Unearned revenue: Group of answer choices has a normal balance of a debit is found in...
Unearned revenue:
Group of answer choices
has a normal balance of a debit
is found in the liability section of the balance sheet
represents cash owed by the company to its suppliers
two of the above choices are correct
all of the above choices are correct
none of the above choices are correct
Homework Answers
Unearned revenue is a revenue that is received but not yet earned.
Answer - is found in the liability section of the balance sheet.
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Unearned revenue:
Group of answer choices
has a normal balance of a debit
is found in...
Which of the following accounts does NOT have a normal debit balance?
Which of the following accounts does NOT have a normal debit balance?Group of answer choicesUnearned RevenueWages ExpenseLandDividendsCost of Goods Sold
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and...
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) increased by $700. During 2016, cash payments collected from customers for future services totaled $8,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. A. Service Revenue (dr) $3,200 Unearned Service Revenue (cr) $3,200 O B. Unearned Service Revenue (dr) $7,300 Service Revenue (cr) $7,300...
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and...
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) decreased by $1,300. During 2016, cash payments collected from customers for future services totaled $5,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. A. Cash (dr) $5,000 Unearned Service Revenue (cr) $5,000 B. Unearned Service Revenue (dr) $1,300 Service Revenue (cr) $1,300...
6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing...
6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing the income statement columns on the worksheet, the unearned consulting revenue amount would be put into which column? a. Debit Income Statement b. Credit Income Statement c. Debit Balance Sheet d. Credit Balance Sheet 7. As you look at the bottom totals of the following worksheet, you see that it has not been completed. Does this company have a net income or a net...
27&28 please 23. A debit is the normal balance for the following accounts EXCEPT A) Plant,...
27&28 please
23. A debit is the normal balance for the following accounts EXCEPT A) Plant, property and equipment account B) Operating expense account Cash-account C) D Retained earmings account 24. A revenue account: A) is increased by credits. B) has a normal balance of a debit. C) decreased by credits. D) is increased by debits. A expense account: A) is increased by debits. B) has a normal balance of a debit. C) decreased by credits. D) All of the...
The unearned rent (another name is "deferred rent revenue") account has a balance of $72,000. If $18,000...
The unearned rent (another name is "deferred rent revenue") account has a balance of $72,000. If $18,000 of the $72,000 is unearned at the end of the accounting period, the amount of the adjusting entry is Group of answer choices $18,000 $90,000 $36,000 $54,000
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal? Group of answer choices unearned revenue, $2,000 service revenue, $2,000 unearned revenue, $3,000 service revenue, $3,000 Question 121 pts On December 31, we had accrued taxes of $6,000. What...
Question 37 2.5 pts In a leveraged approach, a company will have Group of answer choices...
Question 37 2.5 pts In a leveraged approach, a company will have Group of answer choices a wide contribution margin. high variable costs. low fixed costs. None of these. Flag this Question Question 38 2.5 pts Chapter 7 bankruptcy Group of answer choices requires liquidation of all of the assets of a company. requires payment to the creditor. is known as fresh start bankruptcy. All of these Flag this Question Question 39 2.5 pts Bankruptcy petitions are filed initially in...
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...
11. Which of the following accounts has a normal debit balance? (2 PT) a Service revenue...
11. Which of the following accounts has a normal debit balance? (2 PT) a Service revenue b. Owner's Capital c. Unearned Fees d. Wages expense I
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) increased by $700. During 2016, cash payments collected from customers for future services totaled $8,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. A. Service Revenue (dr) $3,200 Unearned Service Revenue (cr) $3,200 O B. Unearned Service Revenue (dr) $7,300 Service Revenue (cr) $7,300...
6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing the income statement columns on the worksheet, the unearned consulting revenue amount would be put into which column? a. Debit Income Statement b. Credit Income Statement c. Debit Balance Sheet d. Credit Balance Sheet 7. As you look at the bottom totals of the following worksheet, you see that it has not been completed. Does this company have a net income or a net...
27&28 please
23. A debit is the normal balance for the following accounts EXCEPT A) Plant, property and equipment account B) Operating expense account Cash-account C) D Retained earmings account 24. A revenue account: A) is increased by credits. B) has a normal balance of a debit. C) decreased by credits. D) is increased by debits. A expense account: A) is increased by debits. B) has a normal balance of a debit. C) decreased by credits. D) All of the...
11. Which of the following accounts has a normal debit balance? (2 PT) a Service revenue b. Owner's Capital c. Unearned Fees d. Wages expense I
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