Question
An entity has recognised revenue for which the services have not been performed but the cash has been received. Which of the following is the
An entity has recognised revenue for which the services have not been performed but the cash has been received. Which of the following is the correct adjusting entry?
a.
Dr Revenue
Cr Cash
b.
Dr Revenue received in advance
Cr Cash
c.
Dr Liability
Cr Revenue
d.
Dr Revenue
Cr Revenue received in advance
e.
Dr Cash
Cr Revenue
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
111919167X, 9781119191674
