A law firm has billed their clients for services performed. They subsequently received payments from their clients. What entry will the law firm make upon receipt of the payments?   a. Debit Unearned Service Revenue and credit Service Revenue b. Debit Cash and credit Accounts Receivable c. Debit Accounts Receivable and credit Service Revenue d. Debit Cash and credit Service Revenue

Q: Match the following descriptions with each of the components in the loan review process. Review…

A: Lenders evaluate borrowers' creditworthiness and the risk of a loan through a number of processes…

Q: Which journal entries is correct when a business entity collects an accounts receivable? A. Cash -…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Describe the process of recording transactions in the accounting system and explain the role of…

A: An accounting system refers to the set of processes, procedures, and tools used to record, organize,…

Q: Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b.…

A:

Q: Describe Deposits and Advances from Customers.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: - Which of the following receivables is allocated for? A) Receivables from partners B) Receivables…

A: The correct option is  A) Receivables from partners

Q: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

A: 1. To determine the accuracy of the remaining prepaid account balance, I would examine the following…

Q: The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer…

A: This error is a self balancing error. One account is credited instead of other. It auto balances the…

Q: O a. Entry at two separate dates in a credit and cash transaction

A: Journal entry is a primary entry that records the financial transactions initially. The transactions…

Q: The revenue principle requires that a business records revenue when the business: A receives payment…

A: The revenue principle, also known as the revenue recognition principle, is a fundamental accounting…

Q: Function Missing words Customer billing for provided Receipt and processing of and services Managing…

A: Here the context is match the following to choose the correct one in the missing words which are…

Q: The amount to be paid by the business to the supplier who supplied the material on credit is a.…

A: When Company purchased goods and services on credit from the supplier then it needs to be paid back…

Q: A company that provides a service or product to a customer on credit has an __________ from that…

A: A goods or service sold on credit is treated as assets of the business as these are customer…

Q: Explain the concept of double-entry bookkeeping in accounting and how it ensures accuracy and…

A: Double-entry bookkeeping is a fundamental accounting concept that records every financial…

Q: Which of the accounting controls ensure that a company's resources are used efficiently and…

A: Controls are the procedures which are designed and monitored by the management to ensure that the…

Q: Which of the following types of transactions can be uploaded into QBO using the Receipt action.…

A: QBO : It stands for QuickBook Online, an online platform for recording the business transactions.…

Q: One article  regarding  "Credit Transaction" issues and how it was resolved. Make a comment about…

A: To charge whatever they wish for credit. Usury laws set up a greatest pace of legitimate interest.…

Q: Explain the concept of double-entry bookkeeping and how it helps ensure the accuracy of financial…

A: Double-entry bookkeeping is a system of accounting that records every financial transaction in two…

Q: You have been employed as a business analyst for Kingdom Bank. Your main duties and responsibilities…

A: The business analyst of a bank performs the core financial functions of the bank. He/she requires…

Q: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

A: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

Q: he ___________ is the process by which a company spends cash, generates revenues, and receives cash…

A: Solution Concept In a business there may be various activities conducted Every business has its core…

Q: If the owner of the business wants to see both the debit and credit entry for a specific…

A: Accounting refers to system which summarize as well as reports the financial and the business…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: Answer: External user.

Q: How can you ensure that your accounting records are accurate?

A:

Q: Explain the concept of double-entry bookkeeping and how it ensures accuracy in financial records.

A: By recording every financial transaction in at least two different accounts, the double-entry…

Q: Explain the process of double-entry accounting, including its fundamental principles, the concept of…

A: Accounting is a fundamental method used in financial accounting to ensure accurate and reliable…

Q: adjusting some transactions before Final Accounts are prepared?

A: The final accounts are prepared after making adjustments. Adjustments are very much required for the…

Q: TRUE OR FALSE. If assignment of receivables is made under a notification basis, the company, the…

A: Assignment of accounts receivable is a loan agreement in which the borrower assigns the lender to…

Q: If we perform services for a client who had previously paid us up front, we will ____ the Deferred…

A: Introduction:- Deferred revenue, often known as unearned income, refers to payments made in advance…

Q: xamples how travel agency business analyse and manage the

A: When you start a travel agency, you must keep detailed accounting records for your company. These…

Q: A credit bureau, AKA credit agencies, are companies that collect credit information about…

A: A credit bureau can be defined as a company that gathers and researches information about…

Q: Provide a breakdown of a banking institution's sources of revenue and categories of expenses

A: Banking institutions are one of the key financial institution of the economy. They primarily receive…

Q: The accounting assumption that states an owner of a business must keep the business checkbook…

A: Accounting Assumption :— It is set of standard rules that are provided by financial accounting…

Q: it is urgent  A promise received from a business's customers to pay for goods and services that…

A: Introduction Sales may be defined as the activity of exchanging goods and services for money. It may…

Q: Barbie renders professional assistance in matters relating to accounting procedures and the…

A: The answer is given below :

Q: How do you journalize the purchase of office equipment into credit?

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is