Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help me quickly 1. Giant company agreed to perform a 60- day consulting service to a customer for $4,000 starting from December 21. Assuming that
help me quickly 1. Giant company agreed to perform a 60- day consulting service to a customer for $4,000 starting from December 21. Assuming that December 31 is the end of the accounting period, record the adjusting entry assuming that the customer paid the amount in full in advance. (1 Point) Dr unearned revenues and cr service revenues; $667 both. Dr unearned revenues and cr service revenues; $733 both. Dr accounts receivable and Cr service revenues; $667 both. Dr accounts receivable and Cr service revenues; $733 both. 2. At the beginning of the year, ABC company had $4,000 of supplies. During the year, they purchased an additional $14,000 of supplies. At the end of the year, $1,500 of supplies were available. The adjusting entry regarding this transaction will include (1 Point) Dr supplies expense of $16,500 Cr supplies expense of $1,500 O Dr supplies of $16,500 O Cr cash of $1,500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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