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Zarrin [17]
3 years ago
11

An architecture firm earned earned $1520 for architecture services provided with the fee to be paid in the future. No entry was

made at the time the service was provided. If the fee has not been paid by the end of the accounting period and no adjusting entry is made, this would cause:
Business
1 answer:
GaryK [48]3 years ago
8 0

Answer:

Revenue is understated by $1520

Profit is understated by $1520

Accounts receivable is understated by $1520

Retained earnings is understated by $1520

Explanation:

The guideline on recognition of revenue is accrual basis of accounting, which is that revenue is recognized when it has been earned, in other words when the business has discharged its obligation to the other party by a way of delivering goods or services to clients.

Specifically,by not recording an adjusting for the $1520 revenue earned but not yet received,the revenue for the period would be understated by $1520 as well as profit for the year.

Also,asset,accounts receivable would also be understated by $1520 including retained earnings at the end of the year

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Explanation:

Total overhead variance is the difference between standard fixed overhead cost and actual fixed overhead cost. Standard fixed overhead cost is overhead rate multiplied by actual direct labour hours. Overhead rate is the total of variable overhead and fixed overhead rate ($8 + $1 = $9).

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