Question: Jefferson, CPAs provides accounting services for a client at a flat contract rate of $ 10,000 a month. The terms of the contract include a

Jefferson, CPAs provides accounting services for a client at a flat contract rate of $ 10,000 a month. The terms of the contract include a required payment on the 15th day of each month for the prior month€™s accounting services. Assuming Jefferson, CPAs post journal entries each month end, what is (are) the journal entry (entries) posted on December 31?

a. Cash 10,000 Service Revenue 10,000 b. Cash 10,000 Accounts Receivable 10,000 c. Accounts Receivable 5,000 10,000 Cash Service Revenue 15,000 d. Cash 10,000 Accounts Receivable 10,000 Accounts Receivable 10,000 Service Revenue 10,000

Step by Step Solution

★★★★★

3.34 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Choice d is correct Because Jefferson CPAs posts journal entries on a monthly basis ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

578-B-A-B-S-C-F (1797).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

The following transactions for Nielsen Architects occurred during December of the current year. Follow the step-by-step instructions to record the transactions, process the adjusting entries, and...

The cereal division of Kellogg Company intends to test market next year an organic cornbased cereal to be called NutriFlakes. The business plan calls for production to begin in late May 2015, with...

The scenario: Croton City started its calendar year 2013 with the following General Fund balances (all numbers are in thousands of dollars). Croton has adopted the following budgetary and accounting...

Question content area top Part 1 Jefferson, CPAs provides accounting services for a client at a flat contract rate of $10,000 a month. The terms of the contract include a required payment on the 15th...

Jefferson, CPAs provides accounting services for a client at a flat contract rate of $ 1 0 , 0 0 0 a month. The terms of the contract include a required payment on the 1 5 th day of each month for...

Jefferson, CPAs provides accounting services for a client at a flat contract rate of$10,000 a month. The terms of the contract include a required payment on the 15th day of each month for the...

please help me. I can pay only 70 dollars in this assignment Topic 1 & 2 Introduction to financial management and the Australian Taxation system Financial Markets 2 Learning Objectives Describe what...

please help me in 70 dollars to do this assignment iin APA style referencing Topic 1 & 2 Introduction to financial management and the Australian Taxation system Financial Markets 2 Learning...

Cases The Collapse of Enron: Governance and Responsibility In an interview with PBS in March 2001 when doubts were being raised about Enron, President and CEO Jeffrey Skilling said, "We are the good...

studentnumberendswitha5 to Bob that with LOC of $25,000, Bod is able to borrow any amount up to $25,000 at any time whenever he needs the money, the interest will be charged upon the usage of the...

"In some plants, the female gamete develops into embryo without fertilization. This phenomenon is known as : Autogamy Parthenocarpy Syngamy Parthenogenesis"

Suppose the firm in Problem 2 paid out $85,000 in cash dividends. What is the addition to retained earnings?

Understand the five major levels of communication as they relate to disclosure.

Excel Project and Excel Solution Suppose all possible investment opportunities in the world are limited to the five stocks listed in the table below. What does the market portfolio consist of?

You are reviewing the financial statements of Trident Incorporated and observed that Trident entered into a significant operating lease for office equipment at the end of the current year. Because of...

On January 1, 2019 (lease inception date). Tofootles Company leases a piece of equipment from ABC Leasing Company. The lease term is for 4 years with the first payment of $1,000 due on January 1,...

IFRS accounts for all leases in the same way (for the lessee), but U.S. GAAP measures lease-related expenses and the right-of-use asset for operating leases (lessee) differently than for finance...

Go to the website http://www.optionsplaybook.com/rookies-comer/learn-options-trading/and read "GETTING YOUR FEET WET'. What is a common mistake that rookie option investors often make? Answer in one...

As debt is substituted for equity in the capital structure and the debt ratio increases, all of the following statements about the component costs of capital are true except: - The cost of debt...

Course Name: Principles of Management (I don't want to copy and paste) I want a correct, complete, different and distinct solution, please 1. What is the underlying problem in this case from the...