Bates Co. had the following balances on December 31, 201X: The accountant for Bates has asked you
Question:
Bates Co. had the following balances on December 31, 201X:
The accountant for Bates has asked you to make an adjustment because $430 of janitorial services has just been performed for customers who had paid for 2 months. Construct a transaction analysis chart.
Cash Unearned Janitorial Service Revenue 1,700 610 Janitorial Service Revenue 7,400
Step by Step Answer:
Account Category Incr Or Decr Rul...View the full answer
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
Students also viewed these Business questions
-
Bates Co. had the following balances on December 31, 201X: The accountant for Bates has asked you to make an adjustment because $430 of janitorial services has just been performed for customers who...
-
On December 31, 2015, Valur Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet: 1 Available-for-sale investments (at cost)...
-
Umbrella.com had the following balances on December 31, 2012, before the year-end adjustments: The aging of receivables yields these data: Journalize Umbrellas entry to adjust the allowance account...
-
1- What signal is produced if the sampling frequency is equal to Fm? 2- Find the range of the cutoff frequency funt for LPF required to reconstruct the original signal from the sampled one. 3- If the...
-
Draw a conformational representation of: (a) -D-allopyranose (b) -idofiranose
-
At the end of the fiscal year on June 30, 2018, Weisz Industries had unpaid accrued wages of $260,000. Assuming a FICA tax rate of 7.65 percent, a FUTA tax rate of 0.6 percent, and a SUTA tax rate of...
-
What are some ideal ways for the board and staff to communicate with each other?
-
John Hayes and Lynn Magosian, auditors for a public accounting firm, went to lunch at the Bay View Restaurant in San Francisco. John left his raincoat with a coatroom attendant, but Lynn took her new...
-
If you are to give your assessment of the value of AI in business strategy, at what ratio (example, 50% AI 50% in person) could AI be employed or utilized for online learning? Identify a particular...
-
Your company has recently implemented a pay-for-performance model for compensation. This worries you because you know that your employees will be even more upset with their performance ratings if...
-
From the following, calculate (a) Net sales, (b) Gross profit, (c) Net income. Data Sales, $35,000; Sales Discounts, $800; Sales Returns and Allowances, $5,000; Cost of Goods Sold, $13,700; Operating...
-
Use Equation 31.6 to show that an object at the center of a glass sphere will appear to be its actual distance one radius from the edge. Draw a ray diagram showing why this makes sense. n2 n2 - n1...
-
Rankings of the world's largest manufacturing companies provide a variety of data. Rankings by industry can be found using the search term "largest manufacturing companies" at globaledge.msu.edu/ibrd...
-
(a) On May 22, 2002, Warren Buffet's company Berkshire Hathaway sold $400 million notes in a private placement to qualified institutional investors. Upon purchasing the bonds, investor received a...
-
With the help of examples, discuss FOUR (4) aspects of the code of conduct stipulated by Bank Negara Malaysia which govern all employees of commercial banks in Malaysia. [Total: 25 marks]
-
d. Look at Figure 4 and describe how the load in the cable is balanced with a reaction force in the structural member. What is the predominant mode of loading on the structural member? (3 marks)...
-
A. Explain how risk and interest rates on a loan are related
-
Give two reasons why an American call option on a stock should never be exercised early when no dividends are expected?
-
Compare and contrast mechanisms of heat loss with mechanisms of heat promotion, and explain how these mechanisms determine body temperature.
-
At the beginning of the year, Lam Ltd. had total assets of $800,000 and total liabilities of $500,000. Use this information to answer each of the following independent questions. (a) If Lam's total...
-
The bookkeeper of Coast Co. gathered the following data from individual employee earnings records and daily time cards. Your task is to complete a payroll register on November 17. Assume the...
-
You gathered the following data from time cards and individual employee earnings records. Your tasks are as follows: 1. On December 5, 201X, prepare a payroll register for this biweekly payroll. 2....
-
During the month of November the following transactions occurred. Assignment 1. Record the following transactions in the general journal and post them to the general ledger. 2. Prepare a trial...
-
For Forms W-4 from 2019 or Earlier Years what are the four factors that determine the federal income tax withheld? On the 2020 Wage bracket Method Tables what are the two items you take the...
-
Daily 5s activities should be: a. Documented in procedures that keep 5s separate from... (#1) b. Habits and are simply part of your standard operating process... c. Treated as waste and...
-
A survey of an introductory statistics class asked students whether or not they ate breakfast the morning of the survey. Results are as follows. Be sure to include both the fraction and decimal...
Study smarter with the SolutionInn App