Question

Seved Save & On the last day of the month, a company receives $24,000 of cash from customers. Of that amount $3,000 was for s
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Solution:

Cash a/c Dr $24,000
To accounts receivable a/c $21,000
To Service revenue a/c $3,000

Here total cash received is $24,000. For that $21,000 cash is recieved from accounts receivable and $3,000 is received from services performed.

Add a comment
Know the answer?
Add Answer to:
Seved Save & On the last day of the month, a company receives $24,000 of cash...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • a company receives $100,000 in advance for 90 days consulting services prepare the journal entry to...

    a company receives $100,000 in advance for 90 days consulting services prepare the journal entry to record the receipt of the cash. at the end of the reporting period the company had performed 60 days of the consulting services . prepare the entry to record the earning of the revenue

  • A company receives a utility bill each month for services received. The company's policy is to pay the utility bill...

    A company receives a utility bill each month for services received. The company's policy is to pay the utility bill within 30 days of receipt. On December 31, 2021, the company receives a utility bill of $4,200 for the month of December and plans to pay the bill by January 30, 2022. What adjusting entry, if any, will the company record on December 31, 2021? Multiple Choice ) Debit Utilities Expense and credit Cash for $4,200 O Debit Utilities Expense...

  • Knowledge Check 01 A company is in its first month of operations. The company pays total...

    Knowledge Check 01 A company is in its first month of operations. The company pays total salaries to its employees of $600 per day. For the first four weeks of January (28 days), the company paid its employees $16,800 cash. For the final three days in January, employees earn $1,800 in additional salaries that will not be paid until February 4. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided....

  • A company pays $2,000 on account for supplies purchased last month. All supplies were used last...

    A company pays $2,000 on account for supplies purchased last month. All supplies were used last month Record the payment using (a) accrual-basis accounting and (b) cash-basis accounting. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) iew transaction list Journal entry worksheet Record the payment using accrual-basis accounting. Note: Enter debits before credits. Event General Journal Debit Credit

  • Fill in with the info given. Save Homework: Chapter 3 part B homework Score: 0 of...

    Fill in with the info given. Save Homework: Chapter 3 part B homework Score: 0 of 1 pt 1 of 8 (0 complete) E3-21 (similar to) HW Score: 0%, 0 of 9 pts Question Help Consider the following situations: i (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.)...

  • 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 ? 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...

  • Consider the following situations: (Click the icon to view the situations.) Assume the company records adjusting...

    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...

  • A company purchases new equipment for $24,000 cash on August 1, 2016. Al the time of...

    A company purchases new equipment for $24,000 cash on August 1, 2016. Al the time of purchase the opment is expected to be used in operations for four years (40 months and have no resale or scrap value at the end The company depreciate the equipment evenly over the 48 months ($500/month) Record the adjusting entry for depreciation on December 31, 2018 no entry is required for a transaction event, select "No journal entry required in the first account ed.)...

  • Chapter 2 Homework - Problems Seved Help Save & CH 1 5 points Skipped The following...

    Chapter 2 Homework - Problems Seved Help Save & CH 1 5 points Skipped The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Account Title Debits Credits Cash 5,000 Accounts receivable 2,000 Inventory 5,000 Equipment 11.000 Accumulated depreciation 3,500 Accounts payable 3,000 Common stock 10,000 Retained earnings Sales revenue Coat of goods sold Salaries expense Rent expense Advertising expense Totals 23,000 23,000 6,500 eBook 0 Print References The following transactions occurred during...

  • Seved Help Save & Exit Submit MC Qu. 6-46 The entry to close the Depreciation Expense......

    Seved Help Save & Exit Submit MC Qu. 6-46 The entry to close the Depreciation Expense... The entry to close the Depreciation Expense account would include a debit to: Multiple Choice O the Income Summary account and a credit to the Depreciation Expense account. O the income Summary and a credit to Cash. O the Cash account and a credit to the Income Summary account. O O the Depreciation Expense account and a credit to the Income Summary account.

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
Active Questions
ADVERTISEMENT