Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a Select one:...
Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a
Select one:
a. credit to Cash.
b. debit to Income from Services.
c. debit to Accounts Receivable.
d. credit to Income from Services.
Homework Answers
The entry would be
| Account | DEBIT | CREDIT |
| Cash | $25,000 | |
| Income from services | $25,000 |
Option D is the answer
Add Answer to:
Beach Company receives $25,000 cash revenue for services
performed. The transaction would involve a
Select one:...
Patrick Services paid the office rent for the current month. The transaction would involve a Select...
Patrick Services paid the office rent for the current month. The transaction would involve a Select one: a. debit to Cash. b. debit to Rent Expense. c. credit to Rent Payable. d. credit to Prepaid Rent.
Bertrand Inc. performed services for clients in the amount of $1,800 on credit. If this transaction...
Bertrand Inc. performed services for clients in the amount of $1,800 on credit. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account, what correcting entry would be necessary? Multiple Choice Debit Fees Income $1,800; credit Cash $1,800 Debit Cash $1,800; credit Accounts Receivable $1,800 Debit Accounts Receivable $1,800; credit Cash $1,800 Debit Accounts Receivable $1,800; credit Fees Income $1,800
Mathews Company receives $1,500 on December 1 of the current year for services to be performed...
Mathews Company receives $1,500 on December 1 of the current year for services to be performed equally over the next 3 months. Assuming Mathews records deferred revenues using the alternative treatment, what would be the entry on December 1? O A. Debit Cash and credit Unearned Revenue for $1,500. B. Debit Cash and credit Unearned Revenue for $1,000. C. Debit Cash and credit Service Revenue for $500. OD. Debit Cash and credit Service Revenue for $1,500,
Bertrand Inc performed services for clients in the amount of $1950 on credit. If this transaction...
Bertrand Inc performed services for clients in the amount of $1950 on credit. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account what correcting entry would be necessary? Multiple Choice O Debit Cach 1950. cred Accounts Receivable $1950 0 Debito Income 1960, cred Cash 1950 0 De Arco Receivable $1950. creditos Income $1.55 0 Debit Accounts Receivable $1,950, ered Play
A company received $8,500 from customers on account. The journal to record this transaction is: Select...
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a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
The entry to close the drawing account would involve a Select one: a. debit to capital....
The entry to close the drawing account would involve a Select one: a. debit to capital. b. credit to cash. c. debit to Income Summary. d. credit to net income.
SHARJAH HIGHER COLLEGES OF TECHNOLOGY Salem has performed AEDS00 of legel services for a cinsilled the...
SHARJAH HIGHER COLLEGES OF TECHNOLOGY Salem has performed AEDS00 of legel services for a cinsilled the clicat as of he end of the accounting period. What aljusting enry mast he make? A. Debit Cash and credit Uncaned Revenue B. Debit Accounts Receivable and credit Unearnod Revenu C. Debit Accounts Receivable and credit Service Reven D. Debit Uacarned Revenue and crodin Service Revense 14. Salem has billed his clients for services performed He subsequently receives payments from his clients. What enery...
A: Received cash of $35,000 from the issue of common stock. B: Performed $54,000 of services...
A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000...
If a business has received cash in advance of services performed and credits a liability account,...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
Mathews Company receives $1,500 on December 1 of the current year for services to be performed equally over the next 3 months. Assuming Mathews records deferred revenues using the alternative treatment, what would be the entry on December 1? O A. Debit Cash and credit Unearned Revenue for $1,500. B. Debit Cash and credit Unearned Revenue for $1,000. C. Debit Cash and credit Service Revenue for $500. OD. Debit Cash and credit Service Revenue for $1,500,
Bertrand Inc performed services for clients in the amount of $1950 on credit. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account what correcting entry would be necessary? Multiple Choice O Debit Cach 1950. cred Accounts Receivable $1950 0 Debito Income 1960, cred Cash 1950 0 De Arco Receivable $1950. creditos Income $1.55 0 Debit Accounts Receivable $1,950, ered Play
A company received $8,500 from customers on account. The journal to record this transaction is: Select one: O A. Debit cash, Credit Accounts Payable O B. Credit Cash, Debit Accounts Receivable C. Debit Cash, Credit Accounts Receivable • D. Debit Accounts Receivable, Credit Cash
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
SHARJAH HIGHER COLLEGES OF TECHNOLOGY Salem has performed AEDS00 of legel services for a cinsilled the clicat as of he end of the accounting period. What aljusting enry mast he make? A. Debit Cash and credit Uncaned Revenue B. Debit Accounts Receivable and credit Unearnod Revenu C. Debit Accounts Receivable and credit Service Reven D. Debit Uacarned Revenue and crodin Service Revense 14. Salem has billed his clients for services performed He subsequently receives payments from his clients. What enery...
A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
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