Question 125 Points Question 225 Points Question 325 Points Question 425 Points If Baker did not make the July 31 adjusting entry related to the unbilled service job in question 3 The errors on the Income Statement for July would be uitems understated none uitems overstated Service Revenue, Net Income The errors on the July 31 Balance Sheet would be uitems understated none uitems overstated Accounts Receivable, Total Assets, Retained Earnings, Total Equity, Total Liabilities and Equity The errors on the Income Statement for July would be uitem understated Service Revenue uitem overstated Net Income The errors on the July 31 Balance Sheet would be uitems understated Retained Earnings, Total Equity, Total Liabilities and Equity uitems overstated Accounts Receivable, Total Assets The errors on the Income Statement for July would be uitems understated Service Revenue, Net Income uitems overstated none The errors on the July 31 Balance Sheet would be uitems understated Accounts Receivable, Total Assets, Retained Earnings, Total Equity, Total Liabilities and Equity uitems overstated none There would not be any errors, as no adjusting entry is required On July 31, 2017 Baker completed a $1,500 service job for a customer The customer did not pay cash for the job when it was completed the customer will pay for the job on August 15, 2017 It was late in the day when the job was completed and Baker's accounting department did not have time to invoice the customer for the $1,500 completed job Select the adjusting entry Baker should make as of July 31, 2017 related to the unbilled service job Service Revenue 1,500 Accounts Receivable 1,500 Unearned Revenue 1,500 Service Revenue 1,500 Accounts Receivable 1,500 Service Revenue 1,500 No adjusting entry is required None of the above If Baker did not make the August 31 adjusting entry related to the advance payment in question 1 The errors on the Income Statement for August would be items uderstated none items overstated Service Revenue, Net Income The errors on the August 31 Balance Sheet would be items understated Unearned Revenue, Total Liabilities items overstated Retained Earnings, Total Equity The errors on the Income Statement for August would be items understated Service Revenue, Net Income items overstated none The errors on the August 31 Balance Sheet would be items understated Retained Earnings, Total Equity items overstated Unearned Revenue, Total Liabilities The errors on the Income Statement for August would be item understated Service Revenue item overstated Net Income The errors on the August 31 Balance Sheet would be items understated Retained Earnings, Total Liabilities items overstated Total Equity, Unearned Revenue On June 1, 2017 Baker received an advance payment of $24,000 from a customer The payment was for six months of services Baker would perform for the customer at the rate of $4,000 per month Baker started providing the service on June 1, 2017 On June 1, 2017 Baker made the following entry to record the receipt of the advance payment Dr Cr Cash24,000 Unearned Revenue24,000 At the end of June, and at the end of July, Baker made the correct adjusting entries related to this advance payment Select the August 31, 2017 adjusting entry Baker should make related to this advance payment None of the above Question 125 Points Question 225 Points Question 325 Points Question 425 Points If Baker did not make the July 31 adjusting entry related to the unbilled service job in question 3 The errors on the Income Statement for July would be uitems understated none uitems overstated Service Revenue, Net Income The errors on the July 31 Balance Sheet would be uitems understated none uitems overstated Accounts Receivable, Total Assets, Retained Earnings, Total Equity, Total Liabilities and Equity The errors on the Income Statement for July would be uitem understated Service Revenue uitem overstated Net Income The errors on the July 31 Balance Sheet would be uitems understated Retained Earnings, Total Equity, Total Liabilities and Equity uitems overstated Accounts Receivable, Total Assets The errors on the Income Statement for July would be uitems understated Service Revenue, Net Income uitems overstated none The errors on the July 31 Balance Sheet would be uitems understated Accounts Receivable, Total Assets, Retained Earnings, Total Equity, Total Liabilities and Equity uitems overstated none There would not be any errors, as no adjusting entry is required On July 31, 2017 Baker completed a $1,500 service job for a customer The customer did not pay cash for the job when it was completed the customer will pay for the job on August 15, 2017 It was late in the day when the job was completed and Baker's accounting department did not have time to invoice the customer for the $1,500 completed job Select the adjusting entry Baker should make as of July 31, 2017 related to the unbilled service job Service Revenue 1,500 Accounts Receivable 1,500 Unearned Revenue 1,500 Service Revenue 1,500 Accounts Receivable 1,500 Service Revenue 1,500 No adjusting entry is required None of the above If Baker did not make the August 31 adjusting entry related to the advance payment in question 1 The errors on the Income Statement for August would be items uderstated none items overstated Service Revenue, Net Income The errors on the August 31 Balance Sheet would be items understated Unearned Revenue, Total Liabilities items overstated Retained Earnings, Total Equity The errors on the Income Statement for August would be items understated Service Revenue, Net Income items overstated none The errors on the August 31 Balance Sheet would be items understated Retained Earnings, Total Equity items overstated Unearned Revenue, Total Liabilities The errors on the Income Statement for August would be item understated Service Revenue item overstated Net Income The errors on the August 31 Balance Sheet would be items understated Retained Earnings, Total Liabilities items overstated Total Equity, Unearned Revenue On June 1, 2017 Baker received an advance payment of $24,000 from a customer The payment was for six months of services Baker would perform for the customer at the rate of $4,000 per month Baker started providing the service on June 1, 2017 On June 1, 2017 Baker made the following entry to record the receipt of the advance payment Dr Cr Cash24,000 Unearned Revenue24,000 At the end of June, and at the end of July, Baker made the correct adjusting entries related to this advance payment Select the August 31, 2017 adjusting entry Baker should make related to this advance payment None of the above Question 125 Points Question 225 Points Question 325 Points Question 425 Points If Baker did not make the July 31 adjusting entry related to the unbilled service job in question 3 The errors on the Income Statement for July would be uitems understated none uitems overstated Service Revenue, Net Income The errors on the July 31 Balance Sheet would be uitems understated none uitems overstated Accounts Receivable, Total Assets, Retained Earnings, Total Equity, Total Liabilities and Equity The errors on the Income Statement for July would be uitem understated Service Revenue uitem overstated Net Income The errors on the July 31 Balance Sheet would be uitems understated Retained Earnings, Total Equity, Total Liabilities and Equity uitems overstated Accounts Receivable, Total Assets The errors on the Income Statement for July would be uitems understated Service Revenue, Net Income uitems overstated none The errors on the July 31 Balance Sheet would be uitems understated Accounts Receivable, Total Assets, Retained Earnings, Total Equity, Total Liabilities and Equity uitems overstated none There would not be any errors, as no adjusting entry is required On July 31, 2017 Baker completed a $1,500 service job for a customer The customer did not pay cash for the job when it was completed the customer will pay for the job on August 15, 2017 It was late in the day when the job was completed and Baker's accounting department did not have time to invoice the customer for the $1,500 completed job Select the adjusting entry Baker should make as of July 31, 2017 related to the unbilled service job Service Revenue 1,500 Accounts Receivable 1,500 Unearned Revenue 1,500 Service Revenue 1,500 Accounts Receivable 1,500 Service Revenue 1,500 No adjusting entry is required None of the above If Baker did not make the August 31 adjusting entry related to the advance payment in question 1 The errors on the Income Statement for August would be items uderstated none items overstated Service Revenue, Net Income The errors on the August 31 Balance Sheet would be items understated Unearned Revenue, Total Liabilities items overstated Retained Earnings, Total Equity The errors on the Income Statement for August would be items understated Service Revenue, Net Income items overstated none The errors on the August 31 Balance Sheet would be items understated Retained Earnings, Total Equity items overstated Unearned Revenue, Total Liabilities The errors on the Income Statement for August would be item understated Service Revenue item overstated Net Income The errors on the August 31 Balance Sheet would be items understated Retained Earnings, Total Liabilities items overstated Total Equity, Unearned Revenue On June 1, 2017 Baker received an advance payment of $24,000 from a customer The payment was for six months of services Baker would perform for the customer at the rate of $4,000 per month Baker started providing the service on June 1, 2017 On June 1, 2017 Baker made the following entry to record the receipt of the advance payment Dr Cr Cash24,000 Unearned Revenue24,000 At the end of June, and at the end of July, Baker made the correct adjusting entries related to this advance payment Select the August 31, 2017 adjusting entry Baker should make related to this advance payment None of the above

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Question: Question 125 Points Question 225 Points Question 325 Points Question 425 Points If Baker did not make the July 31 adjusting entry related to the

Question 125 Points
Question 225 Points
Question 325 Points
Question 425 Points

If Baker did not make the July 31 adjusting entry related to the unbilled service job in question 3:

The errors on the Income Statement for July would be:

uitems understated: none

uitems overstated: Service Revenue, Net Income

The errors on the July 31 Balance Sheet would be:

uitems understated: none

uitems overstated: Accounts Receivable, Total Assets, Retained Earnings, Total Equity, Total

Liabilities and Equity

The errors on the Income Statement for July would be:

uitem understated: Service Revenue

uitem overstated: Net Income

The errors on the July 31 Balance Sheet would be:

uitems understated: Retained Earnings, Total Equity, Total Liabilities and Equity

uitems overstated: Accounts Receivable, Total Assets

The errors on the Income Statement for July would be:

uitems understated: Service Revenue, Net Income

uitems overstated: none

The errors on the July 31 Balance Sheet would be:

uitems understated: Accounts Receivable, Total Assets, Retained Earnings, Total Equity, Total

Liabilities and Equity

uitems overstated: none

There would not be any errors, as no adjusting entry is required.

On July 31, 2017 Baker completed a $1,500 service job for a customer.The customer did not pay cash for the job when it was completed - the customer will pay for the job on August 15, 2017.It was late in the day when the job was completed and Baker's accounting department did not have time to invoice the customer for the $1,500 completed job.

Select the adjusting entry Baker should make as of July 31, 2017 related to the unbilled service job:

Service Revenue	1,500
Accounts Receivable		1,500

Unearned Revenue	1,500
Service Revenue		1,500

Accounts Receivable	1,500
Service Revenue		1,500

No adjusting entry is required

None of the above

If Baker did not make the August 31 adjusting entry related to the advance payment in question 1:

The errors on the Income Statement for August would be:

items uderstated: none

items overstated: Service Revenue, Net Income

The errors on the August 31 Balance Sheet would be:

items understated: Unearned Revenue, Total Liabilities

items overstated: Retained Earnings, Total Equity

The errors on the Income Statement for August would be:

items understated: Service Revenue, Net Income

items overstated: none

The errors on the August 31 Balance Sheet would be:

items understated: Retained Earnings, Total Equity

items overstated: Unearned Revenue, Total Liabilities

The errors on the Income Statement for August would be:

item understated: Service Revenue

item overstated: Net Income

The errors on the August 31 Balance Sheet would be:

items understated: Retained Earnings, Total Liabilities

items overstated: Total Equity, Unearned Revenue

On June 1, 2017 Baker received an advance payment of $24,000 from a customer.The payment was for six months of services Baker would perform for the customer at the rate of $4,000 per month.Baker started providing the service on June 1, 2017.

On June 1, 2017 Baker made the following entry to record the receipt of the advance payment:

Dr. Cr.

Cash24,000

Unearned Revenue24,000

At the end of June, and at the end of July, Baker made the correct adjusting entries related to this advance payment.

Select the August 31, 2017 adjusting entry Baker should make related to this advance payment:

None of the above

Question 125 Points
Question 225 Points
Question 325 Points
Question 425 Points

If Baker did not make the July 31 adjusting entry related to the unbilled service job in question 3:

The errors on the Income Statement for July would be:

uitems understated: none

uitems overstated: Service Revenue, Net Income

The errors on the July 31 Balance Sheet would be:

uitems understated: none

uitems overstated: Accounts Receivable, Total Assets, Retained Earnings, Total Equity, Total

Liabilities and Equity

The errors on the Income Statement for July would be:

uitem understated: Service Revenue

uitem overstated: Net Income

The errors on the July 31 Balance Sheet would be:

uitems understated: Retained Earnings, Total Equity, Total Liabilities and Equity

uitems overstated: Accounts Receivable, Total Assets

The errors on the Income Statement for July would be:

uitems understated: Service Revenue, Net Income

uitems overstated: none

The errors on the July 31 Balance Sheet would be:

uitems understated: Accounts Receivable, Total Assets, Retained Earnings, Total Equity, Total

Liabilities and Equity

uitems overstated: none

There would not be any errors, as no adjusting entry is required.

Select the adjusting entry Baker should make as of July 31, 2017 related to the unbilled service job:

Service Revenue	1,500
Accounts Receivable		1,500

Unearned Revenue	1,500
Service Revenue		1,500

Accounts Receivable	1,500
Service Revenue		1,500

No adjusting entry is required

None of the above

If Baker did not make the August 31 adjusting entry related to the advance payment in question 1:

The errors on the Income Statement for August would be:

items uderstated: none

items overstated: Service Revenue, Net Income

The errors on the August 31 Balance Sheet would be:

items understated: Unearned Revenue, Total Liabilities

items overstated: Retained Earnings, Total Equity

The errors on the Income Statement for August would be:

items understated: Service Revenue, Net Income

items overstated: none

The errors on the August 31 Balance Sheet would be:

items understated: Retained Earnings, Total Equity

items overstated: Unearned Revenue, Total Liabilities

The errors on the Income Statement for August would be:

item understated: Service Revenue

item overstated: Net Income

The errors on the August 31 Balance Sheet would be:

items understated: Retained Earnings, Total Liabilities

items overstated: Total Equity, Unearned Revenue

On June 1, 2017 Baker made the following entry to record the receipt of the advance payment:

Dr. Cr.

Cash24,000

Unearned Revenue24,000

At the end of June, and at the end of July, Baker made the correct adjusting entries related to this advance payment.

Select the August 31, 2017 adjusting entry Baker should make related to this advance payment:

None of the above

Question 125 Points
Question 225 Points
Question 325 Points
Question 425 Points

If Baker did not make the July 31 adjusting entry related to the unbilled service job in question 3:

The errors on the Income Statement for July would be:

uitems understated: none

uitems overstated: Service Revenue, Net Income

The errors on the July 31 Balance Sheet would be:

uitems understated: none

uitems overstated: Accounts Receivable, Total Assets, Retained Earnings, Total Equity, Total

Liabilities and Equity

The errors on the Income Statement for July would be:

uitem understated: Service Revenue

uitem overstated: Net Income

The errors on the July 31 Balance Sheet would be:

uitems understated: Retained Earnings, Total Equity, Total Liabilities and Equity

uitems overstated: Accounts Receivable, Total Assets

The errors on the Income Statement for July would be:

uitems understated: Service Revenue, Net Income

uitems overstated: none

The errors on the July 31 Balance Sheet would be:

uitems understated: Accounts Receivable, Total Assets, Retained Earnings, Total Equity, Total

Liabilities and Equity

uitems overstated: none

There would not be any errors, as no adjusting entry is required.

Select the adjusting entry Baker should make as of July 31, 2017 related to the unbilled service job:

Service Revenue	1,500
Accounts Receivable		1,500

Unearned Revenue	1,500
Service Revenue		1,500

Accounts Receivable	1,500
Service Revenue		1,500

No adjusting entry is required

None of the above

If Baker did not make the August 31 adjusting entry related to the advance payment in question 1:

The errors on the Income Statement for August would be:

items uderstated: none

items overstated: Service Revenue, Net Income

The errors on the August 31 Balance Sheet would be:

items understated: Unearned Revenue, Total Liabilities

items overstated: Retained Earnings, Total Equity

The errors on the Income Statement for August would be:

items understated: Service Revenue, Net Income

items overstated: none

The errors on the August 31 Balance Sheet would be:

items understated: Retained Earnings, Total Equity

items overstated: Unearned Revenue, Total Liabilities

The errors on the Income Statement for August would be:

item understated: Service Revenue

item overstated: Net Income

The errors on the August 31 Balance Sheet would be:

items understated: Retained Earnings, Total Liabilities

items overstated: Total Equity, Unearned Revenue

On June 1, 2017 Baker made the following entry to record the receipt of the advance payment:

Dr. Cr.

Cash24,000

Unearned Revenue24,000

At the end of June, and at the end of July, Baker made the correct adjusting entries related to this advance payment.

Select the August 31, 2017 adjusting entry Baker should make related to this advance payment:

None of the above

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