Homework Answers
Solution :
Balance at the Deferred Revenue account at the end :
| Deferred Revenue Book at the time of Advance | $ 37,000 |
| Less : Service Revenue Booked in May | $ 7,000 |
| Deferred Revenue account at the end of the month | $ 30,000 |
Please vote up and write your doubts in comment section. Would be glad to help you further.
Add Answer to:
QUESTION 8 In its first month of business, Brewed Awakenings, Inc., collected $37,000 from customers in...
Quick Clean, Inc., provides mobile detailing to its customers. The Income Statement for the month ended January 31,...
Quick Clean, Inc., provides mobile detailing to its customers. The Income Statement for the month ended January 31, 2016, the Balance Sheet for 1. $1,500 of the cash collected from customers in January 2016 was for gift December 31, 2015, and details of postings to the Cash account in the general ledger for the month of January 2016 are provided. The following additional information is also available: certificates for detailing services to be performed in the future. As of Januar...
1. The following transactions are July activities of Josh’s video service: -Josh collected $4,185 from customers...
1. The following transactions are July activities of Josh’s video service: -Josh collected $4,185 from customers for services related to videos created in July. -Josh billed a customer for $811 for a video made on the last day of July. The bill is to be paid in August. -On July 1, a customer gave Josh advance payments totaling $3,382 for the four months of work to be done equally staring in July -Josh received $894 from credit sales made to...
1. a) Selected transactions for Garver Company during its first month in business are presented below....
1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
Selected transactions for L. Takemoto, an interior decorating firm, in its first month of business, are...
Selected transactions for L. Takemoto, an interior decorating
firm, in its first month of business, are as follows.
Jan. 2
Invested $15,000 cash in the business in exchange for common
stock.
3
Purchased used car for $8,200 cash for use in the
business.
9
Purchased supplies on account for $500.
11
Billed customers $1,800 for services performed.
16
Paid $200 cash for advertising.
20
Received $780 cash from customers billed on January 11.
23
Paid creditor $300 cash on balance...
During the month, services performed for customers on account amounted to $4,500 and collections from customers...
During the month, services performed for customers on account amounted to $4,500 and collections from customers in payment of their accounts totaled $3,000. At the end of the month, the Accounts Receivable account had a balance of $3,500. What was the Accounts Receivable balance at the beginning of the month? (Show your work using a T account.)
On January 1, Unearned Revenue of Commercial Plumbing Services, Inc. had a beginning balance of $1,800....
On January 1, Unearned Revenue of Commercial Plumbing Services, Inc. had a beginning balance of $1,800. During January, the company earned $500 of the deferred revenuh The company also collected $5,000 from a new customer for services to be performed the following month. At the end of January, the Unearned Revenue account should have a balance of $5,000. O True O False
Selected transactions for Front Room, an interior decorator corporation, in its first month of business, are...
Selected transactions for Front Room, an interior decorator corporation, in its first month of business, are as follows. 1. 2. 3. 4. 5. 6. 7. 8. Issued stock to investors for $14,600 in cash. Purchased used car for $10,100 cash for use in business. Purchased supplies on account for $340. Billed customers $5.510 for services performed Paid $150 cash for advertising start of the business Received $1,100 cash from customers billed in transaction (4) Paid creditor $420 cash on account....
Question 1 Blindleia Care Corporation had the following selected transactions in September: 1. Collected $190 cash...
Question 1 Blindleia Care Corporation had the following selected transactions in September: 1. Collected $190 cash from customers for services performed in August. 2. Collected $490 cash from customers for services performed in September. 3. Billed customers $610 for services performed in September 4. Performed $110 of services to customers who paid in advance in August. 5. Received $110 from customers in advance for services to be performed in October. Calculate revenue for the month of September using the accrual...
Question 1 Blindleia Care Corporation had the following selected transactions in September: 1. Collected $190 cash...
Question 1 Blindleia Care Corporation had the following selected transactions in September: 1. Collected $190 cash from customers for services performed in August. 2. Collected $490 cash from customers for services performed in September. 3. Billed customers $610 for services performed in September. 4. Performed $110 of services to customers who paid in advance in August. 5. Received $110 from customers in advance for services to be performed in October. Calculate revenue for the month of September using the accrual...
Fink Insurance collected premiums of $18,700,000 from its customers during the current year. The adjusted balance...
Fink Insurance collected premiums of $18,700,000 from its customers during the current year. The adjusted balance in the Deferred premiums revenue account increased from $4.0 million to $9.6 million dollars during the year. What is Fink's revenue from insurance premiums recognized for the current year? Multiple Choice $13,100,000. $18,700,000. O $9,100,000 $24,300,000
Quick Clean, Inc., provides mobile detailing to its customers. The Income Statement for the month ended January 31, 2016, the Balance Sheet for 1. $1,500 of the cash collected from customers in January 2016 was for gift December 31, 2015, and details of postings to the Cash account in the general ledger for the month of January 2016 are provided. The following additional information is also available: certificates for detailing services to be performed in the future. As of Januar...
1. a) Selected transactions for Garver Company during its first month in business are presented below. On the form provided on the following page, journalize these transactions. Omit explanations. Indicate "No entry" if appropriate. A chart of accounts is provided below: (5 points) Cash Office Supplies Accounts Receivable Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Insurance Expense Sept. 1 Jo Garver invested $25,000...
Selected transactions for L. Takemoto, an interior decorating
firm, in its first month of business, are as follows.
Jan. 2
Invested $15,000 cash in the business in exchange for common
stock.
3
Purchased used car for $8,200 cash for use in the
business.
9
Purchased supplies on account for $500.
11
Billed customers $1,800 for services performed.
16
Paid $200 cash for advertising.
20
Received $780 cash from customers billed on January 11.
23
Paid creditor $300 cash on balance...
During the month, services performed for customers on account amounted to $4,500 and collections from customers in payment of their accounts totaled $3,000. At the end of the month, the Accounts Receivable account had a balance of $3,500. What was the Accounts Receivable balance at the beginning of the month? (Show your work using a T account.)
On January 1, Unearned Revenue of Commercial Plumbing Services, Inc. had a beginning balance of $1,800. During January, the company earned $500 of the deferred revenuh The company also collected $5,000 from a new customer for services to be performed the following month. At the end of January, the Unearned Revenue account should have a balance of $5,000. O True O False
Selected transactions for Front Room, an interior decorator corporation, in its first month of business, are as follows. 1. 2. 3. 4. 5. 6. 7. 8. Issued stock to investors for $14,600 in cash. Purchased used car for $10,100 cash for use in business. Purchased supplies on account for $340. Billed customers $5.510 for services performed Paid $150 cash for advertising start of the business Received $1,100 cash from customers billed in transaction (4) Paid creditor $420 cash on account....
Question 1 Blindleia Care Corporation had the following selected transactions in September: 1. Collected $190 cash from customers for services performed in August. 2. Collected $490 cash from customers for services performed in September. 3. Billed customers $610 for services performed in September 4. Performed $110 of services to customers who paid in advance in August. 5. Received $110 from customers in advance for services to be performed in October. Calculate revenue for the month of September using the accrual...
Question 1 Blindleia Care Corporation had the following selected transactions in September: 1. Collected $190 cash from customers for services performed in August. 2. Collected $490 cash from customers for services performed in September. 3. Billed customers $610 for services performed in September. 4. Performed $110 of services to customers who paid in advance in August. 5. Received $110 from customers in advance for services to be performed in October. Calculate revenue for the month of September using the accrual...
Fink Insurance collected premiums of $18,700,000 from its customers during the current year. The adjusted balance in the Deferred premiums revenue account increased from $4.0 million to $9.6 million dollars during the year. What is Fink's revenue from insurance premiums recognized for the current year? Multiple Choice $13,100,000. $18,700,000. O $9,100,000 $24,300,000
Most questions answered within 3 hours.
-
It is said that Galileo discovered a basic principle of the
pendulum—that the period is independent...
asked 1 minute from now -
The Cost of Equity and
Flotation Costs
Messman Manufacturing
will issue common stock to the public...
asked 5 minutes ago -
a) summarize the challenges facing New Britain today
b) identify some of its strengths
c) suggest...
asked 7 minutes ago -
**86 at 40 not 88. please show how got Tr in calculations thank
you
2) The...
asked 8 minutes ago -
McGlaun Company pays its employees every two weeks. The firm
last paid its employees on September...
asked 21 minutes ago -
You have been gifted a Mogwai as a pet and decide to do a little
online...
asked 26 minutes ago -
given the standard of 200 mg/dl and the absorbance of that
standard is 0.640. What is...
asked 29 minutes ago -
Exercise 8-51 Algo
An accounting professor is notorious for being stingy in giving
out good letter...
asked 37 minutes ago -
month
total distribution cost
level of activity (unit produced)
july
230.000
3500
august
250.000
3750
september...
asked 38 minutes ago -
A smoke detector system uses two devices, A and B. If smoke is
present, the probability...
asked 1 hour ago -
Your division head has assigned another important project to you
and your team. This project is...
asked 51 minutes ago -
Under normal use conditions, the Mean Time To Failure of a
heating coil can be modeled...
asked 1 hour ago