Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During 2021 , Ocean Consulting had the following transactions with its clients (customers): - On February 1, 2021, the company received cash of $6,500 from

image text in transcribed
During 2021 , Ocean Consulting had the following transactions with its clients (customers): - On February 1, 2021, the company received cash of $6,500 from clients in payment of their account balances as of December 31,2020. - On November 1, 2021, the company received $3,500 cash as payments in advance for services to be performed in 2022. - The company received a total of $20,500 in cash for services that were performed during 2021. - The company sent bills totaling $5,500 to clients for services performed durin 2021; this amount was unpaid as December 31,2021. What is the amount of Service Revenue that will be reported on the income statement for the year 2021

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

Students also viewed these Accounting questions