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

Question

1 Approved Answer

On July 10, 2020 Lily Accounting firm accepted a $5,000 deposit from a client for tax work to be completed in August. What is correct

image text in transcribed
On July 10, 2020 Lily Accounting firm accepted a $5,000 deposit from a client for tax work to be completed in August. What is correct journal entry? Select one: a debit Cash; credit Uneared Revenue b. debit Cash, credit Accounts Payable c. debit Cash, credit Equity d. debit Cash, credit Revenue e debit Uneamed Revenue; credit Revenue

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

Auditing

Auditing

Authors: Karla M. Johnstone, Audrey A. Gramling, Larry E. Rittenberg

8th International Edition

0538477660, 978-0538477666

More Books

Students also viewed these Accounting questions

Question

★★★★★
What was the basis for and the pattern of trade according to Adam Smith? How were gains from trade generated? What policies did Smith advocate in international trade? What did he think was the proper...

Answered: 1 week ago

Question

★★★★★
If 21 g of H 2 S is mixed with 38 g of O 2 and 31 g of SO 2 forms, what is the percentage yield? 2 HS + 3 O 2 SO + 2 HO

Answered: 1 week ago

Question

★★★★★
1. What are the most important considerations in determining whether a person is a man or a woman? What seem to be the most important things that matter other than genital characteristics and...

Answered: 1 week ago

Question

★★★★★
Bernard Flinn operated a business known as Harvey Investment Co., Inc./High Risk Loans. Flinn worked as a loan broker, matching those who came to him with lenders willing to loan them money given...

Answered: 1 week ago

Question

★★★★★
4. What is the allowable deduction for depreciation in the financial year ended 30 June 2020 for a piece of equipment purchased for $40,000 on 1 October 2019 under the diminishing value method if the...

Answered: 1 week ago

Question

★★★★★
Evaluate the performance of Community National Bank using the data in Exhibit 3.2, 3.4 and 3.6. Community National Bank (CNB) is a typical small independent bank located in the US state of North...

Answered: 1 week ago

Question

★★★★★
Pa help po sa paggawa ng case analysis yung IV. Proposed Solution lang po IV. Proposed Solution Provide one specific and realistic solution Explain why this solution was chosen Support this solution...

Answered: 1 week ago

Question

★★★★★
Discuss the various types of policies ?

Answered: 1 week ago

Question

★★★★★
Briefly explain the various types of leadership ?

Answered: 1 week ago

Question

★★★★★
Explain the need for and importance of co-ordination?

Answered: 1 week ago

Question

★★★★★
Explain the contribution of Peter F. Drucker to Management .

Answered: 1 week ago

Question

★★★★★
The compounded ratio of (2 : 3), (6: 11) and (11:2) is A) 1:2 B) 2:1 C) 11:24 D) 36:121

Answered: 1 week ago

Question

★★★★★
What purposes do policy manuals serve in organizations? (Objective 5)

Answered: 1 week ago

Question

★★★★★
Teamwork. George Urban and Helen Felix graduated from your school and later started their own business. Because they believed their education contributed to their success, they recently pledged...

Answered: 1 week ago

Question

★★★★★
Technology. You volunteer at a Boys and Girls Club in your community. The playground equipment at the club is old and potentially unsafe.Youve decided to explore the possibility of applying for...

Answered: 1 week ago

Previous Question Next Question