Recording Transactions Practice Problems Templates

What's Up Problem

Question $1$:

Indicate if the following $4$ scenarios lead to recognition of a receivable, unearned revenue, payable or prepaid expense.

a$.$ What's Up receives the cash in December $2017$ for services What's Up provided to customers in November $2017?$ What should they recognize in November?

b$.$ What's Up pays out cash in October $2017$ for a marketing project that will be implemented in December of $2017.$ What should be recognized in October?

c$.$ What's Up receives the cash in January $2017$ for services they will provide to customers in February $2017?$ What should they recognize in January?

d$.$ What's Up pays out cash in March for salaries related to work employees did in February. What should they recognize in February?