Answer:
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Explanation:
Answer:
Debit Cash account (with the amount received)
Credit Accounts receivables (with the amount received)
Explanation:
Revenue is not recorded until the recognition criteria for the recognition of revenue has been met and this includes;
- the corresponding cost incurred in generating revenue can be reliably measured
- the goods or service has been delivered
Given that the service was performed in May, when half of the fee was received in April, the required entries then was
Debit Cash account
Credit Unearned revenue (with the amount received being half payment)
when the service was performed in May,revenue was earned
Debit Unearned revenue (with the amount received being half payment)
Debit Accounts receivable (with the amount yet to be received being half payment)
Credit Revenue (with the amount agreed for the service)
In June when the final payment is received,
Debit Cash account (with the amount received)
Credit Accounts receivables (with the amount received)
ank by signing a 60-day, 6% interest-bearing note with a face value of $27,000.
Dec. 31 Recorded an adjuO
Answer: True
Explanation:
The Federal Reserve requires that all banks with National charters become members of the Federal Reserve so that they may have a say in the way the Fed runs its operations. State banks are not required to join but can if they meet some requirements.
The Office of Comptroller of the Currency (OCC) continually supervises and examines national banks to ensure that they are engaged in best practices regarding their operations and treatment of customers.
