Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 1 points Company began the accounting period 192.000.cccount. During the accounting period the company recorded revenue on account amounting to 58.000. The accounts

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question 1 1 points Company began the accounting period 192.000.cccount. During the accounting period the company recorded revenue on account amounting to 58.000. The accounts receivable account at the end of the account period contained a $6.000 debit balance. Based on this information, the cash collected from accounts receivable during the periodis $72.000 564000 140.000 5104.000 Question 2 1 points A Consulting firm collected $1.800 in advance for work to be performed in three months. Which of the following generat journal entries wif the form make to record this transactions Debit Accounts Receivable, 31.800 credit Consulting Fees Revenue, 51,800 Debit Cash, $1.00, credit Unearned Consulting Fees Revenue, $1,800 Debit Consulting Fees Revenue, $1,000 credit Accounts Receivable, $1,800 Debit Cash, 51,800, credit Accounts Receivable 35,000 Debit Accounts Receivable $1.000 credit Uneared Consulting Fees Revenue 1.000 OC Question 3 The information in the following T-accounts of Company AA indicates that: Cash Unearned Revenue 1,500 1,500 Company AA has provided services to a customer on account. Company AA has completed services for which they had earlier received cash in advance. Company AA has received cash for service to be provided in the future. Cash has been paid out to a company that will provide future services to Company AA. Question 4 1 points On April 1, a company paid the $1.350 premium on a three year insurance policy with benefits beginning on the date. What amount of the murance expense will be reported on the annual income statement for the first year ended December 317 5101250 1450.00 5337.50 51.350.00

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 And Systems Exam Questions And Explanations

Authors: Ph.D. Gleim, Irvin N., Ph.D. Hillison, William A., Grady M. Irwin

17th Edition

1581949278, 978-1581949278

More Books

Students also viewed these Accounting questions