TigrSoft provided $17,000 of services to customers in the month of March 2017. On March 31, 2017,
Question:
TigrSoft provided $17,000 of services to customers in the month of March 2017. On March 31, 2017, TigrSoft has not yet billed or collected payment for the $17,000. On April 16, $12,000 of these were collected.
a) Using the accrual basis of accounting, explain whether TigrSoft earned revenue of $17,000 as of March 31, 2017.
b) Record the adjusting journal entry on March 31, 2017.
c) Record the journal entry on April 16, 2017.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
a TigrSoft has earned the 17000 of revenue because the company has provided the se...View the full answer
Answered By
Danish Sohail
My objective is to become most reliable expert for clients. For last 10 years I have been associated with the field of accounting and finance. My aim is to strive for best results and pay particular attention to client needs. I am always enthusiastic to help clients for issues and concerns related to business studies. I can work on analysis of the financial statements, calculate different ratios and analysis of ratios. I can critically evaluate stock prices based on the financial analysis and valuation for companies using financial statements of the business entity being valued with use of excel tools. I have expertise to provide effective and reliable help for projects in corporate finance, equity investments, financial accounting, cost accounting, financial planning, business plans, marketing plans, performance measurement, budgeting, economic research, risk assessment, risk management, derivatives, fixed income investments, taxation, auditing, and financial performance analysis.
4.80+
78+ Reviews
112+ Question Solved
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Question Posted:
Students also viewed these Business questions
-
Tiger Computer provided $17,000 of services to customers in the month of March 2020. On March 31, 2020, Tiger Computer has not yet billed or collected payment for the $17,000. On April 16, $12,000 of...
-
For the following two independent situations, prepare the journal entry that Durrell Ltd., an Alberta retail business, should record. Record the entry for both the amounts collected or withheld and...
-
On January 1, 2018, the general ledger of Dynamite Fireworks includes the following account balances: During January 2018, the following transactions occur: January 2. Purchase rental space for one...
-
Label the following as True, False, or Uncertain and explain your choice. (Uncertain means that it can be either true or false depending upon the circumstances.) a. All members of a resource cartel...
-
Do you think Toyota's organizational structure and norms are explicitly formalized in rules, or do the norms seem to be more inherent in the culture of the organization?
-
Jermaine has entered a bowling tournament. To prepare, he bowls five games each day and writes down the score of each game, along with the mean of the five scores. He is looking at the scores from...
-
What is a seismic instrument?
-
Gourmet Coffee (GC) is a specialty coffee shop that sells roasted coffee beans. It buys green beans, roasts them in its shop, and then sells them to the consumer. GC estimates that it sells about...
-
5.24 Find the minimum sum-of-products expression for (a) m(0, 2, 3, 5, 6, 7, 11, 12, 13) (b) m(2, 4, 8) + (0, 3, 7) (c) Em(1, 5, 6, 7, 13) + d(4,8) (d) f(w, x, y, z) =m(0, 3, 5, 7, 8, 9, 10, 12,...
-
The following balances were taken from the general ledger of Holland Company on January 1, 2012: During 2012, the company completed the following transactions: a. Purchased inventory for $95,000 on...
-
On December 31, 2017, Beautiful Brows Salon received the business cell phone bill for December (Dec. 1 to Dec. 31) usage of $2,000. It must be paid by January 15, 2018. a) To prepare the 2017 annual...
-
The following information has been taken from Out Loud Comedy Clubs unadjusted and adjusted trial balances at October 31, 2017. Given this trial balance information, prepare the adjusting journal...
-
Flo is a server at a diner in Phoenix and earns a significant portion of her pay through tips from customers. Some of these tips are paid via credit card and others are paid in cash. Flos employer...
-
Given the following linear program, max S.L. 3 1 1-150x2 +503-6x4 1-60x3+9x450 1 -90x- X3 1, , 3, 420. 1 (a) Show that the linear program cycles at a degenerate extreme point if Dantzig's rule is...
-
Blackpool Funds Ltd is a public listed company. Its main activity is investment in fixed interest securities. The company provides an alternative to superannuation plans. It's main asset consists of...
-
Using the drawing board and for the bracket shown, draw the following views in 3rd angle projection: (i) Elevation (front view), (ii) An end elevation (left side view), (iii) A plan (top view). Scale...
-
Our start-up costs include the cost of leasing and renovating the store, purchasing inventory, and salary. We estimate our start-up costs to be $200,000. Amount of the loan 100,000 Personal savings...
-
Build approximations to the definite integral L x dx using several Riemann sums and compare with the exact result. (a) Define the given function . Graph of the function is shown automatically on the...
-
Find the derivative of the inverse of the following functions at the specified point on the graph of the inverse function. You do not need to find f -1 . f(x) = x 2 - 2x - 3, for x 1; (12, -3)
-
Find i 0 (t) for t > 0 in the circuit in Fig. 16.72 . 2 + Vo 1 7.5e-2t u(t) V ( +) 4.5[1 u(t)]V 0.5v. 1H
-
Spindle Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occurred during the month of...
-
Prairie Rigging?s three employees are paid weekly. Waverley works in the office and Johnson and Zender are sales representatives. Complete the payroll register above for the week ended March 9, 2018....
-
On a sheet of notebook paper, draw a cash disbursements journal like the one that appears in Exhibit AII.13 and journalize the following March 2020 payments for Suttleton Company (assume the first...
-
1. Define latent heat and how it is different than specific heat capacity. 2. Describe how a phase diagram changes when changing from a solid to a liquid. 3. Describe how work done is related to a...
-
In a large vaccination clinic, patients arrive at the rate of 50 per hour. The clinic is staffed with five nurses and it takes on average 6 minutes for a nurse to vaccinate a patient. Both patient...
-
Calculate the missing value. Beginning cash balance add : cash receipts Collection of notes receivable Proceeds from sale of securities collection from credit sales Total receipts Total available...
Study smarter with the SolutionInn App