TB 03-109 A dance studio accepts $1,500 to provide a s.. A dance studio accepts $1,500 to provide a series of dance lessons to a youth group during the month of July. The studio decides to record the revenue in July. The studio decided to record the July expenses of rent, utilities and salaries in August, when it pays One or both of these decisions: Multiple Choice violate the revenue principle. violate principles of accrual accounting. violate the accounting equation.

TB 03-109 A dance studio accepts $1,500 to provide a s.. A dance studio accepts $1,500 to provide a series of dance lessons to a youth group during the month of July. The studio decides to record the revenue in July. The studio decided to record the July expenses of rent, utilities and salaries in August, when it pays One or both of these decisions: Multiple Choice violate the revenue principle. violate principles of accrual accounting. violate the accounting equation.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 79BPSB

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Question 12 A roofing company collects payment when jobs are complete. The work for one customer whose job was bid at $3,000, has been completed as of December 31, but the customer has not yet been billed. Assuming adjustments are only made at year-end what is the adjusting entry the company would need to make on December 31, the end? O Debit Cash, $3,000 credit Roofing Revenue, $3,000 O Debit Roofing Revenue, $3.000 credit Accounts Receivable tood O Debit Accounts Receivable $3.000 credit Roofing Revenue 3000 O Debit Cash, $3,000 credit Accounts Receivable, $3.000 O No adjustment is required Previous
June 1Paid $440 for rent for the month of June.2Paid $140 for one month of insurance.Collected $1,004 for plumbing services provided.Provided Jarmes Smith, a potential custormer, with an estimate of $4,000 for plurmbing work that will be performed in July ifthe customer hires Williams Plumbing.14Paid $540 for supplies purchased on account in May. The purchase in May had been correctly recorded.17Billed Gary Johnson $ 1,136 for plumbing work performed.19James Smith agreed to hire Willians Plumbing (see the June 9 transaction) and gave Williamns Plumbing a down paymentof $800.29Purchased $1,260 of equipment on account.30Paid an employee $680.30Paid D. Willians, the cormpany owner, $1,000. journlize this list
June 1Paid $440 for rent for the month of June.2Paid $140 for one month of insurance.Collected $1,004 for plumbing services provided.Provided Jarmes Smith, a potential custormer, with an estimate of $4,000 for plurmbing work that will be performed in July ifthe customer hires Williams Plumbing.14Paid $540 for supplies purchased on account in May. The purchase in May had been correctly recorded.17Billed Gary Johnson $ 1,136 for plumbing work performed.19James Smith agreed to hire Willians Plumbing (see the June 9 transaction) and gave Williamns Plumbing a down paymentof $800.29Purchased $1,260 of equipment on account.30Paid an employee $680.30Paid D. Willians, the cormpany owner, $1,000. create a basic analysis and a debit/cridit analysis for this .
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Review the following transactions: A. On November 5, Juniper receives advance cash payment from a customer for landscaping services in the amount of $3,700. Juniper had yet to provide landscaping services as of November 5. B. On December 11, Juniper provides all of the landscaping services to the customer from November 5. C. On December 14, Juniper receives advance payment from another customer for landscaping services in the amount of $4,600. Juniper has yet to provide landscaping services as of December 14. D. On January 19 of the following year, Juniper provides and recognizes 81 percent of landscaping services to the customer from December 14. Prepare any necessary journal entries for Juniper Landscaping Services. If an amount box does not require an entry, leave it blank. Nov. 5 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Dec. 11 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 Dec. 14…
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