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Question
in a service company, revenue is earned when the service is _______________.
Answer
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Related questions
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Below is a series of cost of goods sold sections for Mikey Inc., Nancie Co., and Oscar Inc.InstructionsFill in the lettered blanks to complete the cost of goods sold sections.
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a merchandising company frequently has a need to use contra accounts related to the sale of goods. identify the contra accounts that have normal debit balances and explain why they are not considered expenses.
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under international financial reporting standards (ifrs) a.the cash-basis method of accounting is accepted b.events are recorded in the period in which the event occurs c.interim period financial statements are either a calendar year or a fiscal year d.a fiscal year is an accounting time period encompassing less than 12 months
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the expense recognition principle requires that efforts be matched with accomplishments.
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from an accounting standpoint, the acquisition of long-lived assets is essentially a(n): a.accrual of expense b.accrual of revenue c.accrual of unearned revenue d.prepaid expense
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the difference between the cost of a depreciable asset and its related accumulated depreciation is referred to as the: a.market value of the asset b.blue book value of the asset c.book value of the asset d.depreciated difference of the asset
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which statement is correct? a.accumulated depreciation should always have a debit balance in the adjusted trial balance b.accumulated depreciation is added to the long-term liabilities on the balance sheet c.accumulated depreciation, office equipment represents the total cost of office equipment that has expired up to the date of the balance sheet d.accumulated depreciation is used to reveal the value of the related asset on the date of the balance sheet
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prepare a trial balance from the ledger accounts of swisher company as of january 31, 2014 .accounts payable1,500rent expense$ 500accounts receivable2,500service revenue3,500cash1,600supplies 200common stock2,200salaries and wages expense1,000dividends1,400
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which of the following errors, each considered individually, would cause the trial balance to be out of balance? a.a payment of $148 to a creditor was posted as a debit to accounts payable and a debit of $148 to cash. b.cash of $530 received from a customer on account was posted as a debit of $350 to cash and as a credit of $350 to accounts payable. c.a payment of $59 for supplies was posted as a debit of $95 to supplies and a credit of $95 to cash. d.a transaction was not posted.
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management could determine the amounts due from customers by examining which ledger account? a.service revenue b.accounts payable c.accounts receivable d.supplies
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an adjusted trial balance proves the ______________ of the total debit and credit balances after all ______________ entries have been made.
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The Golden Petting Zoo operates a drive-through tourist attraction in Colorado. The company adjusts its accounts at the end of each month. The selected accounts appearing below reflect balances after adjusting entries were prepared on April 30. The adjusted trial balance shows the following:Prepaid Rent $ 15,000Fencing 42,000Accumulated Depreciation—Fencing 5,500Unearned Ticket Revenue 400Other data:1. Three months' rent had been prepaid on April 1.2. The fencing is being depreciated at $6,000 per year.3. The unearned ticket revenue represents tickets sold for future zoo visits. The tickets were sold at $4.00 each on April 1. During April, twenty of the tickets were used by customers.Instructions:(a) Calculate the following:1. Monthly rent expense.2. The age of the fencing in months.3. The number of tickets sold on April 1.(b) Prepare the adjusting entries that were made by the Golden Petting Zoo on April 30.
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the ______________ assumption states that the economic life of a business can be divided into artificial time periods.
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On Friday of each week, Prawn Company pays its factory personnel weekly wages amounting to $55,000 for a five-day work week.Instructions:(a) Prepare the necessary adjusting entry at year end, assuming December 31 falls on Wednesday.(b) Prepare the journal entry for payment of the week's wages on the payday which is Friday, January 2 of the next year.
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The adjusted trial balance shown below is for Rich Company at the end of its fiscal year:instructions:prepare the closing entries for the temporary accounts at march 31.