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 | |||
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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
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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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Decrease cash and increase equity
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Accounts Receivables
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Retained Earnings
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