In December 2010, the company received $6,000 for services to be provided in early 2011. This payment
Question:
(1) The error was found in May 2011 after the 2010 books had been closed and
(2) The error was found in May 2012 after the 2011 books had been closed. Ignore income taxes.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 92% (14 reviews)
1 Retained Earnings 6000 Service Revenue 6000 2 No correcting entry is necessary Ho...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Question Posted:
Students also viewed these Accounting questions
-
As payment in advance for services to be performed, Acton signed and delivered the following instrument: December 1, 2017 Last National Bank Moneyville, State X Pay to the order of Olaf Owen...
-
As payment in advance for services to be performed, Acton signed and delivered the following instrument: December 1, 2015 LAST NATIONAL BANK MONEYVILLE, STATE X Pay to the order of Olaf Owen...
-
As payment in advance for services to be performed, Acton signed and delivered the following instrument: December 1, 2011 LAST NATIONAL BANK MONEYVILLE, STATE X Pay to the order of Olaf Owen...
-
Laverty Clinic plans to purchase a new centrifuge machine for its New York facility. The machine costs $94,000 and is expected to have a useful life of 6 years, with a terminal disposal value of...
-
Before agreeing to purchase a large order of polyethylene sheaths for a particular type of high-pressure oil-filled submarine power cable, a company wants to see conclusive evidence that the true...
-
In problem, write the standard form of the equation and the general form of the equation of each circle of radius r and center (h, k). Graph each circle. r = 3; (h, k) = (1, 0)
-
The United States brought a lawsuit requesting forfeiture of a \($38.5\) million jet purchased by Teodoro Nguema Obiang Mangue (Nguema) because the government believed the jet had been purchased with...
-
The following transactions of Brooks Garrett occurred during 2012: Apr 30 Garrett is party to a patent infringement lawsuit of $200,000. Garretts attorney is certain it is remote that Garrett will...
-
18 years ago, I purchased 185 shares of a stock worth $14.25 per share. There was a 2:1 split, a 4:1 split, and a 3:1 split during that time period. Today the stock is worth $1.53 per share. If the...
-
The Einstein Bagel Corp. offers a frequent buyer program whereby a consumer receives a stamp each time she purchases one dozen bagels for $6. After a consumer accrues 10 stamps, she receives one...
-
In December 2010, the company failed to recognize $4,000 in consulting revenue earned during 2010. This revenue was recognized when the cash was received in January 2011. Make the necessary...
-
In January 2009, the company purchased equipment for $10,000. The equipment has a useful life of 10 years with $0 expected salvage value . The company uses straight-line depreciation. The company...
-
In Exercises, find any horizontal and vertical asymptotes and any holes that may exist for each rational function. Draw the graph of each function, including any x- and y-intercepts. y = 4x 3 - 2x
-
Shown below is a recent income statement for B-D Electric. B-D ELECTRIC Income Statement For the Year Ended January 31, Year 2 Net sales $ 7,500,000 Less: Cost of goods sold 4,100,000 Gross profit $...
-
On December 1, Dmitry Company executes a three-month, 6% note receivable, with a face value of $15,000. What amount of interest income is accrued at December 31 on the note ? At the end of March, the...
-
A: Bustillo Inc. is working on its cash budget for March. The budgeted beginning cash balance is $52,000. Budgeted cash receipts total $136,000 and budgeted cash disbursements total $131,000. The...
-
Estimated VC per unit Estimate FC Production Costs: DM $ 8.05 ---- DL 4.80 ---- FOH 1.95 $ 83,250 Selling Expenses: Sales Salaries and Commission 1.20 32,300 Advertising ---- 7,500 Travel ---- 2,300...
-
What are critical tools that can boost morale, improve employee productivity, and retain top talent?
-
For the given year, find the standard quotas for the New York City boroughs given in Table 17.5 in Problems 23-28. Assume there are eight council seats. Table 17. 5 1840 Year Total 1790 49 1800 81...
-
The power company must generate 100 kW in order to supply an industrial load with 94 kW through a transmission line with 0.09 resistance. If the load power factor is 0.83 lagging, find the...
-
Which of the following statements is true? a. The law of diminishing returns states that beyond some point, the marginal product of a variable resource continues to rise. b. The marginal product is...
-
Unit, Group, and Composite Depreciation The certified public accountant is frequently called upon by management for advice regarding methods of computing depreciation. Of comparable importance,...
-
Unit, Group, and Composite Depreciation The certified public accountant is frequently called upon by management for advice regarding methods of computing depreciation. Of comparable importance,...
-
DepreciationStrike, Units-of-Production, Obsolescence Presented below and are three different and unrelated situations involving depreciation accounting. Answer the question(s) at the end of each...
-
Exactly 24 months ago in 2019, centronics inc issued a 15 year bond. the bond was issued at par to yield 6%. it pays interest annually. over the last 12 months, yields on bonds of similar risk have...
-
How COVID-19 news evoked sentiments and emotions. What are the financial implications of these sentiments for investors/policy makers?
-
How does the network of global stock markets reacts to covid-19? What countries (stock markets) plays most important role during covid-19? Explain.
Study smarter with the SolutionInn App