Answered step by step

Verified Expert Solution

Link Copied!

Question

...

1 Approved Answer

Posted on Jul 01, 2024

The receipt of OMR 3,000 advance payment from customer for services to be rendered next year was incorrectly credited to service revenue. The correcting entry

The receipt of OMR 3,000 advance payment from customer for services to be rendered next year was incorrectly credited to service revenue. The correcting entry is Service Revenue 3,000 Unearned Revenue 3,000 Unearned Revenue 3,000 Service Revenue 3,000 Cash 3,000 Unearned Revenue 3,000 Cash 3,000 Service Revenue 3,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered 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

Recommended Textbook for

Elements Of Chemical Reaction Engineering

Authors: H. Fogler

6th Edition

9780135486221

Students also viewed these Accounting questions

Question

What guidelines would you recommend for defining pedophilic disorder? Would two young adoles- cents engaging in sexual activity qualify for the diagnosis?

Answered: 1 week ago

Question

★★★★★

The cash account for Bonita Medical Co. at September 30, 2008, indicated a balance of $5,335.30. The bank statement indicated a balance of $5,604.60 on September 30, 2008. Comparing the bank...

Answered: 1 week ago

Question

★★★★★

The following selected transactions were taken from the books of Ripley Company for Year 1 1. On February 1, Year 1, borrowed $56,000 cash from the local bank. The note had a 7 percent interest rate...

Answered: 1 week ago

Question

★★★★★

A firm has a machine it can sell for $40,000. The book value of the machine is currently $20,000. If the firm sells the machine, what are the net proceed from the sale? Assume that the tax rate is...

Answered: 1 week ago

Question

★★★★★

Question This Assessment requires students to find an Employment Law Case, and then to provide a report on the case submitted. Please note that I have allowed for freedom of choice i.e., students may...

Answered: 1 week ago

Question

★★★★★

You are replacing the rear lower control arm on a Mitsubishi Pajero and require the torque specifications for the mounting bolts and what condition the vehicle should be in when tightening the bolts....

Answered: 1 week ago

Question

★★★★★

National Motors Corporation is planning to issue bonds with a face value of $256,500 and a coupon rate of 5 percent. The bonds mature in 7 years and pay interest semiannually every June 30 and...

Answered: 1 week ago

Question

★★★★★

=) =) How much will ABC Holdings receives from its exports if it hedges with a forward contract. How much will ABC Corporation pay in domestic currency for its imports if it hedges with a orward...

Answered: 1 week ago

Question

★★★★★

A farmer went to a market and purchased a wolf, a goat, and a cabbage. On his way home, the farmer came to the bank of a river and rented a boat. But crossing the river by boat, the farmer could...

Answered: 1 week ago

Previous Question Next Question