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ser-zykov [4K]
3 years ago
5

Management Services, Inc. provides services to clients. On May 1, a client prepaid Management Services $60,000 for 6-months serv

ices in advance. Management Services' general journal entry to record this transaction will include aSelect one:a. Debit to Unearned Management Fees for $60,000.b. Credit to Management Fees Earned for $60,000.c. Credit to Cash for $60,000.d. Credit to Unearned Management Fees for $60,000.e. Debit to Management Fees Earned for $60,000.
Business
1 answer:
Sedbober [7]3 years ago
4 0

Answer:

d. Credit to Unearned Management Fees for $60,000.

Explanation:

In the given question, it is mentioned that the management services provide service to clients, and one client gives the advance amount of $60,000 to the management service.  

So, in case of advanced received by the customer, the journal entry would be  

Cash A/c Dr       $60,000

   To Unearned Management Fees    $60,000

(Being amount received in advance)

The asset account should be debited and the liabilities account should be credited.

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Shkiper50 [21]
Many jobs require a license or certification, such as; doctor, massage therapist, dental hygienist, and a school teacher. All of these jobs require a license or a certification. There are many more jobs that require these things, but I only named a few. :)
8 0
3 years ago
Read 2 more answers
Early in January, the following transactions were carried out by Maxwell Communications. Sold capital stock to owners for $35,00
Rina8888 [55]

Answer:

Part a

                                Assets                     Liabilities               Owners Equity

Balances              $308,250                   $108,250                   $200,000

Part b

Transaction #         Assets                     Liabilities                  Owners Equity

1                       + $35,000 (Cash)                nill                    + $35,000 (Capital)

2                      + $35,000 (Land)        +67,500 (Note Payable)          nill

                       + $55,000(Buildings)

                       - $22,500 (Cash)

3                      + $9,500 (Office Equi)  + $9,500 (Acco Payable)      nill

4                      +$20,000 (Cash)          +$20,000(Note Payable)       nill

5                     - $22,250 (Cash)           -$20,000(Acco Payable)       nill

Explanation:

<em>Hi, I have attached the full question below as images.</em>

Part a

Here simply calculated the totals of Assets, Liabilities and Owners Equity at December 31.

Part b

Remember for every transaction, there are two or more accounts affected. To find the effect of transactions, the first step is to identify the the Accounts affected and the amounts to effect these accounts. Determine if the Account is being increased or decreased. Lastly record the effect as required under the Element of Assets, Liabilities and Equity.

4 0
3 years ago
Kamiar owed Rubio $5,000, which was due in one year. There was no dispute that a debt existed and no dispute over the amount. Ho
aleksley [76]

Yes, Rubio will be able to successfully sue and collect the $1,000 later because their agreement was not fulfilled.

<h3>What is an agreement in contract?</h3>

In contract, an agreement is an element of what makes a contract valid. When an agreement is breached, then, the aggrieved party have a right to void the contract.

In conclusion, the answer is yes because Rubio will be able to successfully sue and collect the $1,000 later because their agreement was not fulfilled.

Read more about agreement

<em>brainly.com/question/997952</em>

7 0
2 years ago
In a fairly large portfolio, the ...................... risk associated with one stock typically has no impact on the portfolio
Yanka [14]

Answer:

Unsystematic; unsystematic

Explanation:

In the case of the large portfolio, the non-systematic risk that could be attached would have no effect on the total risk of the portfolio

So it is to be expected that the impact should be of non-systematic risk on different kind of stock that could be offset each other in order to remove out the risk to the investor that occurs from the sources of the risk

8 0
3 years ago
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harkovskaia [24]

Answer: Professional benefits.

Explanation:

The illustration given in the question describes the professional benefit of listening. Cheyenne listened to her subordinates, which enabled her to identify the challenge her employees were facing and she was now able to solve the challenge, leading to a better work environment.

3 0
3 years ago
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