Homework Answers
OPtion A. The Unearned Revenue Account represents revenue that has been Collected, but not yet Earned.
Some examples of unearned revenue include advance rent payments, annual subscriptions for a software license, and prepaid insurance.
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Soru 14 Which of the following correctly describes the unearned revenue account? Yanitiniz: O The unearned...
Which of the following describes unearned revenues? Question 10 Which of the following describes unearned revenues?...
Which of the following describes unearned revenues?
Question 10 Which of the following describes unearned revenues? O The accounts payable totals $9,500 O $45,000 in total payroll owed to employees on May 1 O $1,500 in sales tax collected $3,500 paid to a company for services it will provide next week
Which of the following is a contra account? O A. Unearned Revenue O B. Depreciation Expense...
Which of the following is a contra account? O A. Unearned Revenue O B. Depreciation Expense C. Accumulated Depreciation O D. Book Value
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and...
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) increased by $700. During 2016, cash payments collected from customers for future services totaled $8,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. A. Service Revenue (dr) $3,200 Unearned Service Revenue (cr) $3,200 O B. Unearned Service Revenue (dr) $7,300 Service Revenue (cr) $7,300...
MC Qu. 4-37 Which of the following best describes when... Which of the following best describes...
MC Qu. 4-37 Which of the following best describes when... Which of the following best describes when an accrual adjustment is required? Multiple Choice An expense has been incurred and paid in cash. An expense has been incurred but not yet paid in cash. An expense has not been incurred, but cash has been paid. О O An expense has not been incurred nor has it been paid in cash. < Pray 4 of 10 !!! Neng >
Adjusting entries affect at least one balance sheet account and at least one income statement account....
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
Which of the following companies would be most likely to have an unearned revenue account? grocery...
Which of the following companies would be most likely to have an unearned revenue account? grocery store O department store O hotel chain O car dealership
14- The accepted value is 15.63. Which correctly describes this student's experimental data? Trial 1: measurement...
14- The accepted value is 15.63. Which correctly describes this student's experimental data? Trial 1: measurement 15.64; Trail 2: measurement 15.62; Trall 3: measurement 15.61 a) Accurate but b) Precise not accurate c) Both accurate and Neither accurate nor preci not precise precise 15. Which element, when combined with fluorine, would most likely form compound (lonic bondi? a) Fluorine b) Phosphorus C Carbon d sodium ) All are correct
the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service...
the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service Revenue T-account. 3. Compare the ending balances of the T accounts under both approaches. Are they the same? > Problems Group A P3-33A Journalizing adjusting entries and subsequent journal entries Learning Object Laughter Landscaping has collected the following data for the December 31 adjusting entries: a. Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $8,000...
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
wg that Modish records the cash receipt of unearned revenue by initially crediting a liability account....
wg that Modish records the cash receipt of unearned revenue by initially crediting a liability account. Post the adjusting entry the Unearned Revenue and Service Revenue T-accounts. Make sure to include she beginning balance and additional unearned revenue in the Unearned Revenue T-account. Record the adjusting entry assuming that Modish records the cash receipt of unearned revenue by initially crediting a revenue account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts. Make sure to include the...
Which of the following describes unearned revenues?
Question 10 Which of the following describes unearned revenues? O The accounts payable totals $9,500 O $45,000 in total payroll owed to employees on May 1 O $1,500 in sales tax collected $3,500 paid to a company for services it will provide next week
Which of the following is a contra account? O A. Unearned Revenue O B. Depreciation Expense C. Accumulated Depreciation O D. Book Value
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) increased by $700. During 2016, cash payments collected from customers for future services totaled $8,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. A. Service Revenue (dr) $3,200 Unearned Service Revenue (cr) $3,200 O B. Unearned Service Revenue (dr) $7,300 Service Revenue (cr) $7,300...
MC Qu. 4-37 Which of the following best describes when... Which of the following best describes when an accrual adjustment is required? Multiple Choice An expense has been incurred and paid in cash. An expense has been incurred but not yet paid in cash. An expense has not been incurred, but cash has been paid. О O An expense has not been incurred nor has it been paid in cash. < Pray 4 of 10 !!! Neng >
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
Which of the following companies would be most likely to have an unearned revenue account? grocery store O department store O hotel chain O car dealership
14- The accepted value is 15.63. Which correctly describes this student's experimental data? Trial 1: measurement 15.64; Trail 2: measurement 15.62; Trall 3: measurement 15.61 a) Accurate but b) Precise not accurate c) Both accurate and Neither accurate nor preci not precise precise 15. Which element, when combined with fluorine, would most likely form compound (lonic bondi? a) Fluorine b) Phosphorus C Carbon d sodium ) All are correct
the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service Revenue T-account. 3. Compare the ending balances of the T accounts under both approaches. Are they the same? > Problems Group A P3-33A Journalizing adjusting entries and subsequent journal entries Learning Object Laughter Landscaping has collected the following data for the December 31 adjusting entries: a. Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $8,000...
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
wg that Modish records the cash receipt of unearned revenue by initially crediting a liability account. Post the adjusting entry the Unearned Revenue and Service Revenue T-accounts. Make sure to include she beginning balance and additional unearned revenue in the Unearned Revenue T-account. Record the adjusting entry assuming that Modish records the cash receipt of unearned revenue by initially crediting a revenue account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts. Make sure to include the...
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