FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If a service business bills clients for services in advance, the billed amount is a. directly transferred to the cost of services account. b. treated

If a service business bills clients for services in advance, the billed amount is a. directly transferred to the cost of services account. b. treated as deferred revenue until the services are completed. c. transferred to the work-in-process account when it is billed. d. not recorded in the books

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

Financial Accounting

Financial Accounting

Authors: Libby, Short

6th Edition

978-0071284714, 9780077300333, 71284710, 77300335, 978-0073526881

More Books

Students also viewed these Accounting questions

Question

If a service business bills clients for services in advance, the billed amount is a. treated as deferred revenue until the services are completed. b. not recorded in the books. c. directly...

Answered: 1 week ago

Question

If a service business bills clients for services in advance, the billed amount is a. not recorded in the books. b. directly transferred to the cost of services account. c. transferred to the...

Answered: 1 week ago

Question

hello, need help with a accounting quiz I have attached: 1) quiz 2)pdf files CH. 18- CH 21 Chapter 18 \"Managerial Accounting Concepts/Job Costing\" from Accounting Principles: A Business...

Answered: 1 week ago

Question

★★★★★
A bank reconciliation takes time and must balance. An employee was struggling in balancing the bank reconciliation. Her supervisor told her to plug (make an unsupported entry for) the difference,...

Answered: 1 week ago

Question

★★★★★
Suppose that you are measuring the time to receive a TPDU. When an interrupt occurs, you read out the system clock in milliseconds. When the TPDU is fully processed, you read out the clock again. You...

Answered: 1 week ago

Question

★★★★★
What is the accrual rate and payment rate on a mortgage loan?

Answered: 1 week ago

Question

★★★★★
5. Reach an integrative agreement. Make sure both sets of goals are met. If all else fails, flip a coin, take turns, or call in a third party a mediator.

Answered: 1 week ago

Question

★★★★★
Redwood Company sells craft kits and supplies to retail outlets and through its catalog. Some of the items are manufactured by Redwood, while others are purchased for resale. For the products it...

Answered: 1 week ago

Question

★★★★★
utot ACCA 105 PRACTICAL QUESTION 1 VERSION D You are required to complete all three (3) problems shown below. Journal Entries (12 points) - Prepare journal entries for the following transactions for...

Answered: 1 week ago

Question

★★★★★
Helllllp I tried every formula TRANSLATE with x English Arabic Hebrew Polish Bulgarian Hindi Portuguese Catalan Hmong Daw Romanian Chinese Simplified Hungarian Russian Chinese Traditional Indonesian...

Answered: 1 week ago

Question

★★★★★
A program that asks the user to enter a number between 1 and 20 (inclusive). It then prints out whether the number is between 1 and 10 (inclusive) or between 11 and 20 (inclusive) or if it is not in...

Answered: 1 week ago

Question

★★★★★
A piece of labor-saving equipment has just come onto the market that Mitsui Electronics, Limited, could use to reduce costs in one of plants in Japan. Relevant data relating to the equipment follow:...

Answered: 1 week ago

Question

★★★★★
Company Information & Summary of Significant Account Policies Macon Machines Company began operations on November 1, 2024. The main operating goal of the company is to sell high end robots. Customers...

Answered: 1 week ago

Question

★★★★★
Palma Company had 90% ownership interest acquired several years ago in Small Company. The amortization of allocated excess (identifiable assets) arising from this acquisition amounted to P2,000 per...

Answered: 1 week ago

Question

★★★★★
5. Do all parts below without using u-substitution 1 3 2 a. Evaluate f(x- 2x + 4x) dx -1 b. / Evaluate 2x(x - 3)dx 9x2-x3/2 c. Evaluate - dx x d. Evaluate 16 dx CSCX 3 x+x+1 e. Evaluate f dx x dx f....

Answered: 1 week ago

Question

★★★★★
I would be really thankful if you could help me out with some explanation. I am really confused about this assignment. And please don't copy other answers to here. Which of the following services...

Answered: 1 week ago

Question

★★★★★
Explain the circumstances that could result in a long-term bank loan being shown in a statement of financial position as a current liability.

Answered: 1 week ago

Question

★★★★★
Cell Phone & Smartphone Ownership, part 2. Exercise 47 shows the results of a survey that asked about cell phone and smartphone ownership in South Africa. Suppose that we select three adults at...

Answered: 1 week ago

Question

★★★★★
Contract bidding. As manager for a construction firm, you are in charge of bidding on two large contracts. You believe the probability you get contract #1 is 0.8. If you get contract #1, the...

Answered: 1 week ago

Question

★★★★★
More economic conditions 2017. Exercise 45 shows the results of a Gallup Poll about U.S. economic conditions. Suppose we select three adults at random from this sample. a) What is the probability...

Answered: 1 week ago

Previous Question Next Question