If a firm delivers a good or a service for which cash will be received in...
If a firm delivers a good or a service for which cash will be received in the following month, it is most likely to record the transaction as an:
A. Accrued revenue asset
B. Accrued expense liability
C. Accrued revenue liability
Homework Answers
|
option A) Accrued revenue asset revenue is recognised when service is performed irrespective of when the cash is received |
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If a firm delivers a good or a service for which cash will be
received in...
Receipt of cash before a good is provided or service is performed 1- increases an asset...
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
2x S1-9 (book/static) Question Help Tiny Town Kennel earns service revenue by caring for the pets...
2x S1-9 (book/static) Question Help Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town Kennel is organized as a corporation. During the past month, Tiny Town Kennel has the following transactions: (Click the icon to view the Tiny Town Kennel transactions.) Indicate the effects of the business transactions on the accounting equation for Tiny Town Kennel. Transaction (a) is answered as a guide. a. Received $520 cash for service revenue earned. a. Increase asset...
A: ”Incurred advertising expense on account" B: "Received cash from customers when service was performed" how...
A: ”Incurred advertising expense on account" B: "Received cash from customers when service was performed" how A affects asset, liability, stockholder's equity and why how B affects asset, liability, stockholder's equity and why
On December 15 we performed $5,000 worth of service for a customer and immediately received $5,000...
On December 15 we performed $5,000 worth of service for a customer and immediately received $5,000 in cash. What is our revenue for December if we use the cash basis of accounting, assuming that this is the only transaction that affected both revenue and cash in December? $0 $2,500 $5,000 cannot be determined Flag this Question Question 2 4 pts Our employees worked the last two weeks of December. They will be paid in January. What account would we debit...
Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town Kennel...
Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town Kennel is organized as a corporation. During the past month, Tiny Town Kennel has the following transactions: a. Received $520 cash for service revenue earned. b. Paid $325 cash for salaries expense. c. Received a $1,000 contribution in exchange for common stock. d. Earned $640 for service revenue, but the customer has not paid Tiny Town Kennel yet. e. Received utility bill of $85, which...
Selected transactions for L. Takemoto, an interior decorating firm, in its first month of business, are...
Selected transactions for L. Takemoto, an interior decorating
firm, in its first month of business, are as follows.
Jan. 2
Invested $15,000 cash in the business in exchange for common
stock.
3
Purchased used car for $8,200 cash for use in the
business.
9
Purchased supplies on account for $500.
11
Billed customers $1,800 for services performed.
16
Paid $200 cash for advertising.
20
Received $780 cash from customers billed on January 11.
23
Paid creditor $300 cash on balance...
In Which Month should our Business record Revenue into our Accounting Records. Our Business signs a...
In Which Month should our Business record Revenue into our Accounting Records. Our Business signs a contract with a Customer in November. The Services are provided to the Customer in December. The Cash is collected from the Customer in January. None of these Choices December November January When our Business pays Cash or a Check for Goods and Services Before Our Business actually receives any of the Goods or Services, This is called what Type of Accounting Transaction ? Accrued...
Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town K...
Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town K (Click the icon to view the transactions.) Indicate the effects of the business transactions on the accounting equation for Tiny Town a. Received $520 cash for service revenue earned. (Cash) a. Increase asset Increase equity Service Re b. Paid 5325 cash for salaries expense. b. Decrease asset Decrease equity Decrease liability Increase asset Increase equity Increase lief mity Choose from any drop-down list and...
36) The accrual basis of accounting: A) Is generally accepted for external reporting because it is...
36) The accrual basis of accounting: A) Is generally accepted for external reporting because it is more useful than cash basis f or most business decisions. B) Is flawed because it gives complete information about cash flows. C) Recognizes revenues when received in cash. D) Recognizes expenses when paid in cash. E) Eliminates the need for adjusting entries at the end of each period. 37) The difference between the cost of an asset and the accumulated depreciation for that asset...
Quality Service Inc. has the following account balances in their Chart of accounts as at June...
Quality Service Inc. has the following account balances in their Chart of accounts as at June 1, 2018: o Cash - $138,000 o Accounts receivable - $0 o Land - $30,000 o Building - $0 • Supplies - $0 Salary expense - $0 Notes payable - $0 Accounts payable - $0 Quality, capital - $70,000 Service revenue - $98,000 Utilities - $0 The company also presented the following transactions for the month: June 1 Purchased supplies for $1000 on account...
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
2x S1-9 (book/static) Question Help Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town Kennel is organized as a corporation. During the past month, Tiny Town Kennel has the following transactions: (Click the icon to view the Tiny Town Kennel transactions.) Indicate the effects of the business transactions on the accounting equation for Tiny Town Kennel. Transaction (a) is answered as a guide. a. Received $520 cash for service revenue earned. a. Increase asset...
Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town Kennel is organized as a corporation. During the past month, Tiny Town Kennel has the following transactions: a. Received $520 cash for service revenue earned. b. Paid $325 cash for salaries expense. c. Received a $1,000 contribution in exchange for common stock. d. Earned $640 for service revenue, but the customer has not paid Tiny Town Kennel yet. e. Received utility bill of $85, which...
Selected transactions for L. Takemoto, an interior decorating
firm, in its first month of business, are as follows.
Jan. 2
Invested $15,000 cash in the business in exchange for common
stock.
3
Purchased used car for $8,200 cash for use in the
business.
9
Purchased supplies on account for $500.
11
Billed customers $1,800 for services performed.
16
Paid $200 cash for advertising.
20
Received $780 cash from customers billed on January 11.
23
Paid creditor $300 cash on balance...
In Which Month should our Business record Revenue into our Accounting Records. Our Business signs a contract with a Customer in November. The Services are provided to the Customer in December. The Cash is collected from the Customer in January. None of these Choices December November January When our Business pays Cash or a Check for Goods and Services Before Our Business actually receives any of the Goods or Services, This is called what Type of Accounting Transaction ? Accrued...
Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town K (Click the icon to view the transactions.) Indicate the effects of the business transactions on the accounting equation for Tiny Town a. Received $520 cash for service revenue earned. (Cash) a. Increase asset Increase equity Service Re b. Paid 5325 cash for salaries expense. b. Decrease asset Decrease equity Decrease liability Increase asset Increase equity Increase lief mity Choose from any drop-down list and...
36) The accrual basis of accounting: A) Is generally accepted for external reporting because it is more useful than cash basis f or most business decisions. B) Is flawed because it gives complete information about cash flows. C) Recognizes revenues when received in cash. D) Recognizes expenses when paid in cash. E) Eliminates the need for adjusting entries at the end of each period. 37) The difference between the cost of an asset and the accumulated depreciation for that asset...
Quality Service Inc. has the following account balances in their Chart of accounts as at June 1, 2018: o Cash - $138,000 o Accounts receivable - $0 o Land - $30,000 o Building - $0 • Supplies - $0 Salary expense - $0 Notes payable - $0 Accounts payable - $0 Quality, capital - $70,000 Service revenue - $98,000 Utilities - $0 The company also presented the following transactions for the month: June 1 Purchased supplies for $1000 on account...
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