Question

In which case would Johnson Consulting record revenue? a. Johnson receives a 10,000 cash deposit from a customer b. A custome

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Correct answer-----Johnson completes a consulting job worth 8000 but will not bill until a future date.

.

Job completed will be recorded as revenue whether cash is received or not.
$ 10,000 deposit from customer is an advance hence it is an unearned revenue.

A contract about a job is not a trigger point to record revenue. It is recorded when job is completed.

Add a comment
Know the answer?
Add Answer to:
In which case would Johnson Consulting record revenue? a. Johnson receives a 10,000 cash deposit from...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 17)A company receives a $95,000 cash deposit from a customer on October 15 but will not...

    17)A company receives a $95,000 cash deposit from a customer on October 15 but will not provide services until November 20. Which of the following statements is true? Group of answer choices The company records service revenue on October 15. 18) Question 183 pts Carrier Rent-to-Own, a furniture rental and sales company, records annual depreciation expense on December 31 each year. Which account will Carrier credit when they record their depreciation on December 31st? Group of answer choices Equipment Depreciation...

  • As of December 31, 2017 Armani Company's financial records show the following items and amounts. Cash...

    As of December 31, 2017 Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2017 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,000 9,000 6,000 5,000 23,000 4,000 7,000 13,000 33,eee 22,000 20,000 12,000 8,000 Note: Early in 2017, the owner invested $1,000 cash in the business. Required: Prepare the 2017 year-end income...

  • How do I record the transactions in a general journal? TRANSACTIONS: Date January I January I...

    How do I record the transactions in a general journal? TRANSACTIONS: Date January I January I January 1 January 3 January 5 January 7 January 10 January 12 January 15 January 18 January 19 January 20 January 24 January 25 January 30 January 31 January 31 January 31 January 31 Transaction Owner, Tom Ford, invested $260,000 cash along with office equipment that had a $90,000 market value in exchange for 35,000 shares of $10 par value common stock in Celebrity...

  • 8. Keating Inc. rents its headquarters from Starling Enterprises for $10,000 per month. On September 1,...

    8. Keating Inc. rents its headquarters from Starling Enterprises for $10,000 per month. On September 1, 20XX, Keating pays Starling $60,000 for six months worth of rent. a. Record the entry that Keating Inc. would make on September 1, when the payment is made to Starling. b. Record the entry that Starling Enterprises would make on September 1, when they receive the rent payment from Keating. c. Record the adjusting entry that Keating should make on December 31, when the...

  • 8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services....

    8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services. Now Daisy Co. has provided $3,000 of the services and earned that revenue. What is the necessary adjusting entry? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: (completed for you on this question) Assets: not impacted Revenue: understated Liabilities: overstated Expense:_not impacted Stockholders' Equity: understated 9) Interest of $450 has accrued on a note payable. What...

  • Problem: Leveon Bell opened a jet engine consulting business called JetWorks (the "Company) and completed the...

    Problem: Leveon Bell opened a jet engine consulting business called JetWorks (the "Company) and completed the following transactions in its first month of operations. RANS DESCRIPTION 4/1 Bell invested 75,000 cash along with office equipment valued at 25,000 in the company. 4/2 The company prepaid 12,000 cash for 12 months rent for office space. 4/3 The company made credit purchases for 6,000 in office equipment and 4,000 in office supplies. Payment is due in 10 days. 4/6 The company completed...

  • This assignment is a case study which must be completed in Excel. You are expected to...

    This assignment is a case study which must be completed in Excel. You are expected to use T-Tables to produce Trial Balance. The assignment will involve aspects of the material from all weeks of the course and is designed for you to demonstrate your new (or newly refreshed) accounting knowledge. It accounts for 30% of the final grade and you must achieve at least 50% in both this assignment and the course as a whole to pass. Case Study: JJ...

  • This assignment is a case study which must be completed in Excel. You are expected to...

    This assignment is a case study which must be completed in Excel. You are expected to use Tables to produce Trial Balance. The assignment will involve aspects of the material from all weeks of the course and is designed for you to demonstrate your new (or newly refreshed) accounting knowledge. It accounts for 30% of the final grade and you must achieve at least 50% in both this assignment and the course as a whole to pass. Case Study. JJ...

  • Final Assignment This assignment is a case study which must be completed in Excel. You are...

    Final Assignment This assignment is a case study which must be completed in Excel. You are expected to use T-Tables to produce Trial Balance. The assignment will involve aspects of the material from all weeks of the course and is designed for you to demonstrate your new (or newly refreshed) accounting knowledge. It accounts for 30% of the final grade and you must achieve at least 50% in both this assignment and the course as a whole to pass. Case...

  • This assignment is a case study which must be completed in Excel. You are expected to...

    This assignment is a case study which must be completed in Excel. You are expected to use T-Tables to produce Trial Balance. The assignment will involve aspects of the material from all weeks of the course and is designed for you to demonstrate your new (or newly refreshed) accounting knowledge. It accounts for 30% of the final grade and you must achieve at least 50% in both this assignment and the course as a whole to pass. Case Study: JJ...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT