Question
In: Accounting
On December 1 Smart Touch Learning receives $1,000 cash in advance from a client for performing...
On December 1 Smart Touch Learning receives $1,000 cash in advance from a client for performing e-learning services over the next two two months (December 1 through January 31). When preparing its adjusting entry at the end of the fiscal period on December 31, Smart Touch Learning would
A.Debit: Cash $500; Credit: Unearned Revenue $500
B.Debit: Unearned Revenue $500;Credit: Service Revenue $500
C.Debit: Cash $500;Credit: Service Revenue $500
D.Debit: Service Revenue $500;Credit Unearned Revenue $ 500
Solutions
Expert Solution
| Smart Touch Learning | ||||
| Journal Entries | ||||
| 01-Dec | Cash | $ 1,000.00 | ||
| To Unearned Revenue | $ 1,000.00 | |||
| Ans (B) | 31st Dec | Unearned Revenue | $ 500.00 | |
| To Service Revenue | $ 500.00 | |||
ekkarill92 answered 2 years agoRelated Solutions
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Question 1 On December 15, 2015, a public company receives an order from a customer for...
Question
1
On December 15,
2015, a public company receives an order from a customer for
services to be performed on December 28, 2015. Due to a backlog of
orders, the company does not perform the services until January 3,
2016. The customer pays for the services on January 6, 2016. When
should revenue be recorded for the company? Why (support your
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Balance Sheet
Income Statement...
SMART CORPORATION Balance Sheets At December 31 2010 2009 Assets: Cash $ 24,640 $ 23,040...
SMART CORPORATION
Balance Sheets
At December 31
2010
2009
Assets:
Cash
$ 24,640
$ 23,040
Accounts receivable
32,180
29,400
Merchandise inventory
73,125
61,710
Long-term investments
55,900
56,400
Equipment
175,500
145,500
Accumulated depreciation
(33,550)
(31,200)
Total assets
$327,795
$284,850
Liabilities:
Accounts payable
$ 65,000
$40,380
Income taxes payable
10,725
10,200
Bonds payable
48,750
66,000
Total liabilities
$124,475
$116,580
Equity:
Common stock
117,000
96,000
Contributed capital in excess of
par
13,000...
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Increase cash and decrease equity
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Accounts Receivables
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Liabilities
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Question 2 On December 15, 2015, a public company receives an order from a customer for...
Question 2 On December 15, 2015, a public company receives an
order from a customer for services to be performed on December 28,
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services until January 3, 2016. The customer pays for the services
on January 6, 2016. When should revenue be recorded for the
company? Why (support your argument
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