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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...
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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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At the beginning of the year, office supplies of $900 were on hand. During the year, Rocket Air Conditioning Service paid $2,000 for more office supplies. At the end of the year, Rocket has $800 of office supplies on hand. Read the requirements. Requirement 1. Record the adjusting entry assuming that Rocket records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include...
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At the beginning of the year, office supplies of $1,200 were on hand. During the year, Amble Air Conditioning Service paid $3,500 for more office supplies. At the end of the year, Amble has $900 of office supplies on hand. Read the requirements Requirement 1. Record the adjusting entry assuming that Amble records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include...
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QS 9-3 Unearned revenue LO C2 Ticketsales, Inc, receives $5,520,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31 Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance , ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts View transaction list Journal entry worksheet Record the cash receipt in advance of concerts Note: Enter...
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1. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance and purchase of office supplies in the Office Supplies T-account. 2. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an expense account. Post the adjusting entry to the Office Supplies and Supplies Expense...
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QS 9-3 Unearned revenue LO C2 Ticketsales Inc., receives $7160,000 cash in advance ticket sales for a four-date tour of Bon Jovi Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts.
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QS 9-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,360,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. Journal entry worksheet 1 2 > Record the cash receipt in advance of concerts. Note: Enter debits...
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For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Tao Co. receives $10,100 cash in advance for four months of evenly planned legal services...
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For each separate case below, follow the three-step process for
adjusting the unearned revenue liability account at December
31.
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should
equal.
Step 3: Record the December 31 adjusting entry to get from step 1
to step 2.
Assume no other adjusting entries are made during the year.
a. The Krug Company collected $6,000
rent in advance on November 1, debiting Cash and crediting...
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...
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...
At the beginning of the year, office supplies of $900 were on hand. During the year, Rocket Air Conditioning Service paid $2,000 for more office supplies. At the end of the year, Rocket has $800 of office supplies on hand. Read the requirements. Requirement 1. Record the adjusting entry assuming that Rocket records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include...
At the beginning of the year, office supplies of $1,200 were on hand. During the year, Amble Air Conditioning Service paid $3,500 for more office supplies. At the end of the year, Amble has $900 of office supplies on hand. Read the requirements Requirement 1. Record the adjusting entry assuming that Amble records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include...
QS 9-3 Unearned revenue LO C2 Ticketsales, Inc, receives $5,520,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31 Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance , ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts View transaction list Journal entry worksheet Record the cash receipt in advance of concerts Note: Enter...
1. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance and purchase of office supplies in the Office Supplies T-account. 2. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an expense account. Post the adjusting entry to the Office Supplies and Supplies Expense...
QS 9-3 Unearned revenue LO C2 Ticketsales Inc., receives $7160,000 cash in advance ticket sales for a four-date tour of Bon Jovi Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts.
QS 9-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,360,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. Journal entry worksheet 1 2 > Record the cash receipt in advance of concerts. Note: Enter debits...
For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Tao Co. receives $10,100 cash in advance for four months of evenly planned legal services...