Interior Design Consultants (IDC) experienced the following events in 2014, its first year of operation: 1. On
Question:
Interior Design Consultants (IDC) experienced the following events in 2014, its first year of operation:
1. On October 1, 2014, IDC collected $24,000 for consulting services it agreed to provide during the coming year.
2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in 2014.
Required
Based on this information alone
a. Record the events under an accounting equation.
b. Prepare an income statement, balance sheet, and statement of cash flows for the 2014 accounting period.
c. Ignoring all other future events, what is the amount of service revenue that would be recognized in 2015?
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a Interior Design Consultants 2014 Event Assets Liabilities Stockholders Equity Cash Unearned Revenu...View the full answer
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Related Book For 
Survey of Accounting
ISBN: 978-0077862374
4th edition
Authors: Thomas Edmonds, Christopher, Philip Olds, Frances McNair, Bor
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