Answered step by step
Verified Expert Solution
Question
1 Approved Answer
An enterprise fund collects $100,000 cash for customer deposits to insure timely payment for services. What journal entry did the enterprise fund prepare? a.
An enterprise fund collects $100,000 cash for customer deposits to insure timely payment for services. What journal entry did the enterprise fund prepare? a. Debit Cash $100,000, credit Revenue $100,000 b. Debit Cash $100,000, credit Deferred Revenue $100,000 c. Debit Restricted Cash $100,000, credit Customer Deposits $100,000 d. Debit Restricted Cash $100,000, credit Revenue $100,000 Next An enterprise fund collects $100,000 cash for customer deposits to insure timely payment for services. What journal entry did the enterprise fund prepare? a. Debit Cash $100,000, credit Revenue $100,000 b. Debit Cash $100,000, credit Deferred Revenue $100,000 c. Debit Restricted Cash $100,000, credit Customer Deposits $100,000 d. Debit Restricted Cash $100,000, credit Revenue $100,000 Next An enterprise fund collects $100,000 cash for customer deposits to insure timely payment for services. What journal entry did the enterprise fund prepare? a. Debit Cash $100,000, credit Revenue $100,000 b. Debit Cash $100,000, credit Deferred Revenue $100,000 c. Debit Restricted Cash $100,000, credit Customer Deposits $100,000 d. Debit Restricted Cash $100,000, credit Revenue $100,000 Next
Step by Step Solution
★★★★★
3.44 Rating (163 Votes )
There are 3 Steps involved in it
Step: 1
the entry prepared was cDr restricted cash 100000 Cr customer deposit 100000 Restricted c...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started