Homework Answers
Part-1) Dr. Cash $12,000
Cr. Unearned Revenue $12,000
Part-2) Revenue earned as of December 31, 2020 equals $9,000
Working: Repairs collected $12,000 minus Unearned Revenue $3,000
Part-3) Dr. Unearned Revenue $9,000
Cr. Service Revenue $9,000
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On November 1, 2020, Race Car Repairs collected $12,000 from a customer for services to be...
On November 30, 2019, Tate Company collected cash of $4,500 for services to be performed for...
On November 30, 2019, Tate Company collected cash of $4,500 for services to be performed for the customer evenly over the next three months beginning December 1, 2019. The most appropriate journal entry to record this transaction on November 30th is debit Cash and credit Prepaid Service Revenue for $4,500 debit Cash and credit Unearned Revenue for $4,500. debit Unearned Revenue and credit Cash for $4,500. debit Cash and credit Service Revenue for $4.500.
a. The Krug Company collected $8,400 rent in advance on November 1, debiting Cash and crediting...
a. The Krug Company collected $8,400 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. Unearned rent revenue 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 b. The company charges $95 per month to spray...
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.
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for...
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each December 1 Required: 1. Record the acceptance of the note on December 1, 2021. 2. Record the interest collected on December 1 for 2022 and 2023, and the adjustment for interest revenue on December 31 for 2021....
On November 30, 2019, Tate Company collected cash of $4,500 for work to be done evenly...
On November 30, 2019, Tate Company collected cash of $4,500 for work to be done evenly over the next three months beginning December 1, 2019. Assuming the company used the most appropriate journal entry to record this transaction on November 30th, the December 31, 2019 adjusting entry is debit Unearned Revenue and credit Service Revenue for $4,500, debit Unearned Revenue and credit Service Revenue for $1,500. debit Service Revenue and credit Unearned Revenue for $1,500. debit Cash and credit Service...
43 45 Received $12,000 cash from a customer for services to be provided in the future....
43 45 Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12,000 B. Accounts Receivable 12,000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12.000 D. Unearned Revenue 12,000 Cash 12,000 OB 44 45 Provided $7,000 worth of the services referred to in transaction Q43. Account Name Debit Credit A. Cash 7,000 Accounts Receivable 7,000 B. Accounts Receivable 7,000 Service Revenue 7,000 C. Cash 7,000 Service Revenue...
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...
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to...
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,130 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6,100 will be paid on January 7, 2022 4....
Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying...
Suppose a customer rents a vehicle for three months from
Commodores Rental on November 1, paying $5,700
($1,900/month).
Required:
1.&2. Record the necessary entries in the Journal
Entry Worksheet below.
3. Calculate the year-end adjusted balances of the
Deferred Revenue and Service Revenue accounts (assuming the balance
of Deferred Revenue at the beginning of the year is
$0).
Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal...
Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a...
Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a six-month contract for work to be performed evenl a. Provide the general journal entry on January 1 to record the receipt of $21,200 for b. Provide the adjusting entry to be made on January 31, for the contract work done d c. At January 31, a total of 25 hours of hourly rate janitor work was unbilled. The billing (Note: The firm uses the...
On November 30, 2019, Tate Company collected cash of $4,500 for services to be performed for the customer evenly over the next three months beginning December 1, 2019. The most appropriate journal entry to record this transaction on November 30th is debit Cash and credit Prepaid Service Revenue for $4,500 debit Cash and credit Unearned Revenue for $4,500. debit Unearned Revenue and credit Cash for $4,500. debit Cash and credit Service Revenue for $4.500.
a. The Krug Company collected $8,400 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. Unearned rent revenue 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 b. The company charges $95 per month to spray...
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each December 1 Required: 1. Record the acceptance of the note on December 1, 2021. 2. Record the interest collected on December 1 for 2022 and 2023, and the adjustment for interest revenue on December 31 for 2021....
On November 30, 2019, Tate Company collected cash of $4,500 for work to be done evenly over the next three months beginning December 1, 2019. Assuming the company used the most appropriate journal entry to record this transaction on November 30th, the December 31, 2019 adjusting entry is debit Unearned Revenue and credit Service Revenue for $4,500, debit Unearned Revenue and credit Service Revenue for $1,500. debit Service Revenue and credit Unearned Revenue for $1,500. debit Cash and credit Service...
43 45 Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12,000 B. Accounts Receivable 12,000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12.000 D. Unearned Revenue 12,000 Cash 12,000 OB 44 45 Provided $7,000 worth of the services referred to in transaction Q43. Account Name Debit Credit A. Cash 7,000 Accounts Receivable 7,000 B. Accounts Receivable 7,000 Service Revenue 7,000 C. Cash 7,000 Service Revenue...
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...
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,130 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6,100 will be paid on January 7, 2022 4....
Suppose a customer rents a vehicle for three months from
Commodores Rental on November 1, paying $5,700
($1,900/month).
Required:
1.&2. Record the necessary entries in the Journal
Entry Worksheet below.
3. Calculate the year-end adjusted balances of the
Deferred Revenue and Service Revenue accounts (assuming the balance
of Deferred Revenue at the beginning of the year is
$0).
Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal...
Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a six-month contract for work to be performed evenl a. Provide the general journal entry on January 1 to record the receipt of $21,200 for b. Provide the adjusting entry to be made on January 31, for the contract work done d c. At January 31, a total of 25 hours of hourly rate janitor work was unbilled. The billing (Note: The firm uses the...
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