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damaskus [11]
3 years ago
8

A law firm received $2,000 cash for legal services to be rendered in the future. The full amount was credited to the liability a

ccount 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: a. expenses to be overstated. b. net income to be overstated. c. liabilities to be understated. d. revenues to be understated.
Business
1 answer:
Elodia [21]3 years ago
5 0

Answer:  d. revenues to be understated.

If the services have been rendered but the revenue is not recorded it means that your accounts will show less revenue than you have actually earned as in accounting revenue is recognized as soon as the service is rendered, thus not recognizing the revenue when the service is rendered will understate the revenues.

Explanation:

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E6-9 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3] During the month
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Answer:

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The cost of inventory as of June 30 is:

= $4,000.

Explanation:

a) Data and Calculations:

June 1  Beginning Inventory        $0

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June 5 Returned goods costing($1,100)

June 6 Purchased goods for     $1,000

June 30 Total available             $4,000

b) The cost of inventory is made up of the cost of purchasing the inventory minus purchase returns.  In this instance, there were no sales during June.  This would have reduced the cost of the inventory available as of June 30.

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2 years ago
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3 years ago
A personal characteristic that fosters organizational politics is a) the desire to help. b) need for power. c) drive to be a vis
DanielleElmas [232]

Answer: b) need for power.

Explanation:

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To be able to further their interests, they need power and influence which means that the personal characteristic that fosters organizational politics is the need to have power.

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