Correcting the Trial Balance: Near the end of the year, AlphaTireceived $2,000 cash in advance from a customer for servicesAtrto be performed in the future, and recorded it as a debit toCash and a credit to Service Revenue. By the end of the year,21Alpha had earned $500 of the cash received in advance. NoAJE was recorded. What corrections, if any, should be made tothe trial balance?Debit Column [ Select ][ Select ]-2,000Credit Column The correct answer is not listed.-2,000 +500 -500+500 -500No entry.

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Description: Correcting the Trial Balance: Near the end of the year, AlphaTireceived $2,000 cash in advance from a customer for servicesAtrto be performed in the future, and recorded it as a debit toCash and a credit to Service Revenue. By the end of the year,21

The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Business

Accounting

Correcting the Trial Balance: Near the end of the year, Alpha received $2,000 cash in advance from a customer for services to be performed in the future, and recorded it as a debit to Cash and a credit to Service Revenue. By the end of the year, Alpha had earned $500 of the cash received in advance. No AJE was recorded. What corrections, if any, should be made to the trial balance? Debit Column [Select] [Select] -2,000 Credit Column The correct answer is not listed. -2,000 +500 -500 +500-500 No entry.

Correcting the Trial Balance: Near the end of the year, Alpha received $2,000 cash in advance from a customer for services to be performed in the future, and recorded it as a debit to Cash and a credit to Service Revenue. By the end of the year, Alpha had earned $500 of the cash received in advance. No AJE was recorded. What corrections, if any, should be made to the trial balance? Debit Column [Select] [Select] -2,000 Credit Column The correct answer is not listed. -2,000 +500 -500 +500-500 No entry.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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