Answered step by step
Verified Expert Solution
Link Copied!

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... 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

Organic Chemistry

Authors: L. G. Wade Jr.

8th edition

321768418, 978-0321768414

More Books

Students also viewed these Accounting questions