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

Question

1 Approved Answer

On April 2, 2020 Jones Consulting receives a $15,000 cash advance from a client for consulting services that will be started and completed in June,

image text in transcribed
On April 2, 2020 Jones Consulting receives a $15,000 cash advance from a client for consulting services that will be started and completed in June, 2020. The journal entry to record this transaction in April, 2020 is: Debit Cash and credit Revenue $15,000 Debit Cash and credit Due From Client $15,000 Debit Cash and credit Unearned Revenue $15,000 Debit Revenue and credit Cash $15,000

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

Managerial Accounting

Managerial Accounting

Authors: John J. Wild, Ken W. Shaw

2010 Edition

9789813155497, 73379581, 9813155493, 978-0073379586

More Books

Students also viewed these Accounting questions

Question

★★★★★
Explain major forms of financing and their characteristics.

Answered: 1 week ago

Question

★★★★★
23 What is the rate of return on an investment of $200,000 if the company expects to receive an annuity of $10,000 each year for the next 40 years? 3.9% 8.2% 9.5% 1.3% 6.7%

Answered: 1 week ago

Question

★★★★★
The Governor Services of England is in the first stage of approving a list of job applications for the position of general clerk for two different departments. If they take a random sample of a...

Answered: 1 week ago

Question

★★★★★
Bylund Corporation was organized in June 2011. In auditing its books, you find the following land, buildings, and equipment account: An analysis of this account and of other accounts disclosed the...

Answered: 1 week ago

Question

★★★★★
Question #1: Debt Management: After graduating university and moving to a new city, Jane has finally realized she is significantly in debt. In fact, she owes money to various creditors (7 to be...

Answered: 1 week ago

Question

★★★★★
You have been given the responsibility to set up an office environment composed of 15 computers and install appropriate operating systems in those. However, you have also been advised to keep the...

Answered: 1 week ago

Question

★★★★★
In the mechanism shown in Fig. 2.53, the crank AB, 70 mm long, rotates clockwise at 110 rev/min. CD is 140 mm long. Link BD is 260 mm long and slides through a swivelling pin E at the lower end of...

Answered: 1 week ago

Question

★★★★★
At January 1 , 2 0 2 4 , Brant Cargo acquired equipment by issuing a four - year, $ 1 5 0 , 0 0 0 ( payable at maturity ) , 6 % note. The market rate of interest for notes of similar risk is 1 2 % ....

Answered: 1 week ago

Question

★★★★★
A simulation of a major traffic intersection is to be conducted, with the objectives of improving current traffic flow. Provide three iterations, in increasing order of complexity, of steps 1 and 2...

Answered: 1 week ago

Question

★★★★★
In which of the following situations a company needs to resort to the eDiscovery in an ECM system? Select one: a . The company needs to find the email addresses of its customers to send out the...

Answered: 1 week ago

Question

★★★★★
You run a restaurant, an event space and do catering for private events. You use a single, group-wide overhead allocation rate, with pricing at 145% of cost. You can make improvements by implementing...

Answered: 1 week ago

Question

★★★★★
Outline the key issues affecting your decision. What is your recommendation?

Answered: 1 week ago

Question

★★★★★
If you were asked to increase employee awareness of benefits, what actions would you take without changing the way the company provides benefits? If you could change the entire benefit program, what...

Answered: 1 week ago

Question

★★★★★
What are the common problems you would expect to find with the benefit program of a large company?

Answered: 1 week ago

Previous Question Next Question