Question: 3 Clock Industries signed a contract on December 31, 2022 to deliver services in January 2023. At the signing the client gave Clock $150,000 for

3 Clock Industries signed a contract on December 31, 2022 to deliver services in January 2023. At the signing the client gave Clock $150,000 for the services. Which of the following seems like the correct entry for Clock for December 31, 2022? a. Cash $150,000 Revenue $150,000 b. Accounts Receivable $150,000 Revenue $150,000 c. Accounts Receivable $150,000 Unearned Revenue $150,000 d. Cash $150,000 Unearned Revenue $150,000 Oa Ob Od

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A tornado damaged a part of the City of Westbrook's Police Station. Some of the costs related to the damage included the following: 1. The building wiring had to be replaced. Since the wiring was...

Please solve correctly with clear explanation needed . Question 3 Clock Industries signed a contract on December 31, 2022 to deliver services in January 2023. At the signing the client gave Clock...

Please solve correctly with clear explanation needed Question 3 Clock Industries signed a contract on December 31, 2022 to deliver services in January 2023. At the signing the client gave Clock...

QUESTION 1 (50 marks) (90 minutes) FAC3764 Assessment 10 Todo Limited ("Todo") is a listed South African media broadcasting company which offers live TV broadcasting and streaming services. Todo...

1. According to IFRS 15, contracts with customers are a. written c. implied b. oral d. any of these 2. Certain criteria must be met before a contract with a customer is accounted for under IFRS 15....

Need Property Income.Thanks. Kyle is 38 years old and is married Kelsey who is also 38. They have three children Oskar who turned 6 in 2020; Mia who turned 15 and Gracle who turned 18 during the...

Calvin and his wife Susie live in Watterson, California which is a moderate sized town between Sacramento and Chico. They have been pretty successful in their financial lives over the years and own a...

Question 1: Fill out IRS TAX FORMS THAT ARE HIGHLIGHTED GREEN AND PURPLE. Hi! Thanks so much for taking us on as clients. A little background on us: My spouse, Sydney, and I, just moved to Texas...

Todo Limited ( " Todo " ) is a listed South African media broadcasting company which offers live TVbroadcasting and streaming services. Todo introduced the streaming services as a new service...

The Milton Company currently purchases an average of $22,000 per day in raw materials on credit terms of net 30. The company expects sales to increase substantially next year and anticipates that its...

Careful investigation has to be done when choosing the right candidate and trustworthy companies. Sensitive information and discriminative attributes are rendered the adequate protection by law, and...

Josh audit firm is auditing MJ loader division . Using accounts receivable growth to sales ratio for its analytical procedures results to 1 . 7 5 ratios. What is the significance of this result?

CT Corp Comprehensive Question Canadian Tire Corporation, Limited ( Canadian Tire ) is a family of companies that includes a retail segment and a financial services division, among others. The retail...

11. How has new technology improved training and development? What are some of the limitations of using iPods or PDAs for training?

10. What are the implications of the aging work force? What strategies should companies consider from a training and development perspective to best utilize older employees and prepare for their...

13. What is the relationship between talent management and employee engagement? What role can training and development practices play in keeping employee engagement high during poor economic times?...