If Service Revenue has a normal balance of $30,000, to close it you mustcredit it for $30,000O debit it for $30,000Revenues are not closeddo nothing

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Description: If Service Revenue has a normal balance of $30,000, to close it you mustcredit it for $30,000O debit it for $30,000Revenues are not closeddo nothing

If Service Revenue is an revenue account which normally has the credit balance, because when an…

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Accounting

If Service Revenue has a normal balance of $30,000, to close it you must credit it for $30,000 debit it for $30,000 Revenues are not closed do nothing

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 4MC

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This is a continuation of the last problem i submitted to be ansewred. Just a heads up. The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $38,000. July 23, 2021 Receive $27,000 from customers on account. December 31, 2021 Estimate that 25% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $51,000. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $45,000 from customers for services provided in 2022. December 31, 2022 Estimate that 25% of uncollected accounts will not be received. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. The…
This is the last step I think of the last problem submitted if you need a reference. Thanks again. The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $38,000. July 23, 2021 Receive $27,000 from customers on account. December 31, 2021 Estimate that 25% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $51,000. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $45,000 from customers for services provided in 2022. December 31, 2022 Estimate that 25% of uncollected accounts will not be received. Calculate net accounts receivable at the end of 2021 and 2022. Picture attached is how the chart looks that I…
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Hartmann Co. provided $42,000 worth of maintenance services to a customer, Simmons Co., the last week of December 2020. Hartmann did not invoice the customer until January 3, 2021. What adjusting entry must Simmons make at December 31, 2020? No entry needed on December 31, 2020 Debit: Accounts Receivable, $42,000; Credit: Revenue, $42,000 Debit: Maintenance Expense, $42,000; Credit: Accounts Payable, $42,000 Debit: Accounts Payable, $42,000; Credit: Maintenance Expense, $42,000 Debit: Revenue, $42,000; Credit: Accounts Receivable, $42,000 Which of the following would not require an adjusting journal entry at the end of an accounting period? Multiperiod costs that must be split among two or more accounting periods Multiperiod revenues that must be split among two or more accounting periods Revenues earned in a given period but not as yet recorded in the accounts Expenses incurred in…