Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

36. If a business has received cash in advance of services performed and credits a liability accom adjusting entry needed after the services are performed

image text in transcribed

36. If a business has received cash in advance of services performed and credits a liability accom adjusting entry needed after the services are performed will be a debit Unearned Revenue and credit Cash. b. debit Uneamed Revenue and credit Service Revenue. c.debit Unearned Revenue and credit Prepaid Expense. d. debit Uneamed Revenue and credit Accounts Receivable. 35. State whether each situation is a: Prepaid expense (PE) Unearned revenue (UR) Accrued Revenue (AR) Accrued expense (AE)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistical Analysis Microsoft Excel 2010

Authors: Conrad Carlberg

1st Edition

0789747200, 9780789747204

More Books

Students also viewed these Accounting questions