Adoption Associates accrued $ 6,000 of Service Revenue at December 31. Adoption Associates received $ 10,500 on

Question:

Adoption Associates accrued $ 6,000 of Service Revenue at December 31. Adoption Associates received $ 10,500 on January 15, including the accrued revenue recorded on December 31.

Requirements

1. Record the adjusting journal entry to accrue Service Revenue.

2. Record the reversing entry.

3. Journalize the cash receipt.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Horngrens Financial and Managerial Accounting

ISBN: 978-0133255584

4th Edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

See More Books

Question Posted: Jan 16, 2015 08:33 AM

See More Questions

Ocean Breeze Associates accrued $8,500 of Service Revenue at December 31. Ocean Breeze Associates received $14,500 on January 15, including the accrued revenue recorded on December 31. Requirements...
Lake View Associates accrued $7,000 of Service Revenue at December 31. Associates received $13,500 on January 15, including the accrued revenue on December 31. Requirements 1. Record the adjusting...
Journalize the adjusting entry for accrued interest on December 31 for the following outstanding notes receivable. Journalize the receipt of the amount due on the due date for each note. a) $24,000,...
Define a passive portfolio construction strategy and briefly discuss how reasonable it might be for an investor to pursue a passive strategy. Explain the role of risk aversion in the construction of...
What is the freezing point of 0.87 M aqueous ammonia? The density of this solution is 0.992 g/cm3.
Hanks Company is developing its annual financial statements at December 31, 2016. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and...
Suppose the total volatility of returns on a stock is 25%. A linear model with two risk factors indicates that the stock has betas of 0.8 and 1.2 on the two risk factors. The factors have volatility...
From the following data, construct an expenditure schedule on a piece of graph paper. Then use the income-expenditure (45° line) diagram to determine the equilibrium level of GDP. Compare your...
Image transcription text 1. 2. Before you start: Have you done all the practice quizzes, including the one on sigificant figures? The quizzes do not count formarks, and some of the quiz questions are...
A bond for the Chelle Corporation has the following characteristics: Maturity 12 Years Coupon 10% Yield to Maturity 9.50% Macaulay duration 5.7 Years Convexity 48 No callable (a) Calculate the...
Heart of Texas Telecom has these account balances at December 31, 2014: Requirements 1. Calculate Heart of Texas Telecom's current ratio. 2. How much in current assets does Heart of Texas Telecom...
For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets, Long- term Investments, Plant Assets, Intangible...
Matching: Match each histogram to the boxplot that represents the same data set. a. b. 25 150- 20 20 90 e to 60 30 0 1 2 345 6 7 8 9 10 0 1 2 3 4 5 6 7 8 9 10 C. d. 401 30 40- 0 10O 01 2 3 4 5 6 7...
Modify the BankServer program so that it can be terminated more elegantly. Provide another socket on port 8889 through which an administrator can log in. Support the commands LOGIN password, STATUS,...
Even if only 10 per cent of the hype is true, UK supermarket giant Tesco has still had huge success with its loyalty card Clubcard. Not many humble cards have books written about them: Tescos direct...
Bells Scotch Whisky has decided to start building up a database and intends using DRTV as its prime name generation medium. Outline the main benefits of DRTV to Bells, and explain what practical...
The following list presents the alternative samples obtained by a health care market- ing research firm for its clients. Describe the type of sample each represents. (a) Ten people sitting in the...
Why is it that it is usually more cost effective to market to an existing customer than to acquire a new customer? Can you think of any business situations where this may not be true?
When salts of Mg 2 + , Na + , and Cs + are placed in water, the ions are hydrated. Which of these three cations is most strongly hydrated? Which one is least strongly hydrated?
What are the typical record-at-a-time operations for accessing a file? Which of these depend on the current file record?
Assume that the prices of zero-coupon bonds, with face value 1000, maturing in $1,2,3$, and 4 years are respectively. - Find the term structure of interest rates. - Find the one-year forward rates....
The December cash records of Duffy Insurance follow: Duffys Cash account shows a balance of $17,050 at December 31. On December 31, Duffy Insurance received the following bank statement: Additional...
The August 31 bank statement of Watson Healthcare has just arrived from United Bank. To prepare the bank reconciliation, you gather the following data: a. The August 31 bank balance is $5,630. b. The...
Black Water Productions makes all sales on credit. Cash receipts arrive by mail. Larry Padgitt, the mailroom clerk, opens envelopes and separates the checks from the accompanying remittance advices....
s Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined...
How do visionary leaders navigate the complexities of organizational dynamics to cultivate a culture of innovation and adaptability ? Explain
Finnish Corporation manufactures custom molds for use in the extrusion industry. The company allocates manufacturing overhead based on machine hours. Selected data for costs incurred for Job 532 are...

Adoption Associates accrued $ 6,000 of Service Revenue at December 31. Adoption Associates received $ 10,500 on

Question:

Step by Step Answer:

Requirement 1 Date Accounts and Explanation Debit Credit Dec 31 Accounts Receivab...View the full answer

Horngrens Financial and Managerial Accounting

Students also viewed these Accounting questions