Question: 6) Smith did some work for a client on December 31, 2020 and sent out a bill for $500. Smith should make which of the

6) Smith did some work for a client on December 31, 2020 and sent out a bill for $500. Smith should make which

6) Smith did some work for a client on December 31, 2020 and sent out a bill for $500. Smith should make which of the following entries: A) Dr. Cash 500. Cr. Service Revenue 500 B) Dr. Unearned Service Revenue 500. Cr. Service Revenue 500 C) Dr. Cash 500. Cr. Accounts Receivable 500 D) Dr. Accounts Receivable 500. Cr. Unearned Service Revenue 500 E) Dr. Accounts Receivable 500. Cr. Service Revenue 500 5) The unadjusted balance in the Unearned Service Revenue account was $S4,000. An analysis indicated 75% remained unearned. On December 31, 2020 Smith's adjusting entry should be: A) Dr. Unearned Service Revenue 3,000, Cr. Service Revenue 3,000 B) Dr. Unearned Service Revenue 1,000. Cr. Service Revenue 1,000 C) Dr. Unearned Service Revenue 1,000. Cr. Accounts Receivable 1,000 D) Dr. Service Revenue 1,000. Cr. Unearned Service Revenue 1,000 E) Dr. Service Revenue 3,000. Cr. Unearned Service Revenue 3,000

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!

just need answer after success party.... transactions that occurred in these months are described in Chapter 2.) Before proceeding in December, Gra 3. Prepare an adjusted trial balance as of December...

Could use some help with these questions and how you got to the solution. A bit confused. 4) Smith bought a new automobile on January 1, 2020 for $30.000 and it is expected to last for 5 years. Smith...

4) Smith bought a new automobile on January 1, 2020 for $30,000 and it is expected to last for 5 years. Smith calculates the annual wear and tear on his automobile to be $6,000. Therefore, his...

Could use some help with these questions and how you came to the solution, thanks in advance! 4) Smith bought a new automobile on January 1, 2020 for $30.000 and it is expected to last for 5 years....

I really just needed help with the closing entries and the post-closing trial balance. Can someone help me with that portion please? please help with closing entries. Required Using the ene respond...

5) The unadjusted balance in the Unearned Service Revenue account was $$4,000. An analysis indicated 75% remained uneared on December 31, 2020 Smith's adjusting entry should be A) Dr. Unearned...

CUMULATIVE COMPREHENSION PROBLEM: ECHO SYSTE (This comprehensive problem starts in this chapter and continues in Chapters 3, 4, and 5. Because of On October 1, 2020, Mary Graham organized a computer...

assistant, who maintains the payroll records, provides you with the payroll summary from which you prepare general journal entries to record the biweekly payroll and the employer's taxes on the...

On October 1, 2020, Aster Turane organized a computer service company called Aster Systems. Aster is organized as a sole proprietorship and will provide consulting services, computer system...

This International Student Edition is for use outside of the U.S. PAUL A. COPLEY 2010 Essentials of Accounting for Governmental and Not-for-Profit Organizations FOURTEENTH EDITION Mc Graw Hill...

BPK Bhd is looking to expand the capacity of an existing factory in its Alpha Division by 850,000 units per year in order to meet increased demand for one of its products. The expansion will cost...

Make the following changes to the calibration variables: Return % Inv1 Inv2 Inv3 Inv4 Inv5 Average 7.85 10.35 12.85 15.68 18.38 Boom economy is 25% above Average and Bust economy is 35% below...

Stock market efficiency means securities are normally in equilibrium and are "fairly priced".Question 5 Select one:TrueFalse

5. Develop a scenario comparing two PH programs and involving the use of a CBA.

2-13 What were the problems faced by Income in this case? How were the problems resolved by the new digital system?. NTUC Income (Income), one of Singapores largest insurers, has over 2 million...

2-12 In MyMISLab, you will find a Collaboration and Teamwork Project dealing with the concepts in this chapter. You will be able to use Google Drive, Google Docs, Google Sites, Google+, or other...

2-11 In this exercise, you will use Google Maps to map out transportation routes for a business and select the most efficient route. You have just started working as a dispatcher for Trans-Europe...