cash on May 13. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the service revenue on account. Record the cash received on account.
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three...
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $69,000, and (3) to assume responsibility for a $29,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts Complete this question by entering your answers in the tabs below. Required A...
Journal entry worksheet < 1 A company provides services to customers for $3,800 cash. Note: Enter...
Journal entry worksheet < 1 A company provides services to customers for $3,800 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
The following transactions took place for Smart Solutions Inc. 2017 .. July 1 Loaned $62,000 to...
The following transactions took place for Smart Solutions Inc. 2017 .. July 1 Loaned $62,000 to an employee of the company and received back a one-year, 10 percent note. b. Dec. 31 Accrued interest on the note. 2018 c. July 1 Received interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. (If no entry...
On September 8, a company provides services on account to a customer for $1,800, terms 5/10,...
On September 8, a company provides services on account to a customer for $1,800, terms 5/10, 1/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (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 service revenue on account. Note:...
A company provides services to customers for $2,500 cash. Record the transaction. (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 < 1 A company provides services to customers for $2,500 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Groro Co. bills a client $62,000 for services provided and
agrees to accept the following three items in full payment: (1)
$10,000 cash, (2) equipment worth $80,000, and (3) to assume
responsibility for a $28,000 note payable related to the
equipment.
(a) Analyze the transaction using the
accounting equation.
(b) Prepare general journal entries for the
above transactions.
(c) Post the entry using T-accounts to
represent ledger accounts.
Complete this question by entering your answers in the tabs below. Required...
Groro Co. bills a client $70,000 for services provided and agrees to accept the following three items in full payment: (1) $30,000 cash, (2) equipment worth $69,000, and (3) to assume responsibility for a $29,000 note payable related to the equipment. (a) Analyze the transaction using the accounting equation. (b) Record the transaction in journal entry form. (c) Post the entry using T-accounts to represent ledger accounts Complete this question by entering your answers in the tabs below. Required A...
Journal entry worksheet < 1 A company provides services to customers for $3,800 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
The following transactions took place for Smart Solutions Inc. 2017 .. July 1 Loaned $62,000 to an employee of the company and received back a one-year, 10 percent note. b. Dec. 31 Accrued interest on the note. 2018 c. July 1 Received interest on the note. (No interest has been recorded since December 31.) d. July 1 Received principal on the note. Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. (If no entry...
On September 8, a company provides services on account to a customer for $1,800, terms 5/10, 1/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (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 service revenue on account. Note:...
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