Homework Answers
Solution:
Debit unearned revenues for $400.
Explanation:
Firstly when we receive an advance payment of $1,000 for services then the journal entry is Debit cash account and credit unearned revenue account with $1,000
By the end of the year $400 had been earned. Then the journal entry is Debit unearned revenue account and credit sales revenue account. Here the unearned revenue decreases with $400.
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An advance payment of $1,000 for services was received on December 1 and was recorded as...
Multiple Choice Question An advance payment of $1,000 for services was received on December 1 and...
Multiple Choice Question 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 eamed Demonstrate what the correct adjusting entry should include by choosing the correct statement below.
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 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
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.
If a business has received cash in advance of services performed and credits a liability account,...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
Lincoln Corp. received advance payments from customers during 2017 of $10,000. At December 31, 2017, $1,000...
Lincoln Corp. received advance payments from customers during 2017 of $10,000. At December 31, 2017, $1,000 of the advance payments still had notbeen earned. After the adjustments are recorded and posted at December 31, 2017, what are the balances in Unearned Service Revenue and Service Revenue? Unearned Service Revenue Service Revenue a. $1,000 $9,000 b. $9,000 $10,000 c. $11,000 $1,000 d. $1,000 $10,000
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
Karr Corporation received cash of $6483 on August 1, 20x8 for one year's rent in advance...
Karr Corporation received cash of $6483 on August 1, 20x8 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20x8 adjusting entry is: Select one: a. Debit Unearned Rent and credit Rent Revenue, $2701 O b. Debit Rent Revenue and credit Unearned Rent, $2701 O c. Debit Rent Revenue and credit Unearned Rent, $3782 O d. Debit Cash and credit Unearned Rent, $3782
Drop menu options are Adj Bal, Bal, Cash collected for future services, and Earned from advanced...
Drop menu options are Adj Bal, Bal, Cash collected for future
services, and Earned from advanced collections
At the beginning of the year, Choice Advertising owed customers $3,200 for unearned revenue collected in advance. During the year, Choice received advance cash receipts of $8,600 and earned $40,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $4,700 and unadjusted service revenue is $40,000. Read the requirements. Requirement 1. Record the...
Type your answer in the box. On December 27, a business completed a $400 service that...
Type your answer in the box. On December 27, a business completed a $400 service that had not yet been billed or recorded as of December 31. Demonstrate the required adjusting entry of the business by completing the following sentence. The required adjusting entry would be to debit the (Unearned revenue/Accounts receivable/Cash/Service revenue) account and (debit/credit) the (Unearned revenue/Accounts receivable/Cash/Service revenue) account. Read about this Do you know the answer? I know it Think so No idea
Multiple Choice Question 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 eamed Demonstrate what the correct adjusting entry should include by choosing the correct statement below.
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
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
Karr Corporation received cash of $6483 on August 1, 20x8 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20x8 adjusting entry is: Select one: a. Debit Unearned Rent and credit Rent Revenue, $2701 O b. Debit Rent Revenue and credit Unearned Rent, $2701 O c. Debit Rent Revenue and credit Unearned Rent, $3782 O d. Debit Cash and credit Unearned Rent, $3782
Drop menu options are Adj Bal, Bal, Cash collected for future
services, and Earned from advanced collections
At the beginning of the year, Choice Advertising owed customers $3,200 for unearned revenue collected in advance. During the year, Choice received advance cash receipts of $8,600 and earned $40,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $4,700 and unadjusted service revenue is $40,000. Read the requirements. Requirement 1. Record the...
Type your answer in the box. On December 27, a business completed a $400 service that had not yet been billed or recorded as of December 31. Demonstrate the required adjusting entry of the business by completing the following sentence. The required adjusting entry would be to debit the (Unearned revenue/Accounts receivable/Cash/Service revenue) account and (debit/credit) the (Unearned revenue/Accounts receivable/Cash/Service revenue) account. Read about this Do you know the answer? I know it Think so No idea
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