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CASH 8/1 balance 6,000 8/3 500 8/5 400 8/7 900 Accounts Receivable 8/2 $1,800 8/7 $900 Deposits received in advance (a liability account) 8/3 $500
| CASH | |
| 8/1 balance | 6,000 |
| 8/3 | 500 |
| 8/5 | 400 |
| 8/7 | 900 |
Accounts Receivable
| 8/2 $1,800 | 8/7 $900 |
8/3 $500
Sales
| 8/2 $1,800 | |
| 8/5 400 |
1. ______ Refer to Queen City Country Club. On which date did the country club make a credit sale of club memberships?
a. August 2
b. August 3
c. August 5 d. August 7
2. ______ Refer to Queen City Country Club. Which of the following describes the transaction which occurred on August 7? a. Sold club memberships on credit.
b. Cash sales of daily fees.
c. Collected an advance deposit in cash.
d. Received cash payments of accounts receivable.
3. ______ Kibitz Company received advance payments from customers during 2010 of $10,000. At December 31, 2010, $1,000 of the advance payments still had not been earned. After the adjustments are recorded and posted at December 31, 2010, the balances in the Unearned Service Revenue and Service Revenue accounts will be
| Unearned Service Revenue | Service Revenue | |
| a | $1,000 | $9,000 |
| b | $1,000 | $10,000 |
| c | $11,000 | $1,000 |
| d | $9,000 | $10,000 |
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Accounting And Auditing Standards For Islamic Financial Institutions
Authors: Mohd MaSum Billah
1st Edition
103206353X, 978-1032063539
