Unearned revenues are revenue for which the cash has been received in advance but the services against the same are yet to be provided. Such revenues are recognized in the books of accounts on the basis of the revenue recognition principle. The adjustment entries are recorded at the end of the period to consider such revenues and then, they are also classified to the income statement and the balance sheet on the basis of their nature (revenue or the liability). a) To determine: Adjustment entry that Tao should make to account for the work performed from October 1 through December 31, 2017.

Question

Want to see the full answer?

Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 11QS

To determine

Concept Introduction:

Unearned revenues are revenue for which the cash has been received in advance but the services against the same are yet to be provided. Such revenues are recognized in the books of accounts on the basis of the revenue recognition principle. The adjustment entries are recorded at the end of the period to consider such revenues and then, they are also classified to the income statement and the balance sheet on the basis of their nature (revenue or the liability).

a) To determine: Adjustment entry that Tao should make to account for the work performed from October 1 through December 31, 2017.

To determine

b) To determine: The journal entry that Caden should make as of December 31, 2017, to adjust the subscription revenue account and the unearned subscription revenue account.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Answer me please

Sunset Company reported net income of $120,000 using absorption costing. The company produced 30,000 units and sold 25,000 units during the year. Beginning inventory was zero. Fixed manufacturing overhead was $150,000, and the variable manufacturing cost was $15 per unit. There was no underapplied or overapplied overhead. Calculate Sunset Company's net income under variable costing. A. $95,000 B. $120,000 C. $145,000 D. $170,000

Hello tutor please help me this question solution

Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 11QS

To determine

Concept Introduction:

Unearned revenues are revenue for which the cash has been received in advance but the services against the same are yet to be provided. Such revenues are recognized in the books of accounts on the basis of the revenue recognition principle. The adjustment entries are recorded at the end of the period to consider such revenues and then, they are also classified to the income statement and the balance sheet on the basis of their nature (revenue or the liability).

a) To determine: Adjustment entry that Tao should make to account for the work performed from October 1 through December 31, 2017.

To determine

b) To determine: The journal entry that Caden should make as of December 31, 2017, to adjust the subscription revenue account and the unearned subscription revenue account.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 11QS

To determine

Concept Introduction:

Unearned revenues are revenue for which the cash has been received in advance but the services against the same are yet to be provided. Such revenues are recognized in the books of accounts on the basis of the revenue recognition principle. The adjustment entries are recorded at the end of the period to consider such revenues and then, they are also classified to the income statement and the balance sheet on the basis of their nature (revenue or the liability).

a) To determine: Adjustment entry that Tao should make to account for the work performed from October 1 through December 31, 2017.

To determine

b) To determine: The journal entry that Caden should make as of December 31, 2017, to adjust the subscription revenue account and the unearned subscription revenue account.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 3, Problem 11QS

To determine

Concept Introduction:

Unearned revenues are revenue for which the cash has been received in advance but the services against the same are yet to be provided. Such revenues are recognized in the books of accounts on the basis of the revenue recognition principle. The adjustment entries are recorded at the end of the period to consider such revenues and then, they are also classified to the income statement and the balance sheet on the basis of their nature (revenue or the liability).

a) To determine: Adjustment entry that Tao should make to account for the work performed from October 1 through December 31, 2017.

To determine

b) To determine: The journal entry that Caden should make as of December 31, 2017, to adjust the subscription revenue account and the unearned subscription revenue account.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 11QS

To determine

Concept Introduction:

Unearned revenues are revenue for which the cash has been received in advance but the services against the same are yet to be provided. Such revenues are recognized in the books of accounts on the basis of the revenue recognition principle. The adjustment entries are recorded at the end of the period to consider such revenues and then, they are also classified to the income statement and the balance sheet on the basis of their nature (revenue or the liability).

a) To determine: Adjustment entry that Tao should make to account for the work performed from October 1 through December 31, 2017.

To determine

b) To determine: The journal entry that Caden should make as of December 31, 2017, to adjust the subscription revenue account and the unearned subscription revenue account.

Answer 6

Chapter 3, Problem 11QS

To determine

Concept Introduction:

Unearned revenues are revenue for which the cash has been received in advance but the services against the same are yet to be provided. Such revenues are recognized in the books of accounts on the basis of the revenue recognition principle. The adjustment entries are recorded at the end of the period to consider such revenues and then, they are also classified to the income statement and the balance sheet on the basis of their nature (revenue or the liability).

a) To determine: Adjustment entry that Tao should make to account for the work performed from October 1 through December 31, 2017.

Answer 7

Chapter 3, Problem 11QS

To determine

Concept Introduction:

Unearned revenues are revenue for which the cash has been received in advance but the services against the same are yet to be provided. Such revenues are recognized in the books of accounts on the basis of the revenue recognition principle. The adjustment entries are recorded at the end of the period to consider such revenues and then, they are also classified to the income statement and the balance sheet on the basis of their nature (revenue or the liability).

a) To determine: Adjustment entry that Tao should make to account for the work performed from October 1 through December 31, 2017.

Answer 8

To determine

b) To determine: The journal entry that Caden should make as of December 31, 2017, to adjust the subscription revenue account and the unearned subscription revenue account.

Answer 9

To determine

b) To determine: The journal entry that Caden should make as of December 31, 2017, to adjust the subscription revenue account and the unearned subscription revenue account.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

Ch. 3 - Prob. 1DQ Ch. 3 - Prob. 2DQ Ch. 3 - Prob. 3DQ Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ Ch. 3 - Prob. 6DQ Ch. 3 - What is an accrued revenue? Give an example..Ch. 3 - Prob. 8DQ Ch. 3 - Prob. 9DQ Ch. 3 - Prob. 10DQ

Concept explainers

Videos

b) To determine: The journal entry that Caden should make as of December 31, 2017, to adjust the subscription revenue account and the unearned subscription revenue account.

Want to see the full answer?

Chapter 3 Solutions