Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carlos's Dynamite Disco specializes in providing DJ services for birthdays, weddings, and special occasions. He books a birthday party for $3,000, to be held on

Carlos's Dynamite Disco specializes in providing DJ services for birthdays, weddings, and special occasions. He books a birthday party for $3,000, to be held on October 22, 2020, and collects a $1,000 deposit on October 1\". Assuming he made the correct entry on 10/1, what entry should he make on 10/22 after he completes the party and collects the cash balance owed to him?

Debit: Service revenues $1,000, Debit Cash $2,000, and Credit: Unearned Revenues $3,000

Debit: Unearned revenues $1,000 and Credit: Revenues $1,000

Debit: Cash $2,000 and Credit: Revenues $2,000

Debit: Cash $2,000, Debit Uneamed Revenues $1,000 and Credit: Revenues $3,000.

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

Quantitative Methods For Business

Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam

11th Edition

978-0324651812, 324651813, 978-0324651751

More Books

Students also viewed these General Management questions

Question

Describe the primary concerns and hopes of ecopsychologists.

Answered: 1 week ago

Question

25.0 m C B A 52.0 m 65.0 m

Answered: 1 week ago