On March 1, Jefferson Company collected a $750 deposit for services to be performed on March...

On March 1, Jefferson Company collected a $750 deposit for services to be performed on March 15. Jefferson completed the project on March 15, as agreed. What adjusting entry would Jefferson make on March 15, related to this transaction?

a.Debit Cash: $750, credit Revenue: $750

b.Debit Unearned Revenue: $750, credit Revenue: $750.

c. Debit Revenue: $750, credit Cash: $750.

d. Debit Revenue: $750, credit Unearned Revenue: $750.

Expert Solution

Ans :

Option B , Debit Unearned revenue $ 750

Credit revenue $ 750

this adjusting entry is required to recognize the revenue. earlier entry that would have been recorded is

Cash $ 750

unearned earned $ 750

This is advance money received for services to be rendered in future

ekkarill92 answered 2 years ago

Journalize the following adjustments. 1. Services performed but unbilled and uncollected at March 31 was $200....

Journalize the following adjustments. 1. Services performed but unbilled and uncollected at March 31 was $200. 2. Depreciation on equipment for the month was $250. 3. One-sixth of the insurance expired. 4. An inventory count shows $280 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $1,080. 6. One month of the prepaid rent has expired. 7. One month of interest expense related to the note payable has accrued and will be paid April...

1.) On March 1, 2020, Jefferson Company purchased factory equipment with an invoice price of $90,000....

1.) On March 1, 2020, Jefferson Company purchased factory equipment with an invoice price of $90,000. Other costs incurred were freight costs, $2,100; installation wiring and foundation, $2,200; material and labor costs in testing equipment, $700; oil lubricants and supplies to be used with equipment during the life of the asset, $500; fire insurance policy covering equipment for three years, $1,400. The equipment is estimated to have a $5,000 salvage value at the end of its 8-year useful service life....

March Transactions 1-thg 3 Performed car repair services and received cash at the time of sale,...

March Transactions 1-thg 3 Performed car repair services and received cash at the time of sale, $4,510. 4-thg 3 Paid wages and salaries for $2,230, part of which was accrued in February. 10-thg 3 Issued stock to new investors, $12,500. 15-thg 3 Made the interest payment on all notes, all is accrued in interest payable. 15-thg 3 Paid annual income taxes that was accrued in income taxes payable. 20-thg 3 Made a monthly payment on the equipment note, $65. 22-thg...

1. On October 1, a company received $3,600 for services to be performed over the next...

1. On October 1, a company received $3,600 for services to be performed over the next 6 months, with an equal amount of work to be completed each month. If no adjusting entry is made on December 31, Select one: a. net income will be understated by $3,600 b. net income will be understated by $1,800 c. net income will be overstated by $1,800 d. net income will be overstated by $3,600 e. net income will be understated by $2,400...

a. Performed $23,600 of services on account. b. Collected $21,200 cash on accounts receivable. c. Paid...

a. Performed $23,600 of services on account. b. Collected $21,200 cash on accounts receivable. c. Paid $4,600 cash in advance for an insurance policy. d. Paid $1,420 on accounts payable. e. Recorded the adjusting entry to recognize $3,700 of insurance expense. f. Recorded the adjusting entry to recognize $340 accrued interest revenue. g. Received $5,300 cash for services to be performed at a later date. h. Purchased land for $1,870 cash. i. Purchased supplies for $1,300 cash Required Record each...

1) At the end of each year you deposit $750 in a retirement account that pays...

1) At the end of each year you deposit $750 in a retirement account that pays 6%. How much money will you accumulate for your retirement if you plan to retire 30 years from now? N= I= PV= PMT= FV= Highlight type of annuity: BEGIN END 2) Starting today Andrew will deposit $2,000 per year in a retirement account that pays 6%. How much money will he accumulate for his retirement if he plans to retire 50 years from now?...

During March, the Meade Consulting Corporation provides $23,000 in consulting services of which $12,000 is collected...

During March, the Meade Consulting Corporation provides $23,000 in consulting services of which $12,000 is collected immediately and $11,000 is on account. The effects of this transaction on Meade Consulting Corporation’s accounts are: a. Cash increases by $12,000; Accounts Receivable increases by $11,000; Revenue increases by $23,000. b. Cash increases by $12,000; Unearned Revenue increases by $11,000; Revenue increases by $23,000 c. Accounts Receivable increases by $11,000; Revenue increases by $12,000; Contributed capital increases by $1,000 d. Accounts Receivable increases...

On March 1, Company A provides legal services to Company B regarding some recent food poisoning...

On March 1, Company A provides legal services to Company B regarding some recent food poisoning complaints. Legal services total $10,400. In payment for the services, Company B signs a 9% note requiring the payment of the face amount and interest to Company A on September 1. Required: For Company A, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a particular transaction/event, select "No Journal...

On July 1, 2019, the Renaissance Hotel collected a deposit of $1,335 from a customer for...

On July 1, 2019, the Renaissance Hotel collected a deposit of $1,335 from a customer for a banquet room and catering services for a wedding which will occur on June 30, 2021, the market rate of interest is 6%. Required: Record the collection of the cash on 7/1/19. Record any required adjusting entries for December 31, 2019 and 2020. Record the recognition of revenue on June 20, 2021.

an employee extended health plan provides extended health services to the 750 employees of the company....

an employee extended health plan provides extended health services to the 750 employees of the company. The premiums are 60% paid by the employer and 40 % by the employee. Employee use an average of $475 worth of service per employee. The insurance company requires a 25% copayment and the insurance company imposes a 55% loading factor on the insured portion. please determine the copayment, dollar amount of the loading factor, insurance premium and the amount of premium by the...

Question