Homework Answers
| Liability A/c Dr & Sales Revenue A/c Cr. With $400 for the earnings made by the year end.This will reduce the liability to the extent of earnings made in the year and would record the earnings. |
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Multiple Choice Question An advance payment of $1,000 for services was received on December 1 and...
An advance payment of $1,000 for services was received on December 1 and was recorded as...
An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been earned Demonstrate what the correct adjusting entry should include by choosing the correct statement below. O Debit Unearned revenues for $600. O Debit Unearned revenues for $400. O Debit Service revenue for $400. Credit Unearned revenues for $400
On December 28, 1. Greasy Catering Company completed $600 of catering services. As of December 31,...
On December 28, 1. Greasy Catering Company completed $600 of catering services. As of December 31, the customer had not been billed nor had the transaction been recorded. Demonstrate the required adjusting entry by choosing the correct statement below. Debit Catering revenue for $600. O Debit Unearned revenue for $600. O Credit Accounts receivable for $600. Debit Accounts receivable for $600.
On December 28, 1. Greasy Catering Company completed $600 of catering services
On December 28, 1. Greasy Catering Company completed $600 of catering services. As of December 31, the customer had not been billed nor had the transaction been recorded. Demonstrate the required adjusting entry by choosing the correct statement below.Debit Accounts receivable for $600.Credit Accounts receivable for $600.Debit Catering revenue for $600.Debit Unearned revenue for $600.
On October 1, the company received a $5,400 advance payment on services to be performed for...
On October 1, the company received a $5,400 advance payment on services to be performed for one year. The services began immediately. The adjusting entry on December 31 needed for this event would include a: credit to Unearned Fees for $1,350 debit to Unearned Fees for $1,350 debit to Unearned Fees for $1,800 debit to Fees Earned for $5,400
Steelar company received $ 9,000 as an advance payment from a customer on june 1. At...
Steelar company received $ 9,000 as an advance payment from a customer on june 1. At Sept 30, management indicates that 60% of the services have been rendered to date on the job. For the adjusting entry on Sept 30, which statement is correct? 1 Unearned revenue is debited for $5,400 2 Unearned revenue is credited for $ 5,400 3 Revenue earned is credited for $ 4,600 4 Revenue earned is debited for $ 4,600
1 5, OkiHC Whistler Corp. performed services for a cus- tomer but has not received payment,...
1 5, OkiHC Whistler Corp. performed services for a cus- tomer but has not received payment, nor has it recorded any entry related to the work, Which of the following types of accounts are involved in the adjusting entry: (a) asset, (b) liability, (c) revenue, or (d) expense? For the accounts selected, indicate whether they would be debited or credited in the entry.
Jerry’s Window Service received $14,000 from a client on February 20. This payment was an advance...
Jerry’s Window Service received $14,000 from a client on February 20. This payment was an advance payment for 7 months of window cleaning starting March 1. The window cleaning services are provided equally over the 7 months. At May 31, calculate the balance in the unearned revenue account assuming that all adjusting entries have been properly recorded. Select one: $14,000 $ 6,000 $10,000 $ 8,000 On December 1, Optima Corp. paid $6,000 for rent expense covering December, January and February...
Question 5 An example of an adjusting entry is the payment of rent in advance. the...
Question 5 An example of an adjusting entry is the payment of rent in advance. the return of defective inventory. the payment of wages that have been accrued. the accruing of interest expense. collection of an accounts receivable. 1 points Question 6 Table 4-2 Urban Corporation had the following transactions during April: 1. The company paid $1,800 for 3 months' rent in advance on April 1. 2. The company received $800 in advance on April 1 from Wente Company for...
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer....
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
Amounts received in advance from customers for future products or services: Multiple Choice o Are revenues. o Incre...
Amounts received in advance from customers for future products or services: Multiple Choice o Are revenues. o Increase income. o Are liabilities. o Are not allowed under GAAP. o Require an outlay of cash in the future.
An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been earned Demonstrate what the correct adjusting entry should include by choosing the correct statement below. O Debit Unearned revenues for $600. O Debit Unearned revenues for $400. O Debit Service revenue for $400. Credit Unearned revenues for $400
On December 28, 1. Greasy Catering Company completed $600 of catering services. As of December 31, the customer had not been billed nor had the transaction been recorded. Demonstrate the required adjusting entry by choosing the correct statement below. Debit Catering revenue for $600. O Debit Unearned revenue for $600. O Credit Accounts receivable for $600. Debit Accounts receivable for $600.
On October 1, the company received a $5,400 advance payment on services to be performed for one year. The services began immediately. The adjusting entry on December 31 needed for this event would include a: credit to Unearned Fees for $1,350 debit to Unearned Fees for $1,350 debit to Unearned Fees for $1,800 debit to Fees Earned for $5,400
1 5, OkiHC Whistler Corp. performed services for a cus- tomer but has not received payment, nor has it recorded any entry related to the work, Which of the following types of accounts are involved in the adjusting entry: (a) asset, (b) liability, (c) revenue, or (d) expense? For the accounts selected, indicate whether they would be debited or credited in the entry.
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
Amounts received in advance from customers for future products or services: Multiple Choice o Are revenues. o Increase income. o Are liabilities. o Are not allowed under GAAP. o Require an outlay of cash in the future.
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