determine how much revenue is recognized in December using Acura basic accounting on December 7th Oklahoma City Thunder so a $96 ticket to a baseball game to be played in March
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Put a child to filing separate situation determine how much revenue is recognized in December using Acura basic accounting on December 7th Oklahoma City Thunder so a $96 ticket to a baseball game to be played in March
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- Customer Deposits Wolfe $ Wolfe collected $9,000 from a customer on April 1 and agreed to provide legal services during the next three months. Wolfe $ Wolfe expects to provide an equal amount of services each month. Required Prepare the journal entry for the receipt of the customer deposit on April 1. Prepare the adjusting entry on April 30. What will be the effect on net income for April if the entry in (2) is not recorded?Office Supplies Somerville Corp. purchases office supplies once a month and prepares monthly financial statements. The asset account Office Supplies on Hand has a balance of $1,450 on May 1. Purchases of supplies during May amount to $1,100. Supplies on hand at May 31 amount to $920. Prepare the necessary adjusting entry on Somervilles books on May 31. What will be the effect on net income for May if this entry is not recorded?. Assume that a lawyer bills her clients $15,000 on June 30, for services rendered during June. The lawyer collects $8,500 of the billings during July and the remainder in August. Under the accrual basis of accounting, when would the lawyer record the revenue? A. June, $15,000; July, $0; and August, $0 B. June, $0; July $6,500; and August, $8,500 C. June, $8,500; July $6,500; and August, $0 D. June, $0; July, $8,500; and August, $6,500
- Client Sultan pays Amwaj Co. OMR 1,000 in December for Amwaj to perform services for Ahmed in 45 days. Amwaj uses the accrual basis of accounting. In December Amwaj will debit Cash for OMR 1,000. What will be the other account involved in the December accounting entry prepared by Amwaj (and what type of account is it)? Accounts Receivable (asset) Service Revenues (revenue) Prepaid Services (asset) Unearned Revenues (liability)PG&E will bill Craig on January 1 for the prior year December utility services provided of $99. Since the Utilities Expense is incurred in December, the $99 must be recorded as an accrued expense and a liability recorded for the amount that Craig is obligated to pay in January. So an adjusting entry is needed to bring accounts up to date at December 31.On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. July 5 Purchased office supplies for $1,810 with Check 104. Assume $800 of supplies are on hand July 31, 2019. Record the transactions in the general journal. Assume that the firm initially records prepaid expenses as assets and unearned income as a liability for the year 2019. 1) Record the purchase of supplies. Date General Journal Debit Credit Jul 05, 2019
- On December 1, 2023, Carrie's Day Care receives $4,200 in advance for an agreement to care for Susan's children for the months of December, January, and February. Carrie's Day Care will make an adjusting entry on December 31, 2023 to: A. debit Unearned Revenue for $1,400. B. credit Revenue for $4,200. C. credit Revenue for $2,800. D. credit Prepaid Revenue for $2,800.Selected September T accounts for Kaufman Company follow in attached image. 1.In which of the accounts would a reversing entry be helpful? Why? 2.Prepare the appropriate reversing entry. 3.Prepare the journal entry to record a payment on October 25 for wages totaling $3,140. How much of this amount represents wages expense for October?On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. DATE TRANSACTIONS July 1 Signed an agreement with Carter Corp. to provide accounting and tax services for one year at $5,900 per month; received the entire fee of $70,800 in advance. 1 Purchased office equipment for $17,000 from Office Outfitters; issued a two-month, 12 percent note in payment. The equipment is estimated to have a useful life of six years and a $1,160 salvage value. The equipment will be depreciated using the straight-line method. Required: Record the transactions in the general journal. Assume that the firm initially records prepaid expenses as assets and unearned income as a liability for the year 2019. 1) Record the fees received in advance. 2) Record the purchase of equipment. Date General Journal Debit Credit Jul 01, 2019
- On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. DATE TRANSACTIONS July 1 Signed an agreement with Carter Corp. to provide accounting and tax services for one year at $5,900 per month; received the entire fee of $70,800 in advance. 1 Purchased office equipment for $17,000 from Office Outfitters; issued a two-month, 12 percent note in payment. The equipment is estimated to have a useful life of six years and a $1,160 salvage value. The equipment will be depreciated using the straight-line method. Record the adjusting journal entries that must be made on July 31, 2019. 1) Record the adjustment for accounting fees earned. 2) Record the adjustment for interest on the note payable. Date General Journal Debit Credit Jul 31, 2019On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. DATE TRANSACTIONS July 1 Signed a lease for an office and issued Check 101 for $13,050 to pay the rent in advance for six months. 1 Borrowed money from Second National Bank by issuing a four-month, 6 percent note for $36,000; received $35,280 because the bank deducted the interest in advance. Record the adjusting journal entries that must be made on July 31, 2019. 1) Record the adjustment for rent. 2) Record the adjustment for interest paid in advance.On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. DATE TRANSACTIONS July 1 Signed a lease for an office and issued Check 101 for $13,050 to pay the rent in advance for six months. 1 Borrowed money from Second National Bank by issuing a four-month, 6 percent note for $36,000; received $35,280 because the bank deducted the interest in advance. Record the adjusting journal entries that must be made on July 31, 2019. 1) Record the adjustment for rent. 2) Record the adjustment for interest paid in advance. Date General Journal Debit Credit Jul 31, 2019
