No | General Journal | Debit | Credit |
---|---|---|---|
A | Cash | 42,000 | |
Unearned service revenue | 42,000 | ||
(to record record cash received) | |||
B | Unearned service revenue | 7,000 | |
Service revenue earned (42,000/6) | 7,000 | ||
(to record service revenue earned) | |||
C | Fees receivable | 1,000 | |
Service revenue earned (40*25) | 1,000 | ||
(to record unbilled amount) |
E3-1A. Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial services on both a contract...
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...
Deluxe Building Services offers custodial services on both a contract basis and an hourly basis. On January 1, 2019, Deluxe collected $20,100 in advance on a six-month contract for work to be performed evenly during the next six months. Assume that Deluxe closes its books and issues financial reports on a monthly basis. a. Prepare the entry on January 1 to record the receipt of $20,100 cash for contract work (1) using the financial statements effect template and (2) in...
Deluxe Building Services offers custodial services on both a contract basis and an hourly basis. On January 1, 2019, Deluxe collected $20,100 in advance on a six-month contract for work to be performed evenly during the next six months. Assume that Deluxe closes its books and issues financial reports on a monthly basis. a. Prepare the entry on January 1 to record the receipt of $20,100 cash for contract work (1) using the financial statements effect template and (2) in...
E3-21 (similar to) Question Help Consider the following situations: (Click the icon to view the situations.) Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Business receives $2,000 on January 1 for 10-month service contract for the period January 1 through October 31. (When the cash was received on January 1, assume that a liability...
ng entries monthly. Journalize the adjusting entries needed as of January 31. (Record debits firs mal entry table.) * More Info - X a. Business receives $2.500 on January 1 for 10-month service contract for the period January 1 through October 31. Assume services are performed evenly each month throughout the term of the contract b. Total salaries for all employees is $4,000 per month Employees are paid on the 1st and 15th of the month c. Work performed but...
- E3-6(103) (Adjusting Entries) Karen Weller, D.D.S., opened a dental practice on January 1, 2017. During the first month of operations, the following transactions occurred. Prepare the adjusting entries on January 31. 1. Performed services for patients who had dental plan insurance. At January 31, $750 of such services was performed but not yet billed to the insurance companies 2. Utility expenses incurred but not paid prior to January 31 totaled $520. 3. Purchased dental equipment on January 1 for...
E3-6B (L03) (Adjusting Entries) Cheng, D.D.S., opened a dental practice on January 1, 2017. During the first month of oper-ations the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $375 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $260. 3. Purchased dental equipment on January 1 for $40,000, paying $10,000 in cash and signing a...
Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1. Demello has a $15,600, 6% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $7,000 every second Wednesday. Employees work a...
Consider the following situations: (Click the icon to view the situations.) Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Business receives $2,400 on January 1 for 10-month service contract for the period January 1 through October 31. (When the cash was received on January 1, assume that a liability account was credited. Assume services...
Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2017: 1. Demello has a $9,600, 6% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $6,200 every second Wednesday. Employees work a...