Homework Answers
Solution: Debit Cash and Credit Unearned Revenue for $4,500.
Explanation:
Unearned revenue arises when payment is received from customers before the services are rendered or goods are delivered to them.according to revenue recognistion principle of accounting , the unearned revenue is not treated as revenue until the related goods and/or services are provided to customer.
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On November 30, 2019, Tate Company collected cash of $4,500 for services to be performed for...
On November 30, 2019, Tate Company collected cash of $4,500 for work to be done evenly...
On November 30, 2019, Tate Company collected cash of $4,500 for work to be done evenly over the next three months beginning December 1, 2019. Assuming the company used the most appropriate journal entry to record this transaction on November 30th, the December 31, 2019 adjusting entry is debit Unearned Revenue and credit Service Revenue for $4,500, debit Unearned Revenue and credit Service Revenue for $1,500. debit Service Revenue and credit Unearned Revenue for $1,500. debit Cash and credit Service...
a. Unearned Rent Revenue. The Krug Company collected $17,400 rent in advance on November 1, debiting...
a. Unearned Rent Revenue. The Krug Company collected $17,400 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $170 per insect treatment. A customer paid $680 on October 1 in advanc four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the compa has applied three...
If a business has received cash in advance of services performed and credits a liability account,...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
Record adjusting journal entries for each of the following for year ended December 31 Assume no...
Record adjusting journal entries for each of the following for year ended December 31 Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Company collected $7.800 rent in advance on November 1. debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $90 per insect treatment. A customer paid $360 on October 1 in advance...
a. The Krug Company collected $8,400 rent in advance on November 1, debiting Cash and crediting...
a. The Krug Company collected $8,400 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. Unearned rent revenue Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b. The company charges $95 per month to spray...
Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a...
Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a six-month contract for work to be performed evenl a. Provide the general journal entry on January 1 to record the receipt of $21,200 for b. Provide the adjusting entry to be made on January 31, for the contract work done d c. At January 31, a total of 25 hours of hourly rate janitor work was unbilled. The billing (Note: The firm uses the...
Record adjusting journal entries for each of the following for year ended December 31. Assume no...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year a. Unearned Rent Revenue. The Krug Company collected $7,800 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $90 per insect treatment. A customer paid $360 on October 1 in advance...
QUESTION 3 On November 30, 2019, Tate Comapny sold goods that cost 4,000 for a selling...
QUESTION 3 On November 30, 2019, Tate Comapny sold goods that cost 4,000 for a selling price of $6,000. The company sold the goods on account. The entry to record the sale is None of these are correct. debit Accounts Receivable and creidt Sales Revenue for $2,000 debit Accounts Receivable and creidt Sales Revenue for $6,000; and debit Cost of Goods Sold and credit Merchandise Inventory for $4,000. debit Accounts Receivable for $6,000; and credit Sales Revenue for $2,000 and...
On November 30, 2019, Tate Company collected cash of $4,500 for work to be done evenly over the next three months beginning December 1, 2019. Assuming the company used the most appropriate journal entry to record this transaction on November 30th, the December 31, 2019 adjusting entry is debit Unearned Revenue and credit Service Revenue for $4,500, debit Unearned Revenue and credit Service Revenue for $1,500. debit Service Revenue and credit Unearned Revenue for $1,500. debit Cash and credit Service...
a. Unearned Rent Revenue. The Krug Company collected $17,400 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $170 per insect treatment. A customer paid $680 on October 1 in advanc four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the compa has applied three...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
Record adjusting journal entries for each of the following for year ended December 31 Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Company collected $7.800 rent in advance on November 1. debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $90 per insect treatment. A customer paid $360 on October 1 in advance...
a. The Krug Company collected $8,400 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. Unearned rent revenue Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b. The company charges $95 per month to spray...
Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a six-month contract for work to be performed evenl a. Provide the general journal entry on January 1 to record the receipt of $21,200 for b. Provide the adjusting entry to be made on January 31, for the contract work done d c. At January 31, a total of 25 hours of hourly rate janitor work was unbilled. The billing (Note: The firm uses the...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year a. Unearned Rent Revenue. The Krug Company collected $7,800 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $90 per insect treatment. A customer paid $360 on October 1 in advance...
QUESTION 3 On November 30, 2019, Tate Comapny sold goods that cost 4,000 for a selling price of $6,000. The company sold the goods on account. The entry to record the sale is None of these are correct. debit Accounts Receivable and creidt Sales Revenue for $2,000 debit Accounts Receivable and creidt Sales Revenue for $6,000; and debit Cost of Goods Sold and credit Merchandise Inventory for $4,000. debit Accounts Receivable for $6,000; and credit Sales Revenue for $2,000 and...
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