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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 2, Problem 4DQ
Textbook Problem
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eCatalog Services Company performed services in October for a specific customer, for a fee of $7,890. Payment was received the following November.

  1. (A)  Was the revenue earned in October or November?
  2. (B)    What accounts should be debited and credited in (1) October and (2) November?

(A)

To determine

Identify whether the revenue earned in October or November.

Explanation of Solution

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited...

(B) 1.

To determine

Identify the accounts that should be debited and credited in October.

(b)  2.

To determine

Identify the accounts that should be debited and credited in November.

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Chapter 2 Solutions

Financial And Managerial Accounting
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