Casper Company performed $700 of services on account for Stevenson Company on September 1, 2018. Stevenson...
Casper Company performed $700 of services on account for Stevenson Company on September 1, 2018. Stevenson Company paid the bill in full on October 10, 2018.
What entry would Casper Company make on September 1, 2018?
a. Increase Cash for $700 and decrease Accounts Receivable for $700
b. Decrease Unearned Revenue for $700 and decrease Accounts Receivable for $700.
c. Increase Accounts Receivable for $700 and increase Revenue for $700
d. No entry is made on September 1, since Stevenson has not paid for the goods.
e. Increase Accounts Receivable for $700 and increase Unearned Revenue for $700.
Homework Answers
Answer
c. Increase Accounts Receivable for $700 and increases Revenue for $700
Explanation:
- On 1 st September 2018, Casper company has given services of $ 700 but it has not received the money for the services.
- This will result n increase in account receivables as the Caper company is yet to receive the money for its sales.
- Further, the revenue account is credited because the services are given. As per the accrual concept, the revenue is recognized when the services are given and not when the cash is received.
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Casper Company performed $700 of services on account for
Stevenson Company on September 1, 2018. Stevenson...
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