this question requires multiple answers. can someone please help me out? In January 2024, Bennett Company received a $36,000 payment from a customer for services to be provided evenly in 2024, 2025, and 2026. The bookkeeper made the following entry: DRCash $36,000; CR Service Revenue $36,000. In 2025, the company discovered the error. 2024 is closed but 2025 is still open. When the correcting entry is made, which components will beincluded? (Choose all that apply)A. credit service revenue $12,000OB. debit retained earnings 1/1 $24,000C. debit service revenue $12,000D. credit unearned service revenue $12,000OE. credit unearned service revenue $36,000

Explanation:In 2024, $36,000 was mistakenly credited to Service Revenue for services to be provided…

Answered: In January 2024, Bennett Company…

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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On January 1, 2022, Riverbed Company purchased the following two machines for use in its production process. Machine A: Machine B: (a) 1. Prepare the following for Machine A. (Round answers to 0 decimal places, e.g. 5,125. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 2. The cash price of this machine was $48,500. Related expenditures also paid in cash included: sales tax $1,700, shipping costs $200, insurance during shipping $50, installation and testing costs $120, and $200 of oil and lubricants to be used with the machinery during its first year of operations. Riverbed estimates that the useful life of the machine is 5 years with a $4,750 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. 1. The recorded cost of this machine…
When DeSoto Water Works purchased a machine at the end of 2017 at a cost of $65,000, the company debitedBuildings and credited Cash $65,000. The error was discovered in 2018. What journal entry will DeSoto use tocorrect the error? What other step(s) would be taken in connection with the error?
Please answer Part C and show any work so I can understand. Thank you for the help.
Teal Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Teal estimates returns of 20%. Teal sells these planters on account for $1,500,000 (cost $825,000) on January 2, 2020. Customers are required to pay the full amount due by March 15, 2020. Your answer is correct. Prepare the journal entry for Teal at January 2, 202o. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2, Accounts Receivable 1,500,000 2020 Sales Revenue 1,500,000 (To recognize revenue.) Cost of Goods Sold 825000 Inventory 825000 (To record cost of goods sold.) eTextbook and…
I have entered every answer for Dec 31, and it keeps telling me i am wrong. Can you help me solve?On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,315, Wildhorse Co. estimates that 11% of its accounts receivable balance of $107,400 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Wildhorse Co. determined that B. Jared’s account was uncollectible and wrote off $1,207. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Choose a transaction date December 31, 2021May 11, 2022June 12, 2022 Enter an account title Enter a debit amount Enter a credit…
During 2025, Sandhill Company started a construction job with a contract price of $1,580,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date (a) Your answer is correct. 2025 $383,800 $807,380 626,200 298,620 297,000 271,000 Gross profit recognized in 2025 $ eTextbook and Media Gross profit recognized in 2026 $ List of Accounts Gross profit recognized in 2027 $ 2026 895,000 807,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. $1,070,000 2027 1,580,000 1,433,000 216600 -0- 129420 163980 Attempts: 2 of 5 used
Current Attempt in Progress During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2025 $383,800 626,200 302,000 271,000 2026 $905,280 198,720 896,000 817,000 2027 $1,063,000 -0- 1,610,000 1,419,000
Requirement:a. Give all the necessary entries to correct the account on December 31, 2022. Write your entriesin a columnar paper.b. Using a T-Account, show the corrected balance of the delivery equipment by posting youradjusting entries.
This is the last step I think of the last problem submitted if you need a reference. Thanks again. The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $38,000. July 23, 2021 Receive $27,000 from customers on account. December 31, 2021 Estimate that 25% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $51,000. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $45,000 from customers for services provided in 2022. December 31, 2022 Estimate that 25% of uncollected accounts will not be received. Calculate net accounts receivable at the end of 2021 and 2022. Picture attached is how the chart looks that I…
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