Homework Answers
Solution 1:
When our business receives a check or cash from a customer before we provide any goods or services to the customer, this is called Deferred revenue accounting transaction.
Hence first option is correct.
solution 2:
The false statment is "Closing journal entries are usually made before adjusting journal entries" because closing entries are always made after adjusting journal entries.
Hence 4th option is correct.
Add Answer to:
When our Business receives a Check or Cash from a Customer Before We provide any Goods...
In Which Month should our Business record Revenue into our Accounting Records. Our Business signs a...
In Which Month should our Business record Revenue into our Accounting Records. Our Business signs a contract with a Customer in November. The Services are provided to the Customer in December. The Cash is collected from the Customer in January. None of these Choices December November January When our Business pays Cash or a Check for Goods and Services Before Our Business actually receives any of the Goods or Services, This is called what Type of Accounting Transaction ? Accrued...
On December 15 we performed $5,000 worth of service for a customer and immediately received $5,000...
On December 15 we performed $5,000 worth of service for a customer and immediately received $5,000 in cash. What is our revenue for December if we use the cash basis of accounting, assuming that this is the only transaction that affected both revenue and cash in December? $0 $2,500 $5,000 cannot be determined Flag this Question Question 2 4 pts Our employees worked the last two weeks of December. They will be paid in January. What account would we debit...
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to...
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,130 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6,100 will be paid on January 7, 2022 4....
Consider the following situations for Shocker: On November 28, 2021, Shocker receives a $1,800 payment from...
Consider the following situations for Shocker:
On November 28, 2021, Shocker receives a $1,800 payment from a
customer for services to be rendered evenly over the next three
months. Deferred Revenue is credited.
On December 1, 2021, the company pays a local radio station
$2,160 for 30 radio ads that were to be aired, 10 per month,
throughout December, January, and February. Prepaid Advertising is
debited.
Employee salaries for the month of December totaling $6,200 will
be paid on January...
1. A customer prepays a vendor for goods or services not yet delivered or provided. When she...
1. A customer prepays a vendor for goods or services not yet delivered or provided. When she receives the customer’s check, the vendor’s accountant records that “deposit” as a liability, called “Unearned Revenue.” In the following month, the vendor delivers the goods (or completes the services). At that time, the vendor’s accountant removes the unearned revenue amount from the liability account and recognizes a sale in the vendor’s revenue account Required:Is this the correct accounting for the transaction? Please explain your answer, briefly....
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $54,000 cash from...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $54,000 cash from the issue of common stock. Paid $13,900 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $110,000. Incurred operating expenses on account of $44,500. Collected $84,000 cash from accounts receivable. Paid $40,000 cash for salary expense. Paid $35,600 cash as a partial payment on...
Exercise 3-10A Record year-end adjusting entries (LO3-3) Consider the following situations for Shocker: 1. On November...
Exercise 3-10A Record year-end adjusting entries (LO3-3) Consider the following situations for Shocker: 1. On November 28, 2021, Shocker receives a $4,500 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited 2. On December 1, 2021, the company pays a local radio station $2,700 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the...
Mirna, Inc. receives $45,000 from a customer who was billed in the prior month when the...
Mirna, Inc. receives $45,000 from a customer who was billed in the prior month when the services were performed. Which journal entry should Mirna, Inc. record? Group of answer choices a. DR: Accounts Receivable 45,000; CR: Cash 45,000 b. DR: Cash 45,000; CR: Accounts Receivable 45,000 c. DR: Accounts Receivable 45,000; CR: Revenue 45,000 d. DR: Asset 45,000; CR: Equity 45,000
Acquired $54,000 cash from the issue of common stock. Paid $13,900 cash in advance for rent....
Acquired $54,000 cash from the issue of common stock. Paid $13,900 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $110,000. Incurred operating expenses on account of $44,500. Collected $84,000 cash from accounts receivable. Paid $40,000 cash for salary expense. Paid $35,600 cash as a partial payment on accounts payable. Adjusting Entries Made the adjusting entry for the expired rent. (See Event...
1. On July 1, 2021, Gamecock receives $6,000 from a customer for advertising services to be...
1. On July 1, 2021, Gamecock receives $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock's depreciable equipment has a cost of $28,000, a four-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the four years. 3. On May 1, 2021, the company pays $4,800 for a two-year fire and liability insurance policy and debits...
In Which Month should our Business record Revenue into our Accounting Records. Our Business signs a contract with a Customer in November. The Services are provided to the Customer in December. The Cash is collected from the Customer in January. None of these Choices December November January When our Business pays Cash or a Check for Goods and Services Before Our Business actually receives any of the Goods or Services, This is called what Type of Accounting Transaction ? Accrued...
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,130 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6,100 will be paid on January 7, 2022 4....
Consider the following situations for Shocker:
On November 28, 2021, Shocker receives a $1,800 payment from a
customer for services to be rendered evenly over the next three
months. Deferred Revenue is credited.
On December 1, 2021, the company pays a local radio station
$2,160 for 30 radio ads that were to be aired, 10 per month,
throughout December, January, and February. Prepaid Advertising is
debited.
Employee salaries for the month of December totaling $6,200 will
be paid on January...
Exercise 3-10A Record year-end adjusting entries (LO3-3) Consider the following situations for Shocker: 1. On November 28, 2021, Shocker receives a $4,500 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited 2. On December 1, 2021, the company pays a local radio station $2,700 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the...
1. On July 1, 2021, Gamecock receives $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock's depreciable equipment has a cost of $28,000, a four-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the four years. 3. On May 1, 2021, the company pays $4,800 for a two-year fire and liability insurance policy and debits...
Most questions answered within 3 hours.
-
Hello! I was wondering if I could have some help?
If the vapor pressure of carvone...
asked 19 minutes ago -
An economist wants to estimate the mean per capita income (in
thousands of dollars) for a...
asked 39 minutes ago -
What would be the input/output characteristic of a circuit
obtained by putting two of your 2's-complementers...
asked 38 minutes ago -
In Drosophila, the transition from the syncytial blastoderm
stage to the cellular blastoderm stage is a...
asked 1 hour ago -
Project management question:
Name 3 different types of resources (hint: humans are one
type)
asked 1 hour ago -
Consider the following reaction: C 2H 2( g) + 2H 2( g) C 2H 6(
g)...
asked 1 hour ago -
Consider a 1.0 L buffer containing 0.092 mol L-1 HCOOH and 0.100
mol L-1 HCOO-. What...
asked 1 hour ago -
Koch Realty has owned a vacant land with a FMV of
$775,000 and an adjusted basis...
asked 1 hour ago -
It is estimated 29% of all adults in United States invest in
stocks and that 85%...
asked 1 hour ago -
What does a 2-sided p value of 0.04 mean? (I am not asking if it
is...
asked 1 hour ago -
A parallel-plate capacitor is made from two aluminum-foil
sheets, each 7.8 cmcm wide and 5.1 mmlong....
asked 1 hour ago -
1. why is toluene a stronger nucleophile than benzene?
2.why is phenol a stronger nucleophile than...
asked 2 hours ago