1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ch4aika [34]
3 years ago
13

A law firm received $1600 cash for legal services to be rendered in the future. The full amount was credited to the liability ac

count Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause:
Business
1 answer:
Viefleur [7K]3 years ago
4 0

Answer and Explanation:

In the first situation, the journal entry is

Cash Dr $1,600

      To Unearned revenue $1,600

(Being the unearned revenue is recorded)

For this we debited the cash as it increased the assets and credited the unearned revenue as it also increased the liabilities

The adjusting entry is

Unearned Service Revenue XXXXX

          To Service Revenue XXXXX

(Being the adjusting entry is recorded)

If this entry is not recorded than it would leads to understated of revenue and overstated of liabilities

You might be interested in
I really need help with question 4 Please help
Helen [10]

Answer:

1 is correct guy for my bea

8 0
3 years ago
________ advertising primarily maintains brand relationships and is important for mature products.
Brrunno [24]

Answer:

Reminder.

Explanation:

Reminder advertising is basically the key to retain customer by briefly messages them to remind them about a new product or anything.

8 0
3 years ago
Before you start to develop your résumé, what should you analyze?
Reil [10]
You need to analyze your personal achievements, or B.  Without doing this, there is nothing to put on your resume.
4 0
3 years ago
Read 2 more answers
When both parties to a contract are mistaken as to the same material fact either paarty can rescind the contract?
crimeas [40]
I took this question already, so if it was 
<span>
Often, when both parties to a contract are mistaken as to the same material fact, either party can rescind the contract.

It would be "True"

</span>
6 0
3 years ago
Preston Industries has two separate divisions. Each division is in a separate line of business. Division A is the largest divisi
prohojiy [21]

Answer:

The correct answer is D. Assign appropriate, but differing, discount rates to each project and then select the projects with the highest net present values.

Explanation:

The discount rate is the cost of capital that is applied to determine the current value of a future payment.

The discount rate is used to "discount" future money. It is widely used when evaluating investment projects. It tells us how much money is worth now from a future date.

The discount rate is the inverse of the interest rate, which serves to increase the value (or add interest) in the present money. The discount rate, on the other hand, detracts from the future money when it is transferred to the present, except if the discount rate is negative, in case it will mean that the future money is worth more than the current one. The interest rate is used to obtain the increase to an original amount, while the discount rate is subtracted from an expected amount to obtain an amount in the present.

Except in exceptional cases, the discount rate is positive because before the promise of receiving money in the future we have the uncertainty of whether we will receive it or not, since there may be a problem that prevents us from receiving that money. Therefore, the farther the money we are going to receive, the less it will be worth now.

6 0
3 years ago
Other questions:
  • Cullumber Co. leased equipment to Union Co. on July 1, 2021, and properly recorded the sales-type lease at $131,000, the present
    11·1 answer
  • Bev is opening her own court-reporting business. She financed the business by withdrawing money from her personal savings accoun
    7·1 answer
  • A __________ is a sample of consumers or stores from which researchers take a series of measurements. representative group jury
    8·1 answer
  • Monique has a balance of $5440 on a credit card with an apr of 17.7%. paying off her balance in which of these lengths of time w
    7·2 answers
  • An electronics company makes communications devices for military contracts. The company just completed two contracts. The navy c
    9·1 answer
  • A recent survey polled a sample of male Mexican-American adolescents to determine if there is an association between smoking and
    5·1 answer
  • Below is a list of prices for zero-coupon bonds of various maturities. Maturity (Years) Price of $1,000 Par Bond (Zero-Coupon) 1
    13·1 answer
  • What improvement tool would you use to identify all possible reasons for the increase in complaints about the HIM department
    9·1 answer
  • Knowledge capital is nonrival in the sense that Select one: a. firms do not compete to be the first to develop new technologies.
    7·1 answer
  • Consider the following data, where gross domestic product (GDP) values are measured in millions of dollars, to answer the follow
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!