Homework Answers
Answer is False
Unearned revenue at the end of January =$1,800-$500+$5,000
=$6,300
So, the given balance of $5,000 is false
And the correct answer is $6,300.
Add Answer to:
On January 1, Unearned Revenue of Commercial Plumbing Services, Inc. had a beginning balance of $1,800....
the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service...
the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service Revenue T-account. 3. Compare the ending balances of the T accounts under both approaches. Are they the same? > Problems Group A P3-33A Journalizing adjusting entries and subsequent journal entries Learning Object Laughter Landscaping has collected the following data for the December 31 adjusting entries: a. Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $8,000...
The CCBC Corporation had the following opening trial balance at the beginning of its fiscal year,...
The CCBC Corporation had the following opening trial balance at
the beginning of its fiscal year, July 1, 2018:
Debit
Credit
Cash
$
7,700
Accounts receivable
6,600
Supplies
1,200
Equipment
13,800
Accumulated depreciation—equipment
$
5,500
Unearned revenue
2,750
Common shares
6,000
Retained earnings
15,050
Totals
$
29,300
$
29,300
During the month of July, the following selected transactions took
place:
July 2
Paid $1,000 for two months’ rent in advance for July and
August.
7
Purchased $200 of supplies on...
18) On January 1, 2019, the Accounts Receivable of Linda Company had a debit balance of...
18) On January 1, 2019, the Accounts Receivable of Linda Company had a debit balance of $20,000. During lanuary, the company provided services for $600,000 on account. T company collected $250,000 from its customers on account in S ary. What was th ending balance in the Accounts Receivable account at the end of January? a $350,000 b. $620,000 C $370,000 d. $600,000 THERE lege nisla 19) Education of All sells tickets in advance for their weekly productions and records proceeds...
S3-13. (Learning Objective 3: Adjust the accounts for accrued and unearned revenue) Dexter, Inc., collects cash...
S3-13. (Learning Objective 3: Adjust the accounts for accrued and unearned revenue) Dexter, Inc., collects cash from customers in advance and from other customers after the sale. Journalize the following transactions for Dexter: a. Accrued revenue. Some customers pay Dexter after Dexter has performed the service for the customer. During 2018, Dexter performed services for $22,000 on account and later received cash of $9,000 on account from these customers. b. Unearned revenue. A few customers pay Dexter in advance, and...
LO 3 S3-13. (Learning Objective 3: Adjust the accounts for accrued and unearned revenue) Dexter, Inc.,...
LO 3 S3-13. (Learning Objective 3: Adjust the accounts for accrued and unearned revenue) Dexter, Inc., collects cash from customers in advance and from other customers after the sale. Journalize the following transactions for Dexter: a. Accrued revenue. Some customers pay Dexter after Dexter has performed the service for the customer. During 2018, Dexter performed services for $22,000 on account and later received cash of $9,000 on account from these customers. b. Unearned revenue. A few customers pay Dexter in...
of $2148 At August 1, 20x3, Zulu Inc, had a credit balance of $2148 in its...
of $2148 At August 1, 20x3, Zulu Inc, had a credit balance of $2148 in its uneared service revenue account. During August 20x3, the company received S18447 cash for services to be performed and credited these to the unearned service revenue account. At August 31, 20x3, $7373 worth of services had not yet been performed. What is the company's service revenue for the month of August 20x3? Select one: a $7373 b. $13222 c. $23672 d. $9521 Check
The CCBC Corporation had the following opening trial balance at the beginning of its fiscal year,...
The CCBC Corporation had the following opening trial balance at
the beginning of its fiscal year, July 1, 2018:DebitCreditCash$7,700Accounts receivable6,600Supplies1,200Equipment13,800Accumulated
depreciation—equipment$5,500Unearned revenue2,750Common shares6,000Retained earnings15,050Totals$29,300$29,300During the month of July, the following selected transactions took
place:July 2Paid $1,000 for two months’
rent in advance for July and August.7Purchased $200 of supplies on
account.14Collected half of outstanding
accounts receivable.15Borrowed $1,000 from the bank
for one year at an interest rate of 5%.21Received $1,000 cash from a
customer for services to be performed in...
Chinchillas R Chill magazine company’s Unearned Revenue account had a balance of $25,400 on January 1,...
Chinchillas R Chill magazine company’s Unearned Revenue account had a balance of $25,400 on January 1, 2016. On December 31, 2016, as part of the adjusting entry, they recognized Subscription revenue of $29,600. The December 31, 2016 balance of the Unearned Revenue account was $24,600. What must have been the amount of cash received by the Chinchillas R Chill magazine company from customers during the year 2016? Select one: A. $28,800 B. $29,600 C. $30,400 D. $20,400
Which of the following statements are true? Multiple Choice If the trial balance is in balance,...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 4, had the...
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 4, had the following normal balances: Cash Accounts Receivable Supplies Prepaid Rent Land Unearned Revenue Salaries Payable Common Stock Retained Earnings $12,500 3,500 120 1,000 4,000 900 1,000 8,000 11,220 In Year 4, Pacilio Security Services decided to expand its business to sell security systems and offer 24-hour alarm monitoring services It plans to phase out its current service of providing security personnel at various events. The...
the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service Revenue T-account. 3. Compare the ending balances of the T accounts under both approaches. Are they the same? > Problems Group A P3-33A Journalizing adjusting entries and subsequent journal entries Learning Object Laughter Landscaping has collected the following data for the December 31 adjusting entries: a. Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $8,000...
The CCBC Corporation had the following opening trial balance at
the beginning of its fiscal year, July 1, 2018:
Debit
Credit
Cash
$
7,700
Accounts receivable
6,600
Supplies
1,200
Equipment
13,800
Accumulated depreciation—equipment
$
5,500
Unearned revenue
2,750
Common shares
6,000
Retained earnings
15,050
Totals
$
29,300
$
29,300
During the month of July, the following selected transactions took
place:
July 2
Paid $1,000 for two months’ rent in advance for July and
August.
7
Purchased $200 of supplies on...
18) On January 1, 2019, the Accounts Receivable of Linda Company had a debit balance of $20,000. During lanuary, the company provided services for $600,000 on account. T company collected $250,000 from its customers on account in S ary. What was th ending balance in the Accounts Receivable account at the end of January? a $350,000 b. $620,000 C $370,000 d. $600,000 THERE lege nisla 19) Education of All sells tickets in advance for their weekly productions and records proceeds...
S3-13. (Learning Objective 3: Adjust the accounts for accrued and unearned revenue) Dexter, Inc., collects cash from customers in advance and from other customers after the sale. Journalize the following transactions for Dexter: a. Accrued revenue. Some customers pay Dexter after Dexter has performed the service for the customer. During 2018, Dexter performed services for $22,000 on account and later received cash of $9,000 on account from these customers. b. Unearned revenue. A few customers pay Dexter in advance, and...
LO 3 S3-13. (Learning Objective 3: Adjust the accounts for accrued and unearned revenue) Dexter, Inc., collects cash from customers in advance and from other customers after the sale. Journalize the following transactions for Dexter: a. Accrued revenue. Some customers pay Dexter after Dexter has performed the service for the customer. During 2018, Dexter performed services for $22,000 on account and later received cash of $9,000 on account from these customers. b. Unearned revenue. A few customers pay Dexter in...
of $2148 At August 1, 20x3, Zulu Inc, had a credit balance of $2148 in its uneared service revenue account. During August 20x3, the company received S18447 cash for services to be performed and credited these to the unearned service revenue account. At August 31, 20x3, $7373 worth of services had not yet been performed. What is the company's service revenue for the month of August 20x3? Select one: a $7373 b. $13222 c. $23672 d. $9521 Check
The CCBC Corporation had the following opening trial balance at
the beginning of its fiscal year, July 1, 2018:DebitCreditCash$7,700Accounts receivable6,600Supplies1,200Equipment13,800Accumulated
depreciation—equipment$5,500Unearned revenue2,750Common shares6,000Retained earnings15,050Totals$29,300$29,300During the month of July, the following selected transactions took
place:July 2Paid $1,000 for two months’
rent in advance for July and August.7Purchased $200 of supplies on
account.14Collected half of outstanding
accounts receivable.15Borrowed $1,000 from the bank
for one year at an interest rate of 5%.21Received $1,000 cash from a
customer for services to be performed in...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 4, had the following normal balances: Cash Accounts Receivable Supplies Prepaid Rent Land Unearned Revenue Salaries Payable Common Stock Retained Earnings $12,500 3,500 120 1,000 4,000 900 1,000 8,000 11,220 In Year 4, Pacilio Security Services decided to expand its business to sell security systems and offer 24-hour alarm monitoring services It plans to phase out its current service of providing security personnel at various events. The...
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