1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sladkaya [172]
3 years ago
12

A company billed a client for services performed on January 10. The customer paid one-half of the amount owed on January 20 and

the other one-half on February 24. When should the company record the related Service Revenue?
Business
1 answer:
snow_tiger [21]3 years ago
7 0

Answer:

January 10

Explanation:

According to the revenue recognition principle of accrual accounting, revenue must be recognized when the earning process is completed. In this case, the earning process was completed on January 10 when the services were performed. The related cash inflows are not relevant at the time of considering service revenue.  

the journal entries should be:

January 10, 202x

Dr Accounts receivable XY

    Cr Service revenue XY

January 20, 202x

Dr Cash 0.5XY

    Cr Accounts receivable 0.5XY

February 24, 202x

Dr Cash 0.5XY

    Cr Accounts receivable 0.5XY

You might be interested in
If texas instruments hires an accounting firm to compute the company's taxes, the accounting firm is providing a(n) ____ service
polet [3.4K]
<span>If texas instruments hires an accounting firm to compute the company's taxes, the accounting firm is providing a business service. Business service entails including another party or company to join in the services of the unit. There are other parties in which they can hire as well as waste chemical treater parties.</span>
6 0
3 years ago
If two tables do not already have relationships, how can they be related in the Design view?
Irina18 [472]

Answer:C

Explanation:e2020

5 0
3 years ago
Read 2 more answers
A preferred stock will pay a dividend of $1.25 in the upcoming year and every year thereafter; i.e., dividends are not expected
nignag [31]

Answer:

$10.42

Explanation:

The computation of the intrinsic value of this preferred stock using the DDM method is shown below:

= Annual dividend ÷ required rate of return

where,

The Annual dividend is $1.25

And, the required rate of return is 12%

Now placing these values to the above formula,

So, the intrinsic value of the preferred stock is

= $1.25 ÷ 0.12

= $10.42

Hence, the second option is correct

8 0
3 years ago
When firms originate, produce, and market their products and services worldwide, it is referred to as:_______.
DochEvi [55]
A the answer is global competition
5 0
3 years ago
Q 12.3: The Unitas, Sayers, and Blanda partnership is terminated when the claims of company creditors exceed partnership assets
Elodia [21]

Answer:

The Sayers and Blanda are personally and individually liable for all partnership liabilities.

Explanation:

From the scenario, Sayers and Blanda are the general partners, while Unitas appears to be a limited partner.  Thus, only the general partners, who are always active in the business, are responsible for the partnership liabilities because the liability of Unitas is limited to the capital he contributed to the partnership.  First, Blanda will make good his deficiency in capital, and then, he and Sayers will redeem the remaining liability.

6 0
3 years ago
Other questions:
  • Julie ling worked as a customer service representative in the billing department of novell, inc. when questions arose about ling
    9·1 answer
  • Joshua has a successful dog grooming business called "Tub &amp; Dog." He registered the business name for trademark protection.
    15·1 answer
  • Mona is induced by her guardian Newt to sign a contract to invest her student loan funds in OptiBank through Newt's investment f
    7·1 answer
  • If a company is considering the purchase of a parcel of land that was acquired by the seller for $101,000 is offered for sale at
    10·1 answer
  • The Chart of Accounts lies at the heart of a QuickBooks Online company. Which 5 of the following statements are true about the C
    12·1 answer
  • The managers of a restaurant have decided to utilize the Hawthorne effect to increase productivity, which means using cameras to
    13·1 answer
  • The text states, “inflation is a type of tax.” This tax refers to _____ when inflation occurs.
    14·1 answer
  • Using the table below create SinCo's Income Statement for 2013 and 2014.(Do not round intermediate calculations. Round your answ
    10·1 answer
  • A firm is considering expanding its current operations and has estimated the internal rate of return on that expansion to be 12.
    14·1 answer
  • Assignment Questions
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!