Service revenue earned but not yet collected or billed by the end of the period was $200;

Fantastic news! We've Found the answer you've been seeking!

Question:

Service revenue earned but not yet collected or billed by the end of the period was $200; therefore, the adjusting entry should be: Debit--Accounts receivable, $200; Credit--Unearned service revenue, $200. True or False

Related Book For answer-question

Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books

Posted Date: Apr 22, 2022 02:32 AM

See More Questions

Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The rent is prepaid for three months at $1,200 per month. Develop the adjusting entry...
The adjusting entry to record interest earned but not yet collected 1. increase liabilities and decease stockholders' equity 2. increase assets and increase stockholders' equity 3. increase...
A company fails to recognize revenue earned but not yet received. Which of the following accounts are involved in the adjusting entry? (a) Asset, (b) Liability, (c) Revenue, or (d) Expense? For the...
The lease agreement and related facts indicate the following: a. Leased equipment had a retail cash selling price of $300,000. Its useful life was five years with no residual value. b. The lease term...
Why are investment-grade bonds given that name? Why are junk bonds also known as high-yield bonds?
Millennials spent an average of $103 on monthly dining in 2016. Source: Data extracted from Consumer Response Annual Report,available at bit.ly/2x4CN5w. Assume that the amount spent on a monthly...
Construct a bar graph for each of the following (assume the independent variable is group and the dependent variable is time): a. Group $\mathrm{A}(N=5, M=4.00, s=1.58)$; Group B \((N=5, M=6.00,...
Tom Loper is an accounting major at a midwestern state university located approximately 60 miles from a major city. Many of the students attending the university are from the metropolitan area and...
Figure 3 presents a network where N users are sharing a link of 1 Mbps bandwidth. Users are generating data at a rate of 100 kbps when busy, but are busy generating data only with probability p=0.1....
Fourth-Sixth-Twelfth Bank currently pays an annuall dividend of $1.40 per share. After extensive analysis, you forecast that the Bank's stock will continue to pay the $1.40 dividend for four years....
Who was the CEO of HealthSouth during the fraud scheme? Write about him.
Brazil is experiencing a collapse in business investment, rising unemployment, and falling consumer spending. Business and consumer confidence are low. a. Explain and draw a graph to illustrate the...
Visit www.bplans.com, https://blog.hubspot.com/marketing/marketing-plan-examples and www.howstuffworks.com/marketing-plan.htm. Review some of the sample marketing plans available on these sites.
Make a list of ten products and services that you use on a daily basis. Examples might include soft drinks, detergents, utilities, and textbooks. Next to each item on the list of products and...
The following figure illustrates the circular flow model. During 2021, flow A was $13.0 trillion, flow B was $9.1 trillion, flow D was $3.3 trillion, and flow E was $0.8 trillion. Calculate (i) GDP...
Visit www.surveymonkey.com and learn about how to create and administer a survey.
2. Alice is using the one-time pad encryption scheme described in class (and in the book). Her message space, ciphertext space and keyspace are all {0, 1} (that is, 3 bits long). She samples her key...
The first law of thermodynamics is sometimes whimsically stated as, You cant get something for nothing, and the second law as, You cant even break even. Explain how these statements could be...
What circumstances may cause the purchasing department to be responsible for both an unfavorable materials price variance and an unfavorable materials quantity variance?
Kate Coulter is confused about how a flexible budget is prepared. Identify the steps for Kate.
An item must possess two characteristics to be classified as inventory by a merchandiser. What are these two characteristics?
State Newton's second law as you would apply it to a control mass.
Define a 1-pound force in terms of the acceleration it will give to a 1-pound mass. Give a similar definition for a newton in the SI system.
Explain the significance of $g_{c}$ in Newton's second law. What are the magnitude and units of $g_{c}$ in the English Engineering system? In the SI system?

Service revenue earned but not yet collected or billed by the end of the period was $200;

Question:

Expert Answer:

Service revenue earned 200 Service revenue was earned but no cash was collected It will have ... View the full answer

Accounting Principles

Students also viewed these accounting questions