Homework Answers
solution-
| DATE | PARTICULARS | DR. | CR. |
| 12/5/19 | cash a/c----dr. | $400 | |
| To unearned service revenue | $400 | ||
| (for advance received for the services to be rendered later on ) | |||
| 12/7/19 | Debtor a/c-----dr. | $500 | |
| To service revenue | $500 | ||
| (for services provided on account i.e. on credit basis) |
note-
1)for first entry unearned service revenue has been credited because the services have not been rendered yet by the company. this implies it is a liability for the company.
2)for second entry you can even use term accounts receivable instead of debtors. in this entry services have been provided (that means it is the comapnys' this year revenue) thats why service revenue account has been credited instead of unearned service revenue account. And also customer has been debited as services have been provided on credit basis.
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1. XYZ Services receives $400 from a customer on 12/5/19 for services to be performed in...
12. XYZ Services performs $200 of services for a customer on account on 12/20/19. On 12/29/19...
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Question 19 1 & 2
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create 1 journal entry for each date (12 total entries)
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Question 19 1 & 2
1. Crabb received $18,000 from a customer on November 1 related to services it would provide the customer over the next 6 months. $6,000 of services had been provided by December 31. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). Every box needs an answer. If there is no dollar value for the box, put a "0" in the space provided. If...
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...
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XYZ Company began operations in 2019 and entered into the following transactions during the year: February 15: Sold common stock to owners for $269,000 cash. May 22: Purchased inventory costing $46,000 on account. June 1: Received $128,620 cash from a customer for services to be performed over the next ten months. August 19: Sold % the inventory purchased on May 22 for $102,000. The customer paid % of the bill on August 19 and agreed to pay the other %...
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