Homework Answers
Answer:-
Here the Correct option is "C" - Fees Earned
Journal Entry for Transaction - Accounts Receivable A/c Dr
To Revenue A/c
So, As Per Accounting Standard - 9 (Revenue Recoginze) - When Service completes, We Can Automatically recoginze Revenue
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Question 6 (2 points) Billed a customer for services completed. What account is credited? O a)...
Question 7 (2 points) Received cash from a customer that was previously billed. What account is...
Question 7 (2 points) Received cash from a customer that was previously billed. What account is credited? a) Cash b) Accounts Receivable c) Fees Earned O d) Accounts Payable
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in...
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12.000 B. Accounts Receivable 12.000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12,000 12,000 D. Unearned Revenue Cash 12,000 Answer A O Answer B O Answer O Answer D None of the answers are correct. Question 44 4 pts Provided $7.000 worth of the services referred to in transaction Q43. Account Name Debit...
43 45 Received $12,000 cash from a customer for services to be provided in the future....
43 45 Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12,000 B. Accounts Receivable 12,000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12.000 D. Unearned Revenue 12,000 Cash 12,000 OB 44 45 Provided $7,000 worth of the services referred to in transaction Q43. Account Name Debit Credit A. Cash 7,000 Accounts Receivable 7,000 B. Accounts Receivable 7,000 Service Revenue 7,000 C. Cash 7,000 Service Revenue...
Multiple choice. Herschel Inc. provided lanscaping services to $5,600. The customer was billed for the services....
Multiple choice. Herschel Inc. provided lanscaping services to $5,600. The customer was billed for the services. What journal entry should Herschel Inc. record? A) Debit Accounts Receivable 5,600; Credit Landscaping Revenue 5,600 B) Debit Cash 5,600; Credit Landscaping Revenue 5,600 C) Credit Landscaping Revenue 5,600; Debit Accounts Receivable 5,600 D) Debit Landscaping Revenue 5,600; Credit Cash 5,600
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The following selected transactions were completed during July of the current year: 1. Billed customers for...
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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.
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Answer all please. The following selected transactions were completed during August of the current year: Billed customers for fees earned, $60,240. Purchased supplies on account, $2,590. Received cash from customers on account, $56,630. Paid creditors on account, $1,570. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. (1) Accounts Receivable Fees Earned (2) Supplies Accounts Payable (3) Cash Accounts Receivable (4) Accounts Payable Cash Feedback a. Identify the type of accounts affected in...
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Trial Balance and Adjusting Entries Photomake, Inc., a commercial photography studio, has just completed its first full year of operations on December 31. The general ledger account balances before year-end adjustments follow. No adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal. Cash $2,365 Accounts Payable Accounts Receivable 4180 Unearned Photography Fees 2.860 26.400 Prepaid insurance 3.267 Photography Fees Eamed 37,928 Supplies 4,675 Wages Expense 12,100 Equipment 25.080 Utilities...
Question 7 (2 points) Received cash from a customer that was previously billed. What account is credited? a) Cash b) Accounts Receivable c) Fees Earned O d) Accounts Payable
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12.000 B. Accounts Receivable 12.000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12,000 12,000 D. Unearned Revenue Cash 12,000 Answer A O Answer B O Answer O Answer D None of the answers are correct. Question 44 4 pts Provided $7.000 worth of the services referred to in transaction Q43. Account Name Debit...
43 45 Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12,000 B. Accounts Receivable 12,000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12.000 D. Unearned Revenue 12,000 Cash 12,000 OB 44 45 Provided $7,000 worth of the services referred to in transaction Q43. Account Name Debit Credit A. Cash 7,000 Accounts Receivable 7,000 B. Accounts Receivable 7,000 Service Revenue 7,000 C. Cash 7,000 Service Revenue...
What would be the effect on the accounts if the business provided services to a customer on account? O A. An asset would be debited and an expense credited. OB. An asset would be debited and Revenue credited. O C. Capital would be debited and Revenue credited. OD. An asset would be debited and Capital credited. Click to select your answer. Type here to search one A Net income or net loss for a period is calculated by the following...
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