Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 4, Problem 13QS
a.
To determine
Prepare the adjusting entry to record accrued revenue on December 31.
b.
To determine
Prepare the reversing entry for accrued revenue on January 1.
c.
To determine
Prepare the cash receipt entry for January 16.
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On December 31, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded Consulting Revenue. On January 16, Yates received $26,700 cash as payment in full for consulting work it provided that began on December 18 and ended on January 16. The company uses reversing entries. a. Prepare the December 31 adjusting entry. c. Prepare the January 16 cash receipt entry. b. Prepare the January 1 reversing entry.
On December 1, Simpson Marketing Company received $6,300 from a customer for a 2-month marketing plan to be completed January 31 of the
following year. The cash receipt was recorded as unearned revenue. The adjusting entry for the year ended December 31 would include:
Multiple Choice
O
a debit to Unearned Revenue for $3,150.
a credit to Services Revenue for $4,200.
O a debit to Services Revenue for $6,300.
O
O a credit to Unearned Revenue for $2,100.
a debit to Services Revenue for $4,200.
Prepare Journal Entries in a Revenue Journal
Horizon Consulting Company had the following transactions during the month of October:
Oct. 2.
Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $370.
Oct. 3.
Issued Invoice No. 322 to Armor Inc. for services rendered on account, $520.
Oct. 14.
Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $190.
Oct. 24.
Issued Invoice No. 324 to Rose Co. for services rendered on account, $770.
Oct. 29.
Collected Invoice No. 321 from Pryor Corp.
a. Â Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format:
REVENUE JOURNAL
DATE
Invoice No.
Account Debited
Post. Ref.
Accounts Rec. Dr.Fees Earned Cr.
Oct. 2
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Oct. 24
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b. Â What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October?
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Chapter 4 Solutions
Principles of Financial Accounting.
Ch. 4 - G. Venda, owner of Venda Services, withdrew 25,000...Ch. 4 - The following information is available for the R....Ch. 4 - Which of the following errors would cause the...Ch. 4 - The temporary account used only in the closing...Ch. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - What accounts are affected by closing entries?...Ch. 4 - What two purposes are accomplished by recording...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - What are the characteristics of plant assets?Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - The ledger of Claudell Company includes the...Ch. 4 - Choose from the following list of terms/phrases to...Ch. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - These 16 accounts are from the Adjusted Trial...Ch. 4 - The Adjusted Trial Balance columns of a 10-column...Ch. 4 - Use the following information from the Adjustments...Ch. 4 - The following data are taken from the unadjusted...Ch. 4 - Capri Company began the current period with a...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Use the May 31 fiscal year-end information from...Ch. 4 - Prob. 9ECh. 4 - The adjusted trial balance for Salon Marketing Co....Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Use the following adjusted year-end trial balance...Ch. 4 - Following are Nintendos revenue and expense...Ch. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - The following two events occurred for Trey Co. on...Ch. 4 - On April 1, Jiro Nozomi created a new travel...Ch. 4 - The following unadjusted trial balance is for Ace...Ch. 4 - Prob. 3APCh. 4 - The adjusted trial balance for Tybalt Construction...Ch. 4 - The adjusted trial balance of Karise Repairs on...Ch. 4 - The following six-column table for Hawkeye Ranges...Ch. 4 - On July 1, Lula Plume created a new self-storage...Ch. 4 - Prob. 2BPCh. 4 - Prob. 3BPCh. 4 - The adjusted trial balance for Anara Co. as of...Ch. 4 - Santo Companys adjusted trial balance on December...Ch. 4 - The following six-column table for Solutions Co....Ch. 4 - This serial problem began in Chapter 1 and...Ch. 4 - Accounting Analysis Refer to Apples financial...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Review this chapters opening feature involving...
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Accounts and Explanation Debit Credit es Date (a) Dec. 31 Get mor Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Advertising Expense Ashton, Capital Ashton, Withdrawals Cash Depreciation Expense-Equipment Equipment Office Supplies Prepaid Rent Rent Expense Salaries Expense Salaries Payable Service Revenue Supplies Expense Unearned Revenue More info Adjustment data at December 31 follow: a. On December 15, Ashton contracted to perform services for a client receiving $2,600 in advance. Ashton recorded this receipt of cash as Unearned Revenue. As of December 31, Ashton has…arrow_forward
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