eCatalog Services Company performed services in October for a specific customer for a fee of $7,890. Payment was received the following November. (a) Was the revenue earned in October or November?(b) What accounts should be debited and creditedin (1) October and (2) November?

eCatalog Services Company performed services in October for a specific customer for a fee of $7,890. Payment was received the following November. (a) Was the revenue earned in October or November?(b) What accounts should be debited and creditedin (1) October and (2) November?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A credit card account had a $299 balance on March 5. A purchase of $184 was made on March 12, and a payment of $10 O was made on March 28. Find the average daily balance if the billing date is April 5. (Round your answer to the nearest cent.)
b. Assume that Joey's Bike Shop uses the direct write-off method of accounting for uncollectible accounts. Answer the following questions: (1) What is the Accounts Receivable balance at December 31, Year 1? (2) What is the amount of uncollectible accounts expense for Year 1? (3) What is the net realizable value of accounts receivable at December 31, Year 1?
An invoice is dated for June 28 for $8657 with terms of 8/10 EOM,ROG . The merchandise was received on July 3 , how much should be paid on or before August 1?
How to track the following revenue recognitions as a journal entry: A firm rents psace in its store to a travel agency for $9,000/mo effective March 1. Receives $18,000 cash on March 1 for two months rent. Same as above except; firm receives teh check for the March and April rent on April 1.
Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.
am. 81.
On December 1, Simpson Marketing Company received $6,300 from a customer for a 2-month marketing plan to be completed January 31 of the following year. The cash receipt was recorded as unearned revenue. The adjusting entry for the year ended December 31 would include: Multiple Choice O a debit to Unearned Revenue for $3,150. a credit to Services Revenue for $4,200. O a debit to Services Revenue for $6,300. O O a credit to Unearned Revenue for $2,100. a debit to Services Revenue for $4,200.
Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 April 3 (a) April 3 (b) April 4 April 5 April 6 April 9 April 11 April 12 April 13 (a) April 13 (b) April 14 April 16 (a) April 16 (b) April 17 April 18. April 20 (a) April 20 (b) April 23 (a) April 23 (b) April 25 April 26 April 27 (a) April 27 (b) April 30 (a) April 30 (b) Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60. Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000). Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30. Issued Check Number 587 to World View for advertising expense of $904. Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500). Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. Purchased $12,225 of store equipment on…
an invoice for kitchen appliances is dated December 23 and is paid on January 14 of the following year. credit terms are 2/15,n/45 EOM. The total amount, $497.48 includes a charge for freight and insurance of $62.43. A. What amount should be paid? B.How much is credited to the buyer's account? C. Is any money still owed after the payment?
company received a deposit for $19600 last month for services to be provided in the current month, October. By the end of October the services have been provided. What does the appropriate journal entry include at the end of October?
On January 1, Wei Company begins the accounting period with a $42,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,200 in customer accounts was uncollectible; specifically, $2,100 for Oakley Company and $7,100 for Brookes Company Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,100 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received. View transaction list Journal entry worksheet 1 2 3 > On February 1, the company determined that $9,200 in customer accounts was uncollectible; specifically, $2,100 for Oakley Company and $7,100 for Brookes Company. Prepare the journal entry to write off those two accounts. Note: Enter debits before credits. Date General Journal Debit Credit February 01