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Vikki [24]
3 years ago
13

At the beginning of the month, Bobcat Boards and Skis received $800 in advance for future services to be performed. At the end o

f the month, $300 worth of services were still owed to the customer. Select the adjusting entry that should be recorded at the end of the accounting period.
Business
1 answer:
finlep [7]3 years ago
6 0

Answer:

The adjusting entry that should be recorded at the end of the accounting period:

Debit Unearned revenue $500

Credit Revenue $500

Explanation:

Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made.

Bobcat Boards and Skis received $800 in advance for future services to be performed. At the end of the month, $300 worth of services were still owed to the customer.

The value of services were performed = $800 - $300 = $500.

The adjusting entry:

Debit Unearned revenue $500

Credit Revenue $500

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Idk man sorry lol Abidjan’s
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Xthe diffusion of digital technologies into nearly every workplace, remaking the economy and the world of work is referred to as
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1 year ago
Technician a states that pinching off the flexible brake hoses with vice grip pliers is a recommended method of closing rubber b
Julli [10]
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4 0
3 years ago
Gannon Company acquired 10,000 shares of its own common stock at $20 per share on February 5, 2014, and sold 5,000 of these shar
DiKsa [7]

Answer:

The credit entry for the issue of 5000 shares is:

Cr Treasury stock                                       $100,000

Cr Paid-in capital from treasury stock          $35,000

Explanation:

The par value of the common stock issue($20 per share) is credited to treasury stock account, while the excess of issue price of $27 over the par value of $20, $7 per share is credited to paid-in capital from treasury stock

The full double entries for the issue of 5000 shares is as follows:

Dr Cash ($27*5000)                                                 $135,000.00  

Cr Treasury stock($20*5000)                                                          $100,000

Cr Paid-in capital from treasury stock($7*5000)                                $35,000

Under International Financial Reporting Standards, the credit entries would be that par value is credited to equity share capital and the excess credited to share premium account.

                                 

3 0
3 years ago
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Answer:

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Thus, <em>as the perception of owning larger stuff is psychological, it is merely subjective.</em>

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