The entry recorded by a law firm after providing services previously recorded as Deferred Revenue includes a: Multiple Choice credit to Service Revenue. debit to Cash. credit to Accounts Receivable. credit to Deferred Revenue.
Q: Gaddy Company has 50,000 ordinary shares authorized with P10 par value. The following transactions…
A: Contributed capital includes the total value of the capital of the company, by issuing common stock…
Q: Learning Task #3: Complete the accounting cycle using the adjusted trial balance below. JM…
A: Financial Statements are prepared in order to show the operating result as well as the financial…
Q: Ending retained Earnings balance to be? Account DR CR Cash $40,000 A/R 20,000 Rent Exp 12,000…
A:
Q: Fore Farms reported a pretax operating loss of $120 million for financial reporting purposes in…
A: Introduction: The income statement of a firm documents the company's success over a specific time…
Q: Conspicuous Limo uses activity-based costing for its two models of stretch Hummer limousines: Big…
A: The activity rate is calculated on the basis of usage of various activities on the basis of various…
Q: Brian Packer worked the following schedule: Monday, 9 hours; Tuesday, 9 hours 33 minutes; Wednesday,…
A: Quarter hour time Hundredth hour time More Favourable method Brian Packer 44.25 hours 44.23…
Q: Amazing Company provides a warranty with all its products it sells. It estimates that it will sell…
A: Warranty is a form of assurance being given by the seller to the buyer that in case product will…
Q: Dave Ryan is the CEO of Ryan's Arcade. At the end of its accounting period, December 31, Ryan's…
A: Assets = Liabilities + shareholders' equity Accounting equation states that assets equal to sum of…
Q: Mountain Dental Services is a specialized dental practice whose only service is filling cavities.…
A: High-low method is used in costing to segregate fixed and variable costs. Following formula is used…
Q: On November 10, JumpStart Co. provides $1,820 in services to clients. At the time of service, the…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Net income? Accounts Debit Credit (OMR) Cash Capital 100,000 (OMR) 120,000 1600
A: Introduction: Income statement: All revenues and expenses are to be shown in Income statement. It…
Q: Bianca Company incurred the following costs during 2021: - Testing in search for process alternative…
A: All costs involved with the research and development of the product or service, as well as any…
Q: No. outsourcing should only be cons capacity. No, the unique requirements and challenges associated…
A: Every business has the aim to earn profit and to earn the profits company must made the product or…
Q: Dillon Products manufactures various machined parts to customer specifications. The company uses a…
A: The manufacturing overhead is said to be overapplied when applied overhead is more than the actual…
Q: Accounting as a social science is viewed as information system.
A: Accounting is a social science because it employs a set of knowledge and methods to describe recent…
Q: 39. Peter and John, who share profits and losses equally, decided to liquidate their partnership…
A: Producers' finished goods are such total. There's no need for retailers to categorise or segment…
Q: The Sarbanes-Oxley Act (SOX) requires top management of companies to sign a report certifying that…
A: The Sarbanes-Oxley Act (SOX) does not mandate that a company's top management sign a report…
Q: Why is it necessary to account for dubious accounts in receivables accounting? Is it really…
A: As per prudence Principle :- always anticipate future losses but never anticipate future profit.…
Q: Jen and Cassian earned $650,000 in salaries and $36,000 in interest income during the year. They had…
A: In the context of the given question, we are required to compute Jen and Cassian's taxes due or…
Q: n accounting for partnership dissolution Statement I: If a partner withdraws from the partnership,…
A: when there is agreement between two person to share profit and losses among them in agreed ratio and…
Q: Net income may be based on estimates. true or False
A: Lets understand the basics. Net income is a main result of the business. It is a revenue less…
Q: Conspicuous Limo uses activity-based costing for its two models of stretch Hummer limousines: Big…
A: Lets understand the basics. Activity rate is a rate calculate to allocate overhead cost to the…
Q: Francis Company's selected accounts balances on December 31, 2015 are as follows: Cash 60,000…
A: The total amount of equity can be calculated by two methods. first is by deducting total liabilities…
Q: allant Sports is considering the purchase of a new rock-climbing facility. The company estimates…
A: Explanation of Concept This is the concept related to discounted cash flow. In this discounted flow…
Q: March 2021 1 The owner, Gina, invested the following: filing cabinets and fixtures- 15,000; cash,…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: Beta Corporation has 160.000 shares of common stock authorized, $1 par value, 90,000 shares issued…
A: When company issues more shares of stock to its current shareholders without diluting the value of…
Q: Explain with examples how Section 404 can impact local governments and not-for-profit organizations?
A: Answer:- Not-for-profit organization (NGO):- A non-for-profit organization generally works…
Q: JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2020 Account Title Cash Accounts…
A: Financial statements (FS) are those statements which comprises of income statement, cash flow…
Q: The Goods in Process Inventory account for the AB Corp. follows: Goods in Process Inventory…
A: This question requires us to calculate the Cost of units transferred to finished goods. Cost of…
Q: Cromwell Company is a distributor that sells products to retail companies. The company sells one…
A: Purchase during a month=sales in that month+closing inventory-opening inventory purchase price per…
Q: What effect will this adjustment have on the accounting recor Unearned Fees 6,375 Fees Earned 6,37 O…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: An earth quake damaged a warehouse of Kupal Girl Corporation On December 31, 2011. The entire…
A: Answer: Inventory lost =$2,275,920 computation of total credit sales during the year: Accounts…
Q: ractor Division makes a part that it sells to customers outside of the company. Data concerning this…
A: $26…
Q: If the beginning balance of retained earnings is $180,000, revenue is $85,000, expenses total…
A: Answer:- Retained earnings meaning:- The amount of net income which is generally left over for the…
Q: The beginning and ending finished goods inventories of the Prize Ring manufacturing company were…
A: Introduction: Costs of goods are the expenses immediately linked to the manufacture of a company's…
Q: If the beginning balance of retained earnings is $180,000, revenue is $85,000, expenses total…
A: Introduction: Retained Earnings: Retained earnings are share holder funds. Earnings of the company…
Q: Gearty and Olinto organized The Worthington Corp., which issued voting common stock with a fair…
A: Requirement: In the given question it is given that Greaty and Olinto organized a Worthington Corp.…
Q: x Enterprises reports the following information on its year-end income st t Sales $190,000 Operating…
A: Explanation of Concept Gross Profit Percentage is been calculated with the help of following formula…
Q: Income statement? Accounts Debit Credit (OMR) (OMR) Cash 120,000 Capital 100,000 Prepaid insurance…
A: Introduction: Income statement is a part of financial statements of an organization which is…
Q: Bahrain Company makes snow blowers. It has two departments that process all products Assembly and…
A: The equivalent units are the units which are completed during the period on the basis of percentage…
Q: 1.A tenant may terminate a lease without penalty or liability IF the: -tenant's roommate vacates,…
A: Lease refers to the arrangement or agreement which is contractual in nature for the user or lessee…
Q: A consumer gave ABS-CBN COMPANY a one-year, $500,000 note with an annual interest rate of 8%.…
A: Discounting appears to be the process of transferring or releasing a customer's notes receivable to…
Q: Calculate the lowest acceptable transfer price for the seller (Division A) ?
A: Calculation of contribution per unit of Division A Particulars Amount Selling price per unit 76…
Q: Prepare the adjusting entries for the following independent cases on December 31, 2021, unless the…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 160,000 ow being sold to outside customers 160,000 it to outside customers $76 nit $46 (based on…
A: LOSS IN POTENTIAL PRODITS: It means the loss incurred due to passage of time without care could be a…
Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: The balance in the supplies account before adjustment at the end of the year is $615. The proper…
A: Given that, Supplies on hand at the end of year = $248 Supplies before adjustment = $615
Q: 5. How much is 5% commission on $15 000 sales?
A: Note: 3 shall be answered under the Mathematics subject. 5. The amount of money paid to a person…
Q: The following account balances are taken from the December 31, 2020, financial statements of ABZ…
A: In the given question, advertising service is provided on account. Therefore, both advertising…
Q: If the beginning balance of retained earnings is $180,000, revenue is $85,000, expenses total…
A: Introduction: Retained earnings: Retained earnings are shareholders funds. Part of profit is…
28
The entry recorded by a law firm after providing services previously recorded as Deferred Revenue includes a:
-
credit to Service Revenue.
-
debit to Cash.
-
credit to Accounts Receivable.
-
credit to Deferred Revenue.
Step by step
Solved in 2 steps
- asap The entry recorded by a law firm after providing services previously recorded as Deferred Revenue includes a: Multiple Choice credit to Service Revenue. debit to Cash. credit to Accounts Receivable. credit to Deferred Revenue.43. The purchase of supplies on credit to be use on the main office of the entity, will cause a corresponding what effect on corresponding accounts? a. Increase in assets and decrease in liabilities b. Both increase in assets and liabilities c. Increase in liabilities and decrease in assets d. Both decrease in assets and liabilities31) A liability created by the receipt of cash from customers in payment for products or services that have NOT yet been delivered to the customers is: (Hint: Which liability account?) Group of answer choices Recorded as a credit to a prepaid expense account. Recorded as a debit to an unearned revenue account. Recorded as a debit to a prepaid expense account. Recorded as a credit to an unearned revenue account.
- A law firm has billed their clients for services performed. They subsequently received payments from their clients. What entry will the law firm make upon receipt of the payments? a. Debit Unearned Service Revenue and credit Service Revenue b. Debit Cash and credit Accounts Receivable c. Debit Accounts Receivable and credit Service Revenue d. Debit Cash and credit Service Revenue29)Revenue is properly recognized: (Hint: What is Revenue Recognition principle?) Group of answer choices At the end of the accounting period. Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price. Only if the transaction creates an account receivable. When the customer's order is received.Which of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective product
- Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. provided legal services to client, who paid at the time of service B. received cash for legal services performed last month C. received cash from clients for future services to be provided D. provided legal services to client, to be collected next month13. If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the service are performed will be?20)Which of the following is the best definition of an internal user of accounting information? A) Creditors, such as banks, that use accounting information to evaluate the risk of lending money B) Investors who use accounting information to decide whether to buy or sell stock C) Managers who use accounting information to plan, organize, and run a business D) Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefits
- 35) Which of the following account is used to transfer the debit balances in the expense accounts and contra-revenue accounts under the closing process of a business? a. Adjusting entry b. Income summary c. None d. Income statementCase Questions1. Consider the principles, assumptions, and constraints of Generally AcceptedAccounting Principles (GAAP). Define the revenue recognition principle andexplain why it is important to users of financial statements.2. Consider the Sithe Energies contract described in the case. Does the account-ing for this contract provide an example of how Enron violated the revenuerecognition principle? Why or why not? Please be specific.3. Consult Paragraphs .06–.07 of AU Section 319. Based on the case informa-tion, do you believe that Enron had established an effective system of inter-nal control over financial reporting related to the contract revenue recordedin its financial statements? Why or why not? 4. As an auditor, what type of evidence would you want to examine to deter-mine whether Enron was inappropriately recording revenue from the SitheEnergies contract?5. Consider the role of the Enron employee who was responsible for applyingMTM accounting rules to electric power…