What is the amount to be collected by the business from customer who receive the product or services with a promise to pay after some time? a. Supplier b. Accounts payable c. Creditor d. Accounts Receivable

What is the amount to be collected by the business from customer who receive the product or services with a promise to pay after some time? a. Supplier b. Accounts payable c. Creditor d. Accounts Receivable

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.2: Deferrals

Problem 1AYU

See similar textbooks

Related questions

Q: Which of the following accounts will be used in equation, if the goods are sold on credit to Mr.…

A: The basic accounting equation is Assets = liabilities + equity If an asset is account is…

Q: When the seller advances the transportation costs and the terms of sale are FOB shipping point, the…

A: FOB shipping point - Under FOB Shipping term of sale the purchaser have to bear the cost of…

Q: The journal entry to record a payment on account willa. debit Accounts Payable and credit Retained…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: which of the following transactions will result in the increase and decrease in liability? a.…

A: Liability is increased when the amount is borrowed when the liability is paid it is decreased by…

Q: Which of the following statements is TRUE? * O A business should credit Revenue when the business…

A: When a donation is received it is not shown as a revenue instead as receipts. A business should…

Q: Revenue is recorded when services have been performed or products have been delivered to customers.…

A: Introduction: Accounting Principals are created in order to increase the precision of financial data…

Q: 1.The chart of accounts is a listing of the accounts presently having balances in the general…

A: The accounting is process of identifying, recording, analysing and preparing the financial…

Q: Which of the following is an amount for products or services purchased on account? A)accounts…

A: Account payable is the account related to products or services purchased on account. Unearned…

Q: company that receives money in advance of performing a service: Group of answer choices:

A: Money received in advance for performing a service : Money received from a customer for services to…

Q: According to concept of accounting, financial or business transaction is recorded: a ) when cash is…

A: in accounting is recording business transactions and arranging and preparing and storing bussiness…

Q: (a) Define the term ‘accounting concept’.

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Describe the impact of each of these external transactions on the accounting equation. a. Receive a…

A: Basic accounting equation is Assets = Liabilities + Capital

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: Analyze the statement given then choose if the effect on account will Increase or Decrease it.…

A: The accounting equation is the basic principle of accounting that is used to prepare a balance…

Q: Identify the group of accounts that are NOT SHOWN IN THE DEBIT COLUMN of the Trial Balance. O a.…

A: Ledger balances square measure sequestered into debit balances and credit balances. Quality and…

Q: what is the entry for purchase of supplies on account? * O debit supplies, credit cash O debit…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: For the following accounts indicate whether the normal balance is a debit or a credit A. Unearned…

A: As , normally accounts are classified under 4 different heads a. Assets b. Liabilities c. Expense…

Q: When a customer eventually pays for items that have been purchased on credit, the transaction will…

A: Here, Customer is our Debtor. Company usually sales its goods on credit and that customer who…

Q: The amount to be paid by the business to the supplier who supplied the material on credit is a.…

A: When Company purchased goods and services on credit from the supplier then it needs to be paid back…

Q: tell whether the assets, liabilities and equity will increase (I), decrease (D) or is not affected…

A: The accounting equation is considered to be the foundation of the double entry accounting system. On…

Q: Question 2: Identify the most appropriate source document to use for each of the transactions listed…

A: A source document is the primarily documents which indicates a certain transaction has occurred or…

Q: 1) Analyze the following transactions. Indicate which accounts are affected and whether they will…

A: The balance sheet represents that assets are equal to the sum of liabilities and stockholders'…

Q: Which of the following accounts will be used in equation, if the goods are sold on * ?credit to Mr.…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…

Q: Preliminary course. Classify each of the following accounts as an asset, liability, equity, revenue…

A: let's understand some basics Expenses= An expense is the cost of operations that a company incurs to…

Q: A credit is used to increase which of the following accounts? a. Dividends. b. Insurance Expense. c.…

A: Credit: It refers to an entry that is recorded on the right side of the account. It implies an…

Q: The journal entry to record the sale of services on credit should include:(a) Debit to debtors and…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Which of the following accounts will be used in equation, if the goods are sold on * ?credit to Mr.…

Q: Using the double entry system together with the accounting equation, determine what is debits and…

A: Accounting equation of business has three important elements. These are assets, liabilities and…

Q: A(n). consists of individual accounts for all creditors. O a. accounts receivable ledger O b.…

A: Creditor: It can be defined as the party that lends the money to the business or any individual.

Q: Which of the following is true about accounts payable? Accounts payable are also called trade…

Q: Which of the following groups of accounts increase with credits? O a. Accounts Receivable, Prepaid…

A: In an accounting system, journals are made up of one or more debits and credits. To add or decrease…

Q: Revenue is earned when ________. A. the business has received cash from the customer B. the…

A: The revenue recognition concept says that the business should recognize the revenue when the…

Q: Which of the following is an example of Current Asset of a Mobile shop Merchandise Business? a.…

A: A current asset is the assets that only include those assets that can be easily converted to money…

Q: EXTENDING ADJUSTED BALANCES TO THE INCOME STATEMENT ANDBALANCE SHEET COLUMNS Indicate with an “X”…

A: Introduction:- As per the above problem, we need to know rules for preparation of income statement…

Q: Indicate how the following transactions affect the accounting equation: The purchase of supplies on…

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: Consider the following accounts and identify each account as an asset (A), liability (L), or equity…

A: Equity = Total assets - Total liability

Q: Which of the following situations has to .5 ? do with account payable )2 نقطة( Sales on credit…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: What is the amount to be collected by the business from customer who receive the product or services…

A: Option a. Accounts payable is a liability which represents that an asset is purchased on account and…

Q: Using the double entry system, together with the accounting equation, determine what debits and…

A: Double entry system is one of the system used in accounting process. This system that for every…

Q: THE AC AFFECTE Instructions: Identify the ACCOUNTS TITTLES that are affected by the transactions…

A: Solution: Given problem have a list of transactions and we have to write account title affected in…

Q: Identifying accounts Consider the following accounts: a. Accounts Payable b. Cash c. Common Stock d.…

A: Owners' equity: The claims of owners on a company's resources, after the liabilities are paid off,…

Q: st page of the chapter. 2. Which of the following would result in the recognition of revenue? a. A…

A: Revenue : Revenue is the income generated from normal business operations. In other words it is the…

Q: Exchange of Assets means an asset account increases and a corresponding claims (liabilities owners'…

A: Assets on the balance sheet represent what the company owns. And liabilities and capital indicate…

Q: What would the journal entry be for the payment of an amount owing to a supplier? A. Dr…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: What is the normal balance for the following accounts? (Highlight the answer) (For example:…

A: Financial Statement Items: Financial Items means, for the Relevant Period, the aggregate amount of…

Q: Which of the following is the entry to be recorded by alaw firm when it receives a payment from a…

A: The question is multiple choice question. Required Choose the Correct Option.

Question

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

When fees are earned and the customer promises to pay later, which account is debited? (a) Cash (b) Accounts Receivable (c) Accounts Payable (d) Capital
If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenue
Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered later
A common example of an asset is (a) Professional Fees. (b) Rent Expense. (c) Accounts Receivable. (d) Accounts Payable.
What is the effect on the accounting equation when a business purchases supplies on account?
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
What specific accounts are recognized when a business purchases equipment on credit?
What is the effect on the accounting equation when a business pays the balance due on accounts payable?
What is the accounts receivable ledger? a. A record of credit customers and their balances b. A record of vendors and their balances c. Part of the sales journal d. Part of the general journal e. Part of the general ledger
For the following accounts please indicate whether the normal balance is a debit or a credit. A. Sales B. Dividends C. Office Supplies D. Retained Earnings E. Accounts Receivable F. Prepaid Rent G. Prepaid Insurance H. Wages Payable I. Building J. Wages Expense
At what point does revenue recognition occur? A. When the purchase order is received B. When the seller receives the money for the job C. When the seller has met performance D. When the purchaser makes payment
Unearned service revenue occurs when which of the following occurs? A. company receives cash from a customer before performing the service B. company pays cash before receiving a service from a supplier C. company pays cash after receiving a service from a supplier D. company receives cash from a customer after performing a service