Answered: When goods are delivered after an…

When goods are delivered after an advance receipt of cash, Unearned Sales Revenue is debited. Cash is debited. Unearned Sales Revenue is credited. Sales Revenue is debited. choose the correct ans

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3MC: If a customer pays with a credit card and the service has been provided, which of the following...

See similar textbooks

Related questions

Q: cenario 2: Pete wants its for each product

A: 1] Break even sales is the amount of revenue at which a business earns a profit of zero. i.e its a…

Q: Assuming no other transaction happened, what is the balance of Accounts Receivables at the end of…

A: The balance of accounts receivables on a specified date is the balance which is to be receivable…

Q: Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2022:…

A: The value of the asset is decreased on the given date compared to the value on the date of purchase,…

Q: The monthly salaries for December and the year-to-date earnings as of November 30 for the three…

A: Medicare Tax: It refers to a tax levy charged by federal government that finances a percentage of…

Q: A building with an appraisal value of $139,552 is made available at an offer price of $151,011. The…

A: Fixed assets are those assets which are being held by the business for long period of time .…

Q: Prepare Pearl's journal entries for (a) the January issuance, (b) the July 1 interest payment, and…

A: Bonds :— It is a type of securities that pays fixed periodic interest and face value at the end of…

Q: Required: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows…

A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…

Q: Rico Company orders 25 weed whackers for its inventory from a supplier in Asia. Invoice cost is $625…

A: Inventory Definition:Inventory refers to the goods and materials a business holds for the purpose of…

Q: Current Attempt in Progress A job order cost sheet for Ryan Company is shown below. Job No. 92 Date…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants…

A: Payroll Deduction: This includes all the amount that is withheld by the employer from the gross…

Q: In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa…

A: Percentage of completion method is a way of accounting revenues. According to the percentage of…

Q: The following are selected transactions of Whispering Winds Company. Whispering Winds sells in large…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Exercise 9-14 (Algo) Conventional retail method [LO9-4] Colonial Corporation uses the retail method…

A: The ending inventory comprises the units that remain unsold at the end of the accounting period. The…

Q: In 2024, Blossom, Inc. issued 91000 shares of $100 par value convertible preferred stock for $102…

A: Convertible preference shares are preference shares that have the opportunity to be converted into a…

Q: Marty holds 75 percent of Clover's voting common shares. On January 1, 20X7, Marty Corporation sold…

A: Accumulated Depreciation is the sum of all the depreciation that is evaluated on the assets till the…

Q: Baker Industries’ net income is $24000, its interest expense is $4000, and its tax rate is 40%. Its…

A: ROE( Return on Equity) and ROIC( Return on Invested Capital) are fiscal performance criteria that…

Q: 1. CJ, Inc. issued a promissory note to AJ, Inc. in the amount of $400,000 on January 1, 2014, the…

A: The question is based on the concept of financial liabilities.Financial Liabilities shall be…

Q: Use the following information for questions 5 & 6: Dilly Farm Supply is in a small town in the rural…

A: Cash budget is also a part of the Master budget which is used to estimate the expected cash receipt…

Q: Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The…

A: A flexible budget is prepared on the basis of the budgeted rate and on the basis of different…

Q: (e) Your answer is incorrect. Determine the ending balances in Accounts Receivable and Allowance for…

A: The allowance for doubtful accounts is created to record the estimated bad debt expense for the…

Q: Meanmocha Hardware has a periodic inventory system and uses the weighted average method. The company…

A: LIFO means last in first out where as FIFO means first in first out.inventory and cost of goods sold…

Q: The records of Sheffield's Boutique report the following data for the month of April. Sales revenue…

A: Inventory means the material in which the business deals. inventory can be raw material , work in…

Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as…

A: Effective inventory level management requires accurate inventory appraisal. It helps with price…

Q: ravel Expenses, Meals And

A: 1]A travel expense is a type of business expense. Therefore, you must be able to meet the general…

Q: Yarra Fabrication estimates that its manufacturing overhead will be $2,336,000 in year 1. It further…

A: Overhead, in the environment of business and account, refers to the ongoing operating charges and…

Q: Banko Inc. manufactures sporting goods. The following information applies to a machine purchased on…

A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Beg Inventory…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: Contribution margin and contribution margin ratio For a recent year, McDonald's (MCD) company-owned…

A: The contribution margin ratio is calculated as the difference between the sales and variable costs.…

Q: Shadee Corporation expects to sell 590 sun shades in May and 330 in June. Each shade sells for $158.…

A: BUDGETBudget is an estimate of future profit and loss of the business. The income statement is the…

Q: On July 1, 2022, Cullumber Company purchased new equipment for $102,400. Its estimated useful life…

A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…

Q: Herring Wholesale Company has a defined benefit pension plan. On January 1, 2024, the following…

A: \When a net gain or loss at the start of the year exceeds 10% of the PBO or 10% of plan assets,…

Q: 2022, Margaret and John

A: Deductions are the expenses that are subtracted from the taxpayer's gross income (GI) to reduce…

Q: Required: 1. Show how Rhone-Metro calculated the $162,000 annual lease payments. 2. How should this…

A: What is meant by Lease?The agreement under which the owner of the asset provides the asset to other…

Q: a) Calculate the amount of cost recovery that can be taken in 20x5. b) What would your answer be if…

A: According to the Cost Basis of a Home Converted from Residence to Rental, the basis for depreciation…

Q: Wright, Bell, and Edison are partners and share income in a 2.5.3 ratio. The partnership's capital…

A: When a partner withdraws from a partnership without revaluing the assets, the capital accounts of…

Q: Pierce Furniture purchased land, paying $90,000 cash and signing a $270,000 note payable. In…

A: DEPRECIATION ACCOUNTINGDepreciation can be defined as an expense which calculates the value of fixed…

Q: In Draco Corporation's first year of business, the following transactions affected its equity…

A: The stockholders' equity includes the total issued capital and retained earnings of the business.…

Q: Myriad Solutions, Incorporated issued 10% bonds, dated January 1, with a face amount of $320 million…

A: A bond payable is recorded as a liability on the balance sheet. Interest expense is recorded on the…

Q: Tamarisk Corporation purchased a tract of unimproved land for $627,000. This land was improved and…

A: The net realized income is the income received from recognized sales under the revenue recognition…

Q: On January 10, 2025, Pharoah Co. sold merchandise on account to Tompkins for $7.430, terms n/30, On…

A: Lets understand the basics.Notes receivables are the notes issued by the customer or borrower and…

Q: Norling Corporation reports the following information: Net income Dividends on common stock…

A: Earnings per share is calculated by dividing net income available to common stockholders' by…

Q: Fabulous Fashions Corporation owns 70 percent of Shiny Clothing Corporation's common stock. On…

A: Unrealized gains are increases in the value of assets that have not yet been sold for cash, such as…

Q: Yuvwell Corporation's direct labor budget for next year contained the following information: 1st…

A: Lets understand the basics.The overhead budget predicts the overhead costs including variable and…

Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…

A: Variances are the differences between the actual values and budgeted values. If the budgeted values…

Q: Splish Corporation purchased a truck by issuing an $118,400, 4-year, zero-interest-bearing note to…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: 5. Assume that the breakeven sales level for a price decrease is 44 units and the product's…

A: Objective: Calculate the change in profit for the product when sales increase by 50 units, given the…

Q: Product A has a variable cost of $18 per unit and product B has a variable cost of $13 per unit. If…

A: Variable cost is the cost that changes with change in the activity of cost driver used. The variable…

Q: Required information Problem 11-41 (LO 11-3, LO 11-4) (Static) [The following information applies to…

A: Depreciation is an expense or decrement in which the value of an asset over a period of time with…

Q: gave a standard A company makes a product in two qualities, 'Prime' and 'Deluxe'. company had been…

A: Solution:Total direct labor hours worked = (No. of prime units * No. of hours) + (No. of deluxe…

Q: If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a…

A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…

Question

When goods are delivered after an advance receipt of cash,

Unearned Sales Revenue is debited.

Cash is debited.

Unearned Sales Revenue is credited.

Sales Revenue is debited.

choose the correct ans

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Definition of journal entries:

VIEW

Step 2: Discussing the correct entry:

VIEW

Step 3: Explanation of incorrect options:

VIEW

Solution

VIEW

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered later
Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payable
Which of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods sold
If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenue
Name two situations where cash would be remitted to a retailer from a manufacturer after purchase.
Which of the following accounts are used when recording a purchase? A. cash, merchandise inventory B. accounts payable, merchandise inventory C. A or B D. cash, accounts payable
For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchases
Which two accounts are used to recognize shipping charges for a buyer, assuming the buyer purchases with cash and the terms are FOB Shipping Point? A. delivery expense, cash B. merchandise inventory, cash C. merchandise inventory, accounts payable D. The buyer does not record anything for shipping since it is FOB Shipping Point.
Under the realization principle, revenue from sale of products is recognized a. At date of delivery to the customers C. When the customers are billed b. When the inventories are readied for shipment D. Upon receipt of cash payment
1. Sales revenue should be recognized when: a. sales are invoiced. b. payment is received from the customer. c. the customer's order is received. d. goods are shipped.
Sales revenues are usually considered earned when Select one: a. goods have been transferred from the seller to the buyer. b. adjusting entries are made. C. an order is received. d. cash is received from credit sales.
Normally revenue is recognized when: A. the customer order is receivedB. the customer order is accompanied by a checkC. the transaction results to recording an accounts receivableD. when the title of the goods changes