Consider this journal entry: Dr. Cash $5,000 Cr. Unearned Service Revenue $5,000 What is the most likely explanation for this journal entry? OA customer.paid in advance for services to be delivered in the future. No answer choice is correct. This is an adjusting journal entry to recognize sales at the end of the reporting period. This is a cash basis sale to a customer. FC F3 Q Search 3 $ 4 % O NEW F5 of F6 FB IA & 5 6 7 8 9
Consider this journal entry: Dr. Cash $5,000 Cr. Unearned Service Revenue $5,000 What is the most likely explanation for this journal entry? OA customer.paid in advance for services to be delivered in the future. No answer choice is correct. This is an adjusting journal entry to recognize sales at the end of the reporting period. This is a cash basis sale to a customer. FC F3 Q Search 3 $ 4 % O NEW F5 of F6 FB IA & 5 6 7 8 9
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....
Related questions
Question
Transcribed Image Text:Consider this journal entry:
Dr. Cash $5,000
Cr. Unearned Service Revenue $5,000
What is the most likely explanation for this journal entry?
OA customer.paid in advance for services to be delivered in the future.
No answer choice is correct.
This is an adjusting journal entry to recognize sales at the end of the reporting period.
This is a cash basis sale to a customer.
FC
F3
Q Search
3
$
4
%
O
NEW
F5
of
F6
FB
IA
&
5
6
7
8
9
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