Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with all 4 if possible, thank you. 1. Record the adjusting entry assuming that Nifty records the cash receipt of unearned revenue by

please help with all 4 if possible, thank you. image text in transcribed
image text in transcribed
1. Record the adjusting entry assuming that Nifty records the cash receipt of unearned revenue by initially crediting a liability account. Post the adjusting entry to the Uneared Revenue and Service Revenue T-accounts. Make sure to include the beginning balance and additional unearned revenue in the Unearned Revenue T-account. 2. Record the adjusting entry assuming that Nifty records the cash receipt of unearned revenue by initially crediting a revenue account. Post the adjusting entry to the Uneamed Revenue and Service Revenue T-accounts. Make sure to include the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service Revenue T-account. 3. Compare the ending balances of the T-accounts under both approaches. Are they the same? At the beginning of the year, Nifty Advertising owed customers $2.500 for named revenue collected in advance. During the year, Nifty received advance cash receits of $6.700 and comes 555,000 of service revenge (exclusive of any amount earned from advance paymental Atyee-ond, the labely for red revenue a $2.000 and adjusted service leveres $56.000 Read the Requirement 1. Record the adjusting entry assuming that Niny records the conh monpt luncated everus by italy culting kelly account, Port to adjusting entry to the Linosmed Revenue and Service Revenue T-ancourts. Make sure to include the beginning balance and additional teamed revenue in the neared Revenun Taccount Begin by recording the acusting entry muuming that Nity morda unarmed wale by owaty crediting a fasny account. (Roond debts first, then credita. Betect the exploration on the inte line of the journal entry) Date Debit Credit Account and Explanation Uneored Rover Service Ravenue Tomorrow collected in advance

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

Development Of Accounting And Auditing Systems In China

Authors: Xu-Dong Ji

1st Edition

0415792886, 978-0415792882

More Books

Students also viewed these Accounting questions

Question

2. Was Allison at fault for any of the problems?

Answered: 1 week ago

Question

Determine miller indices of plane A Z a/2 X a/2 a/2 Y

Answered: 1 week ago

Question

What is the preferred personality?

Answered: 1 week ago