Homework Answers
The correct answer is "Debit to Cash for $20,000."
Supporting explanations:
When revenue is earned in last month but collected the amount in the current month so cash is collected, hence, cash increases by $20,000 as cash is an asset that always has debit balance so it is debited and accounts receivable is credited at the time of collection from customers.
The unearned revenue has no relation to this transaction because unearned revenue comes when can is received in advance for the services to be performed in the future period, here, the services were already provided in last month so there won't be the unearned revenue.
Hence, the correct answer is "Debit to Cash for $20,000."
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The Paramount Movie Theatre collected $20,000 earned last month from customers. Which of the folllowing would...
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Drop menu options are Adj Bal, Bal, Cash collected for future
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At the beginning of the year, Choice Advertising owed customers $3,200 for unearned revenue collected in advance. During the year, Choice received advance cash receipts of $8,600 and earned $40,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $4,700 and unadjusted service revenue is $40,000. Read the requirements. Requirement 1. Record the...
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Hello could you help me solve this accounting 1 question asap ? The last photo is...
Hello could you help me solve this accounting 1 question asap
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The last photo is the requirements
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Drop menu options are Adj Bal, Bal, Cash collected for future
services, and Earned from advanced collections
At the beginning of the year, Choice Advertising owed customers $3,200 for unearned revenue collected in advance. During the year, Choice received advance cash receipts of $8,600 and earned $40,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $4,700 and unadjusted service revenue is $40,000. Read the requirements. Requirement 1. Record the...
Gold's Gym collects monthly gym memberships on the first day of the month from their members. Gold's Gym has a December 31 year-end and during December, $14,000 of gym membership fees were collected. The adjusting journal entry at year-end would include: Credit to Cash for $14,000 Credit to Accounts Payable for $14,000 Debit to Accounts Receivable for $14,000 Credit to Gym Membership Revenue for $14,000 None of the above.
Hello could you help me solve this accounting 1 question asap
?
The last photo is the requirements
Bennington, Inc., collects cash from customers in advance and from other customers after the sale. Read the requirement a. Journalize Bennington earning service revenue of $15,000 on account and then collecting $14,000 on account. (Record debits first, then credits Exclude explanations from any journal entries.) Start by recording Bennington earning $15,000 of service revenue on account. Journi Entry Date Accounts Debit Credit...
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