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3 years ago

11

A company bills customers for services rendered on account. Which of the following is part of recording this transaction?

1 answer:

Helga [31]3 years ago

6 0

Answer:

c. Increase account receivable

Explanation:

The journal entry for the record this transaction is

Accounts receivable A/c Dr XXXXX

To Service revenue A/c XXXXX

(Being the service is rendered on the account is recorded)

This transaction increases the account receivable as well as the service revenue account so the respective account is debited and credited.

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The following classification scheme typically is used in the preparation of a balance sheet:

agasfer [191]

Answer:

Long-term Receivables: Other Assets

Accumulated Amortization: Intangible Assets

Current maturities of long-term debt: Current Liabilities

Notes payable (short-term): Current Liabilities

Accrued payroll taxes: Current Liabilities

Leasehold improvements: Property, Plant and Equipment

Retained earnings appropriated for plant expansion: Retained Earnings

Machinery: Property, Plant and Equipment

Donated capital: Contributed Capital

Short-term investments: Current Assets

Deferred tax liability (long-term): Long-term Liabilities

Allowance for uncollectible accounts: Current Assets

Premium on bonds payable: Long-term Liabilities

inventory: Current Assets

Additional paid-in capital: Contributed Capital

8 0

3 years ago

What is plasticity? How does it apply to development?

yulyashka [42]

The ability of an organism to change in its environment. It applies to development by environmental interactions and neural changes influenced by learning.

8 0

4 years ago

Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its

kvv77 [185]

Answer:

Warranty liability at 12/31/13 = $2 million.

This means that the balance in the deferred tax asset should be $700,000

(35% x $2,000,000) = $700,000

Before adjustment, the balance in the deferred tax asset is $737,500.

Therefore, the deferred tax asset needs to be reduced (credited) by $37,500.

($700,000 - 737,500) = -37,500

Date Account Title Dr Cr

12-31-13 Tax expense 14,037,500

Deferred tax asset 37,500

Taxes payable (.35 x 40,000,000) 14,000,000

8 0

3 years ago

Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of b

OlgaM077 [116]

Answer:

$14,837

Explanation:

Calculation for what The adjusted cash balance should be

Bank balance$14,237

Add Deposit in transit$4,500

Less Outstanding checks ($3,900)

Adjusted bank balance$14,837

($14,237+$4,500-$3,900)

Book balance$13,162

Less Bank service fees ($50)

Add Note collected $1,725

Adjusted book balance$14,837

($13,162-$50+$1,725)

Therefore The adjusted cash balance should be:

$14,837

8 0

3 years ago

Which of the following best describes revenue?A. Resources of a company.B. Sales of goods and services to a customer.C. Cash rec

Brilliant_brown [7]

Answer: Option B

Explanation: In simple words, revenue refers to the income received by an organisation by performing its main activities. It is the amount of cash inflow made by the company before deducting the expense incurred to generate those inflows.

It is also sometimes referred to as gross profit or sales.

Thus, from the above we can conclude that the correct option is B.

3 0

3 years ago