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Lubov Fominskaja [6]
2 years ago
5

Which journal entry reflects the adjusting entry needed on December 31?:In November, BOC received a $5,000 cash deposit from a c

ustomer for custom-build goods that will be delivered in January (BOC recorded an entry for this $5,000 in November). Now, it is December 31, the end of the fiscal year.Dr. Unearned Revenue 5,000Cr. Inventory 5,000No entry needed.Dr. Cash 5,000Cr. Revenue 5,000Dr. Advances from Customers 5,000Cr. Revenue 5,000Dr. Unearned Revenue 5,000Cr. Revenue 5,000
Business
1 answer:
Kryger [21]2 years ago
7 0

Answer:

No adjusting entry required

Explanation:

When the contract was formed and advance was received the company must had recorded the following entry:

Dr Cash Account    $5000

Cr Unearned Revenue $5000

Now it is the year end and till now the goods are not delivered which means advance that was received is still our unearned revenue So no further entry is required until the delivery of the goods ordered to the customer.

Correct entry is "No adjusting entry required"

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Which of the following statements is/are FALSE, all else the same?
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Answer:

I. Present values increase as the discount rate increases.

and

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3 years ago
Extrinsically motivated behavior is that which is performed out of a desire to work for the welfare of society.a. Trueb. False
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2 years ago
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6 0
3 years ago
For each of the following separate situations, prepare he necessary accounting adjustments using the financial statement effects
mash [69]

Answer:

depreciation expense equipment 610 debit

  accumulated depreciation equipment  610 credit

utilities expense   390 debit

  utilities payable      390 credit

rent expense  700 debit

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insurance expense  468 debit

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wages expense 965 debit

   wages payables  965 credit

interest receivables 300 debit

      interest revenue      300 credit

Explanation:

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8 0
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Answer:

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