During 2018, the following events occurred for Parker Company Parker receives $18,000 cash in advance from...
During 2018, the following events occurred for Parker Company
- Parker receives $18,000 cash in advance from Westberry Company for consulting services to be performed over a one-year period beginning March 1, 2018.
- Provided $58,500 of consulting services on account.
- Collected $19,400 cash from customers in partial settlement of its accounts receivable.
- Parker recognizes the portion of the unearned revenue it earned during the accounting period.
After recording all these transactions, Parker’s balance in deferred revenue will be $______
Homework Answers
| Deferred revenue will be recognized for 10 months in 2018 (March to December) |
| Advance received | 18000 | |
| Less: Revenue recognized | 15000 | =18000*10/12 |
| Balance in deferred revenue | 3000 |
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During 2018, the
following events occurred for Parker Company
Parker receives $18,000 cash
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Exercise 1.19
Dakota company experienced the following events during
2018:
1 Acquired 30,000 cash from issue of common stock
2.Paid 12,000 cash to purchase land
3.Borrowed 10,000 cash.
4.Provided services for 20,000 cash
5.Paid 1,000 cash for utilities expenses
6.Paid 15,000 cash for other operating expenses
7.Paid 2000 cash dividend to stock holders.
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Exercise 1.23
Problem 1.33 *Mikes company experienced the following
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Exercise 1.19
Dakota company experienced the following events during
2018:
1 Acquired 30,000 cash from issue of common stock
2.Paid 12,000 cash to purchase land
3.Borrowed 10,000 cash.
4.Provided services for 20,000 cash
5.Paid 1,000 cash for utilities expenses
6.Paid 15,000 cash for other operating expenses
7.Paid 2000 cash dividend to stock holders.
8.Determined that the market value of land purchased at Event
2 is now 12,700
Exercise 1.23
Problem 1.33 *Mikes company experienced the following
transactions for 2018, its...
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