Homework Answers
Answer: A credit to an uneaned revenue account
Explanation:
As services have not been perfomed, it cannot be income. But, it is a promise to render service in future. Hence, it is a current liability.
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If cash is received from customers in payment for services that have not yet been performed...
E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets...
E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above L:11 for utilities due in two weeks
A: Received cash of $35,000 from the issue of common stock. B: Performed $54,000 of services...
A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000...
identify the debit and credit for this statment: 1) performed services for customers and received $27,000...
identify the debit and credit for this statment: 1) performed services for customers and received $27,000 in cash. 2) January 3rd- paid $1,800 for an advertisement to run in the OA News during the month of January. 3. provided advertising services to Garber Lab and agrees to accept payement in 30 days.
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
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.
The following transactions occurred during July: 1. Received $900 cash for services provided to a customer...
The following transactions occurred during July:1. Received $900 cash for services provided to a customer during July.2. Received $2,200 cash investment from Bob Johnson, the owner of the business.3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. Provided services to a customer on credit, $375.5. Borrowed $6,000 from the bank by signing a promissory note.6. Received $1,250 cash from a customer for services to be performed next year.What was the...
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.)
QUESTIONS In February, Dr. Noonan performed $8,000 of services for clients. The clients have not been billed yet. W...
QUESTIONS In February, Dr. Noonan performed $8,000 of services for clients. The clients have not been billed yet. What adjusting entry is needed? Account Titles and Explanation Debit Credit T T T Arial 3 (12pt) T: Click Save and submit to save and submit. Click Save All Answers to save all answers. Save
Raketan Repairs received $1,300 cash from a customer for repair services to be provided next month....
Raketan Repairs received $1,300 cash from a customer for repair services to be provided next month. Given the choices below, determine the general journal entry that Raketan Repairs will make to record the cash receipt. Assume the company’s policy is to initially record prepaid and unearned items in balance sheet accounts.
May 1 The business received cash of $70,000 and gave capital to Zach Webster. 2 Purchased...
May 1 The business received cash of $70,000 and gave capital to Zach Webster. 2 Purchased office supplies on account, $780. 4 Paid $47,000 cash for building and land. The building had a fair market value of $42,000 6 Performed services for customers and received cash, $2,900 9 Paid $680 on accounts payable. 17 Performed services for customers on account, $2,100. 19 Paid rent expense for the month. $1,300 20 Received $1,000 from customers for services to be performed next...
E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above L:11 for utilities due in two weeks
A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000...
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.
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.)
QUESTIONS In February, Dr. Noonan performed $8,000 of services for clients. The clients have not been billed yet. What adjusting entry is needed? Account Titles and Explanation Debit Credit T T T Arial 3 (12pt) T: Click Save and submit to save and submit. Click Save All Answers to save all answers. Save
May 1 The business received cash of $70,000 and gave capital to Zach Webster. 2 Purchased office supplies on account, $780. 4 Paid $47,000 cash for building and land. The building had a fair market value of $42,000 6 Performed services for customers and received cash, $2,900 9 Paid $680 on accounts payable. 17 Performed services for customers on account, $2,100. 19 Paid rent expense for the month. $1,300 20 Received $1,000 from customers for services to be performed next...
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