Question 12 June 1, 2017 – NoDirt paid $6,000 to Ace Machine Company for a commercial floor buffing machine. The buffing machine will be depreciated over a 5 year life. . Using the information given in 12. above – select the adjusting entry Green should make prior to preparing financial statements on May 31, 2017. Prior to this May 31, 2017 adjusting entry, Green has made only two entries in their accounting system related to this advance payment – the April 1, 2017 entry to record the receipt of the $60,000 cash and the April 30, 2017 adjusting entry. account details debit credit A. Unearned Service Revenue 36,000 Service Revenue 36,000 B. Service Revenue 36,000 Unearned Service Revenue 36,000 C. Service Revenue 12,000 Unearned Service Revenue 12,000 D. Unearned Service Revenue 12,000 Service Revenue 12,000 E. None of the above
Question 12 June 1, 2017 – NoDirt paid $6,000 to Ace Machine Company for a commercial floor buffing machine. The buffing machine will be depreciated over a 5 year life. . Using the information given in 12. above – select the adjusting entry Green should make prior to preparing financial statements on May 31, 2017. Prior to this May 31, 2017 adjusting entry, Green has made only two entries in their accounting system related to this advance payment – the April 1, 2017 entry to record the receipt of the $60,000 cash and the April 30, 2017 adjusting entry. account details debit credit A. Unearned Service Revenue 36,000 Service Revenue 36,000 B. Service Revenue 36,000 Unearned Service Revenue 36,000 C. Service Revenue 12,000 Unearned Service Revenue 12,000 D. Unearned Service Revenue 12,000 Service Revenue 12,000 E. None of the above
Question 12 June 1, 2017 – NoDirt paid $6,000 to Ace Machine Company for a commercial floor buffing machine. The buffing machine will be depreciated over a 5 year life. . Using the information given in 12. above – select the adjusting entry Green should make prior to preparing financial statements on May 31, 2017. Prior to this May 31, 2017 adjusting entry, Green has made only two entries in their accounting system related to this advance payment – the April 1, 2017 entry to record the receipt of the $60,000 cash and the April 30, 2017 adjusting entry. account details debit credit A. Unearned Service Revenue 36,000 Service Revenue 36,000 B. Service Revenue 36,000 Unearned Service Revenue 36,000 C. Service Revenue 12,000 Unearned Service Revenue 12,000 D. Unearned Service Revenue 12,000 Service Revenue 12,000 E. None of the above
June 1, 2017 – NoDirt paid $6,000 to Ace Machine Company for a commercial floor buffing machine. The buffing machine will be depreciated over a 5 year life.
. Using the information given in 12. above – select the adjusting entry Green should make prior to preparing financial statements on May 31, 2017. Prior to this May 31, 2017 adjusting entry, Green has made only two entries in their accounting system related to this advance payment – the April 1, 2017 entry to record the receipt of the $60,000 cash and the April 30, 2017 adjusting entry.
account details debit credit
A. Unearned Service Revenue 36,000
Service Revenue 36,000
B. Service Revenue 36,000
Unearned Service Revenue 36,000
C. Service Revenue 12,000
Unearned Service Revenue 12,000
D. Unearned Service Revenue 12,000
Service Revenue 12,000
E. None of the above
. Using the information given in 12. above – select the adjusting entry Green should make prior to preparing financial statements on May 31, 2017. Prior to this May 31, 2017 adjusting entry, Green has made only two entries in their accounting system related to this advance payment – the April 1, 2017 entry to record the receipt of the $60,000 cash and the April 30, 2017 adjusting entry.
A. Unearned Service Revenue 36,000
Service Revenue 36,000
B. Service Revenue 36,000
Unearned Service Revenue 36,000
C. Service Revenue 12,000
Unearned Service Revenue 12,000
D. Unearned Service Revenue 12,000
Service Revenue 12,000
E. None of the above
Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.
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