Which of the following is the entry to be recorded by alaw firm when it receives a payment from a new client thatwill be earned when services are provided in the future?a. Debit Accounts Receivable; credit Service Revenue.b. Debit Unearned Revenue; credit Service Revenue.c. Debit Cash; credit Unearned Revenue.d. Debit Unearned Revenue; credit Cash

Q: ssued by business X. c) Bank credit advice. d) internal memo. e) cash sales slip. f) Cheque butt. g)…

A: Source Document - Source documents provide unmistakable proof that any financial transaction…

Q: All transactions entered in this window result in a debit to the Accounts Receivable account. a.…

A: In quickbooks all transactions entered in invoice window result in a debit to the Accounts…

Q: Which of the following best describes the classification and normal balance of the accounts…

A: Accounts receivable account generally shows the amount to be received from the customers against the…

Q: Which of the following accounts is increased by a debit?A. Common StockB. Accounts PayableC.…

A: Debit and credit are two sides of account in accounting framework. All assets, expenses and…

Q: The entry to record interest expense on a bank loan payable is a   a. debit to interest expense and…

A: The adjustment entries are made at the end of the year to adjust the revenues and expenses of the…

Q: Describe Deposits and Advances from Customers.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Describe about the Accounts payable.

A: Accounts payable: A liability which is payable within a short period is termed accounts payable and…

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

Q: When a company receives cash in advance for services it has yet to provide, what is the appropriate…

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

Q: Which of the following journal entries would be recorded if a business performs services and…

A: A journal entry is a formal record of a financial transaction or event in an organization's…

Q: Match the following form (transaction type) with the appropriate transaction description: Рayment…

A: Transactions: A business transaction is a financial transaction that takes place between two or more…

Q: Which of the following accounts has a normal credit balance? X a. Accounts Receivable b. Yura Wun,…

A: Under double entry accounting system each account have debit or credit balance.All assets have debit…

Q: What is the GL entry when a company receives a payment from a customer? Debit revenue, credit…

A: General ledger entry for receiving a payment from a customer means entry for amount received from…

Q: Which of the following pieces of information would you not expect a potential credit customer to…

A: A potential credit customer is the customer to the lender of the money who has willingness to get…

Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: A company that provides a service or product to a customer on credit has an __________ from that…

A: A goods or service sold on credit is treated as assets of the business as these are customer…

Q: Assuming HST is not charged, what will a POS Summary result in a credit to: * Bank O A/R O A/P O…

A: Point of sale (POS) is place where  a customer made  payment for goods or services. Point of sale…

Q: A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B.…

A: Credit memo - Indicates a decrease in the amount of customer owed to the seller. Components of the…

Q: For each account, identify whether it is included in a post-closing trial balance. a. Store…

A: Solution: All temporary accounts such as revenues, expenses and dividends etc are closed to income…

Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: Billed customers in which Account (A/c) debited ?

A: Once you send an invoice (or bill), it becomes part of your accounts receivable – until it's paid.…

Q: When passing a journal entry for this transaction what would be debited? Received cash delivery…

A: A journal entry is a recording of a business transaction in a company's accounting system. It…

Q: I. Multiple Choice Directions: Choose the letter corresponding to the correct answer for each of the…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: How is the account Unearned Fees classified and what kind of balance should it have? Group of answer…

A: A current liability is an obligation for the company that has to be paid off within a year. It would…

Q: How is the account Accounts Payable classified and what kind of balance should it have? Group of…

A: Accounts payable is the term for current liabilities in regard to purchases made on credit. Such…

Q: Master Flow made a payment on its Trade Account with Kohler, for the full Balance.

A: The journal entry is recorded from the source document. The transaction which is related to…

Q: When posting the column totals of a cash payments journal, a debit should be posted to a.Unearned…

A: answer  c    Account  Payable is right answer.

Q: Revenue is properly recognized: Multiple Choice O When the customer makes an order. Only if the…

A: Revenue is the total amount of income generated by the sale of goods or services.According to the…

Q: If we perform services for a client who had previously paid us up front, we will ____ the Deferred…

A: Introduction:- Deferred revenue, often known as unearned income, refers to payments made in advance…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is