When a company receives cash in advance from a customer for services to be provided in the future, which account is credited?a) Accounts Receivableb) Cashc) Unearned Revenued) Revenue

True Or False?  The entry to record a cash receipt from a customer when the service is to be provided in a future period involves a debit to an unearned revenue account.

Which of the following entries records receiving the cash payment from a customer for previous services performed on account. (AP = Accounts Payable, AR = Accounts Receivable)

When converting from cash basis to accrual basis accounting, which of the following adjustments should be made to cash receipts from customers to determine accrual basis service revenue.     a. Subtract ending accounts receivable. b. Subtract beginning unearned service revenue. c. Add ending accounts receivable. d. Add cash sales.

The ___________ is the process by which a company spends cash, generates revenues, and receives cash either at the time the revenues are generated or later by collecting an accounts receivable. Group of answer choices accounting cycle business cycle operating cycle income cycle

accounting   When a company makes a sale on credit, what does the account receivable represent on its balance sheet?

When a company receives cash in advance for services it has yet to provide, what is the appropriate journal entry? A) Debit: Cash; Credit: Service RevenueB) Debit: Unearned Revenue; Credit: Service RevenueC) Debit: Accounts Receivable; Credit: CashD) Debit: Service Revenue; Credit: Cash

How would each of the following items be reported on the balance sheet? a.   Accrued vacation pay. b.   Estimated taxes payable. c.   Service warranties on appliance sales. d.   Bank overdraft. e.   Employee payroll deductions unremitted. f.   Unpaid bonus to officers. g.   Deposit received from customer to guarantee performance of a contract. h.   Sales taxes payable. i.   Gift certificates sold to customers but not yet redeemed. j.   Premium offers outstanding. k.   Discount on notes payable. l.   Personal injury claim pending. m.   Current maturities of long-term debts to be paid from current assets. n.   Cash dividends declared but unpaid. o.   Dividends in arrears on preferred stock. p.   Loans from officers.

Match each definition with its correct term: Amounts owed by customers on account. [ Choose ] The analysis of customer balances by the length of time they have been unpaid. [ Choose ] A method of accounting for bad debts that involves estimating uncollectible accounts at the end of each period. [ Choose ] An expense account to record uncollectible [ Choose ] receivables. The net amount a company expects to [ Choose ] receive in cash. A method of accounting for bad debts that involves expensing accounts at the time they [ Choose ] are determined to be uncollectible. A note that is not paid in full at maturity. [ Choose ] The party in a promissory note who is making [ Choose ] the promise to pay. Written promise (as evidenced by a formal [ Choose ] instrument) for amounts to be received. Various forms of nontrade receivables, such [ Choose ] as interest receivable and income taxes refundable. The party to whom payment of a promissory [ Choose ] note is to be made. Management estimates…

Which of the following is an example of revenue or expense to be recognized in the current period’s income statement? A)Cash received from a client before the service is provided B)Inventory purchased for sale to customers C)Cost of utilities used during the period D)Cash collected from an account receivable