On January 1, Chan & Chan, CPAS received a $15,000 cash retainer for accounting services to...
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On January 1, Chan & Chan, CPAS received a $15,000 cash retainer for accounting services to be rendered ratably over the next 3 months. The full amount was credited to the liability account Unearned Service Revenue. Assuming that the revenue is recognized equally over the 3-month period, what adjusting journal entry should be made at January 31? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Sebastien Company earned net income of $44,000 during 2014. The company paid dividends totalling $20,000 during the period. Prepare the entries to close Income Summary and the Dividends account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close net income to retained earnings.) (To close dividends to retained earnings.) On January 1, Chan & Chan, CPAS received a $15,000 cash retainer for accounting services to be rendered ratably over the next 3 months. The full amount was credited to the liability account Unearned Service Revenue. Assuming that the revenue is recognized equally over the 3-month period, what adjusting journal entry should be made at January 31? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Sebastien Company earned net income of $44,000 during 2014. The company paid dividends totalling $20,000 during the period. Prepare the entries to close Income Summary and the Dividends account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close net income to retained earnings.) (To close dividends to retained earnings.)
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Related Book For
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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