Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please show all steps so I fully understand how to solve. Thank you Knight Company began operations on statements. It has the following partial unadjusted

image text in transcribed

please show all steps so I fully understand how to solve. Thank you

Knight Company began operations on statements. It has the following partial unadjusted trial balance at July 31, 20x5: July 1, 20x5 and prepares monthly financial Debit Credit Prepaid Insurance $6,000 Unearned Service Revenue $2840 The balance in the unearmed service fees account represents a cash payment made by a customer in July 20x5. At July 31, 20x5, Knight Company had earned $1134 of the service fees. Which of the following would be the correct adjusting journal entry at July 31, 20x5 with respect to this payment? Select one: a. Debit Unearned Service Revenue $1706 and Credit Service Revenue $1706 Ob. Debit Unearned Sevice Revenue $1134 and Credit Service Revenue $1134 c. Debit Cash $1134 and Credit Service Revenue S1134 d. Debit Service Revenue S1706 and Credit Unearned Service Revenue $1706

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

Curriculum Alignment A Facilitators Developing Aligning And Auditing

Authors: Betty E. Steffy-English, Fenwick W. English

1st Edition

0803968485, 978-0803968486

More Books

Students also viewed these Accounting questions

Question

e. What do you know about your ethnic background?

Answered: 1 week ago

Question

b. Why were these values considered important?

Answered: 1 week ago