Homework Answers
Ans 1- December
On receipt of consideration from a customer without meeting the above conditions, an entity can recognise revenue only when either: The contract has been terminated and the consideration received is non-refundable
Ans 2 - Defferd Revenue
Deferred income is, in accrual accounting, money received for goods or services which has not yet been earned. According to the revenue recognition principle
Ans 3 - EXPENSES
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In Which Month should our Business record Revenue into our Accounting Records. Our Business signs a...
When our Business receives a Check or Cash from a Customer Before We provide any Goods...
When our Business receives a Check or Cash from a Customer Before We provide any Goods or Services to the Customer, This is Called what Type of Accounting Transaction ? Deferred Revenue Depreciation Accrued Revenue Accrued Expense Deferred Expense Which One of the Following is False? Income Tax Computations are Performed after all Adjusting Entries have been made Closing Journal Entries Involve Revenues, Expenses and Dividends Deferrals are Transactions Where Cash is Exchanged Before Goods and Services are Provided Closing...
1) If a company is using accrual basis accounting, when should it record revenue? A) when...
1) If a company is using accrual basis accounting, when should it record revenue? A) when cash is received, even though services may be performed at a later date B) when services are performed, even though cash may be received at a later date C) before services are performed D) when cash is received, 30 days after the completion of the services 2) When does a company account for revenue if it uses cash basis accounting? A) when services are...
Match the Following Definition with the Correct Accounting Term: * The Account used to record a...
Match the Following Definition with the Correct Accounting Term: * The Account used to record a Transaction where our Business Pays Cash Before our Business Receives Goods and Services: *The Account used to record a Transaction where Our Business Receives Cash Before we provide Goods and Services * The Accounting Term to Describe The Allocation of the Cost of an Asset over the Accounting period in which the Asset is used.
only final answers plz 21. The accounting basis that records revenues when goods or services are...
only final answers plz
21. The accounting basis that records revenues when goods or services are provided to customers and expenses with related revenues is referred to as: A. Cash-basis. B. Matching-basis. C. Accrual-basis. D. Reporting-basis. 22. Consider the following events for Sophia Incorporated: April 6 April 12 April 21 April 23 Sophia advertises music lessons for $20 a person. Sophia receives $600 from customers, in advance, for music lessons. Sophia teaches the music lessons. Sophia pays for the salaries...
UUS! 1043 Quiz (from chapter 3 and 4)2 Student name and number nber's rent payment. Quick...
UUS! 1043 Quiz (from chapter 3 and 4)2 Student name and number nber's rent payment. Quick Corp. mails the 1) On October 25, 2013 Quick Corp. prints a cheque for November's rent payment. Quick Corp. cheque on October 27 to the landlord. The landlord receives the cheque October 31 and cashes the on November 2. When should Quick Corp. record the rent expense associated with this transaction A) October 25, 2013 B) October 27, 2013 C) November 30, 2013 D)...
According to the revenue principle, revenues should be recognized when they are earned, which happens when...
According to the revenue principle, revenues should be recognized when they are earned, which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. points Required: The following transactions occurred in September 2017. For each of the transactions, if revenue is to be recognized in September, indicate the amount. Amount eBook Print Transaction Acustomer pays $28 cash for 28 song files from Apple's iTunes...
17)A company receives a $95,000 cash deposit from a customer on October 15 but will not...
17)A company receives a $95,000 cash deposit from a customer on October 15 but will not provide services until November 20. Which of the following statements is true? Group of answer choices The company records service revenue on October 15. 18) Question 183 pts Carrier Rent-to-Own, a furniture rental and sales company, records annual depreciation expense on December 31 each year. Which account will Carrier credit when they record their depreciation on December 31st? Group of answer choices Equipment Depreciation...
Which of the following is not a possible journal entry? Debit Expenses: Credit Assets...
Which of the following is not a possible journal entry? Debit Expenses; Credit Assets Debit Expenses; Credit Liabilities Debit Assets; Credit Revenues Credit Assets; Credit Revenues Heimer, Inc. provides services to customers totaling $14,000, for which it billed the customers. How would the transaction be recorded? DR: Accounts Receivable 14,000 CR: Service Revenue 14,000 DR: Cash 14,000 CR: Service Revenue 14,000 DR: Accounts Payable 14,000 CR: Service Revenue 14,000 DR: Accounts Receivable 14,000 CR: Cash 14,000 When a company receives a prepayment from a customer and provides services to the customer...
The following information was taken from the accounting records of ABC Company for the period ended...
The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019: Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation $17,000 Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 Cat January 1, 2019) $17,000 $36,000 $11,000 $38,000 $72,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...
1. Record the earned revenue. 2. Record the depreciation expense. 3. Record the use of spare...
1. Record the earned revenue.
2. Record the depreciation expense.
3. Record the use of spare parts inventory.
4. Record the accrued revenue.
5. Record the accrued utilities expense.
6. Record the collection of accrued revenues.
7. Record the payment of accrued utilities expense.
EnviroWaste's year-end is December 31. The information in (a) to (e) is available at year-end for the preparation of adjusting entries: a. Of the $17,600 balance in Unearned Revenue, $2,600 remains unearned. b. The annual building...
When our Business receives a Check or Cash from a Customer Before We provide any Goods or Services to the Customer, This is Called what Type of Accounting Transaction ? Deferred Revenue Depreciation Accrued Revenue Accrued Expense Deferred Expense Which One of the Following is False? Income Tax Computations are Performed after all Adjusting Entries have been made Closing Journal Entries Involve Revenues, Expenses and Dividends Deferrals are Transactions Where Cash is Exchanged Before Goods and Services are Provided Closing...
1) If a company is using accrual basis accounting, when should it record revenue? A) when cash is received, even though services may be performed at a later date B) when services are performed, even though cash may be received at a later date C) before services are performed D) when cash is received, 30 days after the completion of the services 2) When does a company account for revenue if it uses cash basis accounting? A) when services are...
only final answers plz
21. The accounting basis that records revenues when goods or services are provided to customers and expenses with related revenues is referred to as: A. Cash-basis. B. Matching-basis. C. Accrual-basis. D. Reporting-basis. 22. Consider the following events for Sophia Incorporated: April 6 April 12 April 21 April 23 Sophia advertises music lessons for $20 a person. Sophia receives $600 from customers, in advance, for music lessons. Sophia teaches the music lessons. Sophia pays for the salaries...
UUS! 1043 Quiz (from chapter 3 and 4)2 Student name and number nber's rent payment. Quick Corp. mails the 1) On October 25, 2013 Quick Corp. prints a cheque for November's rent payment. Quick Corp. cheque on October 27 to the landlord. The landlord receives the cheque October 31 and cashes the on November 2. When should Quick Corp. record the rent expense associated with this transaction A) October 25, 2013 B) October 27, 2013 C) November 30, 2013 D)...
According to the revenue principle, revenues should be recognized when they are earned, which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. points Required: The following transactions occurred in September 2017. For each of the transactions, if revenue is to be recognized in September, indicate the amount. Amount eBook Print Transaction Acustomer pays $28 cash for 28 song files from Apple's iTunes...
The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019: Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation $17,000 Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 Cat January 1, 2019) $17,000 $36,000 $11,000 $38,000 $72,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...
1. Record the earned revenue.
2. Record the depreciation expense.
3. Record the use of spare parts inventory.
4. Record the accrued revenue.
5. Record the accrued utilities expense.
6. Record the collection of accrued revenues.
7. Record the payment of accrued utilities expense.
EnviroWaste's year-end is December 31. The information in (a) to (e) is available at year-end for the preparation of adjusting entries: a. Of the $17,600 balance in Unearned Revenue, $2,600 remains unearned. b. The annual building...
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