True or False: Meghan promised to provide a consulting service to Delaney’s company for $1,000 in...
True or False: Meghan promised to provide a consulting service to Delaney’s company for $1,000 in August. Delaney paid $1,000 upfront in June. In June, Meghan has to record $1,000 of unearned revenue, and Delaney will record $1,000 of prepaid expense. Why is it true? Because aren’t you as a business not allowed to record unearned revenue until it’s earned?
Homework Answers
True
Technically when a company records unearned revenue , it is shown under the head liability in the balance sheet and not under the revenue head. As and when the company earns the revenue , it reduces the value in the unearned revenue account.
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True or False: Meghan promised to provide a consulting service to Delaney’s company for $1,000 in...
Len Richard started his own consulting firm, Richard Consulting, on June 1, RICHARD CONSULTING Trial Balance...
Len Richard started his own consulting firm, Richard Consulting, on June 1, RICHARD CONSULTING Trial Balance June 30, 2022 Credit Debit $6,850 7,000 1,982 3,180 15,000 1 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,245 5,200 21,982 8,300 4,000 1,715 $39,727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Richard also contains the following accounts: Accumulated...
Please complete 4-8 with work. Thanks Please provide this journal entry with the amount Moody started...
Please complete 4-8 with work. Thanks
Please provide this
journal entry with the amount
Moody started his own consulting firm, Moody Consulting, on January 1, 2018. The trial balance at January 31, 2018 is shown below. Tric Moody Consulting Trail Balance January 31, 2018 Cash Accounts Receivable Office Supplies Prepaid Insurance Office Furniture Notes Payable Unearned Service Revenue Common Stock Service Revenue Salaries Expense Rent Expense Dividends $5,000 3.000 1,600 2.400 / 21206/12 - 10/monte 9,000/ 6 5 $3,000 2,500...
Joseph started his own consulting firm, Joseph Consulting, on June 1, 2022. The trial balance at...
Joseph started his own consulting firm, Joseph Consulting, on June 1, 2022. The trial balance at June 30 is as follows. JOSEPH CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1,972 Prepaid Insurance 3,300 Equipment 15,000 Accounts Payable $4,250 Unearned Service Revenue 5,200 Common Stock 21,972 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,600 $39,722 $39,722 In addition to those accounts listed on the trial balance, the chart of accounts for...
Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance...
Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at June 30 is as follows. KUMAR CONSULTING Trial Balance June 30, 2017 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 1,987 Prepaid Insurance 3,480 Equipment 15,000 Accounts Payable $ 4,245 Unearned Service Revenue 5,200 Common Stock 21,987 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,415 $39,732 $39,732 In addition to those accounts listed on the trial balance, the...
Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance...
Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at June 30 is as follows. KUMAR CONSULTING Trial Balance June 30, 2017 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 1,987 Prepaid Insurance 3,480 Equipment 15,000 Accounts Payable $ 4,245 Unearned Service Revenue 5,200 Common Stock 21,987 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,415 $39,732 $39,732 An addition to those accounts listed on the trial balance, the...
Len Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance...
Len Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance at June 30 is as follows. GARY CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $6,850 Accounts Receivable 7.000 Supplies 2012 Prepaid Insurance 4,260 Equipment 15,000 Accounts Payable $4,250 Unearned Service Revenue 5,200 Common Stock 22,012 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 640 $39,762 $39,762 In addition to those accounts listed on the trial balance, the chart of accounts...
Problem 4-02A (Part Level Submission) Len James started his own consulting firm, James Consulting, on June...
Problem 4-02A (Part Level Submission) Len James started his own consulting firm, James Consulting, on June 1, 2022. The JAMES CONSULTING Trial Balance June 30, 2022 Credit Debit $ 6,850 7,000 1,972 2,820 15,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,210 5,200 21,972 8,300 4,000 2,040 $39,682 $39,682 In addition to those accounts listed on the trial balance, the chart of accounts for...
Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance...
Len Kumar started his own consulting firm, Kumar Consulting, on
June 1, 2017. The trial balance at June 30 is as follows.
KUMAR CONSULTING
Trial Balance
June 30, 2017
Debit
Credit
Cash
$ 6,850
Accounts Receivable
7,000
Supplies
2,007
Prepaid Insurance
2,160
Equipment
15,000
Accounts Payable
$ 4,245
Unearned Service Revenue
5,200
Common Stock
22,007
Service Revenue
8,300
Salaries and Wages Expense
4,000
Rent Expense
2,735
$39,752
$39,752
In addition to those accounts listed on the trial balance, the...
Len Edward started his own consulting firm, Edward Consulting, on June 1, 2022. The trial balance...
Len Edward started his own consulting firm, Edward Consulting, on June 1, 2022. The trial balance at June 30 is as follows. EDWARD CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 2,002 Prepaid Insurance 3,900 Equipment 15,000 Accounts Payable $ 4,250 Unearned Service Revenue 5,200 Common Stock 22,002 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,000 $39,752 $39,752 In addition to those accounts listed on the trial balance, the...
Masters Consulting had the following selected transactions in August: (Click the icon to view the transactions.)...
Masters Consulting had the following selected transactions in August: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Show how each transaction would be handled using the cash basis and the accrual basis. Under each column, give the amount of revenue or expense for August using the cash basis and the accrual basis. (Enter "O" for any transactions that do not affect revenues or expenses. Use parentheses or a minus sign when entering expenses or losses. Round...
Len Richard started his own consulting firm, Richard Consulting, on June 1, RICHARD CONSULTING Trial Balance June 30, 2022 Credit Debit $6,850 7,000 1,982 3,180 15,000 1 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,245 5,200 21,982 8,300 4,000 1,715 $39,727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Richard also contains the following accounts: Accumulated...
Please complete 4-8 with work. Thanks
Please provide this
journal entry with the amount
Moody started his own consulting firm, Moody Consulting, on January 1, 2018. The trial balance at January 31, 2018 is shown below. Tric Moody Consulting Trail Balance January 31, 2018 Cash Accounts Receivable Office Supplies Prepaid Insurance Office Furniture Notes Payable Unearned Service Revenue Common Stock Service Revenue Salaries Expense Rent Expense Dividends $5,000 3.000 1,600 2.400 / 21206/12 - 10/monte 9,000/ 6 5 $3,000 2,500...
Joseph started his own consulting firm, Joseph Consulting, on June 1, 2022. The trial balance at June 30 is as follows. JOSEPH CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1,972 Prepaid Insurance 3,300 Equipment 15,000 Accounts Payable $4,250 Unearned Service Revenue 5,200 Common Stock 21,972 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,600 $39,722 $39,722 In addition to those accounts listed on the trial balance, the chart of accounts for...
Len Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance at June 30 is as follows. GARY CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $6,850 Accounts Receivable 7.000 Supplies 2012 Prepaid Insurance 4,260 Equipment 15,000 Accounts Payable $4,250 Unearned Service Revenue 5,200 Common Stock 22,012 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 640 $39,762 $39,762 In addition to those accounts listed on the trial balance, the chart of accounts...
Problem 4-02A (Part Level Submission) Len James started his own consulting firm, James Consulting, on June 1, 2022. The JAMES CONSULTING Trial Balance June 30, 2022 Credit Debit $ 6,850 7,000 1,972 2,820 15,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,210 5,200 21,972 8,300 4,000 2,040 $39,682 $39,682 In addition to those accounts listed on the trial balance, the chart of accounts for...
Len Kumar started his own consulting firm, Kumar Consulting, on
June 1, 2017. The trial balance at June 30 is as follows.
KUMAR CONSULTING
Trial Balance
June 30, 2017
Debit
Credit
Cash
$ 6,850
Accounts Receivable
7,000
Supplies
2,007
Prepaid Insurance
2,160
Equipment
15,000
Accounts Payable
$ 4,245
Unearned Service Revenue
5,200
Common Stock
22,007
Service Revenue
8,300
Salaries and Wages Expense
4,000
Rent Expense
2,735
$39,752
$39,752
In addition to those accounts listed on the trial balance, the...
Masters Consulting had the following selected transactions in August: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Show how each transaction would be handled using the cash basis and the accrual basis. Under each column, give the amount of revenue or expense for August using the cash basis and the accrual basis. (Enter "O" for any transactions that do not affect revenues or expenses. Use parentheses or a minus sign when entering expenses or losses. Round...
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