- Deferred revenue is the revenue whereby an organisation collects the payments from its customers in advance i.e. goods or services would be provided on a later date. It is considered as a liability till the date the goods or services are provided. To determine:- Here, in the problem provided to us, we are required to record an entry on October 1 for Amazing landscaping for the amount it collected in advance from its customers by using alternative treatment of deferred revenues.

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Answer 1

Question

Chapter 3, Problem S3A.17SE

To determine

Introduction:-

Deferred revenue is the revenue whereby an organisation collects the payments from its customers in advance i.e. goods or services would be provided on a later date. It is considered as a liability till the date the goods or services are provided.

To determine:-

Here, in the problem provided to us, we are required to record an entry on October 1 for Amazing landscaping for the amount it collected in advance from its customers by using alternative treatment of deferred revenues.

To determine

To determine:-

Now, we are required to record an adjusting entry on December 31, 2016.

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Problem 3-1B Identifying adjusting entries with explanations P1 P2 P3 P4 For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once. A. To record payment of a prepaid expense. B. To record this period's use of a prepaid expense. C. To record this period's depreciation expense. D. To record receipt of unearned revenue. E. To record this period's earning of prior unearned revenue. F. To record an accrued expense. G. To record payment of an accrued expense. H. To record an accrued revenue. I. To record receipt of accrued revenue. 1. Interest Receivable 3,500 7. Cash 1,500 Interest Revenue 3,500 Accounts Receivable (from services) 1,500 2. Salaries Payable 9,000 8. Salaries Expense 7,000 Cash 9,000 Salaries Payable 7,000 3. Depreciation Expense 8,000 9. Cash 1,000 Accumulated Depreciation. 8,000 Interest Receivable 1,000 4. Cash 9,000 10. Unearned Revenue 9,000 Prepaid Rent Cash 3,000 3,000 5. Insurance Expense 4,000…

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Answer 2

Question

Chapter 3, Problem S3A.17SE

To determine

Introduction:-

Deferred revenue is the revenue whereby an organisation collects the payments from its customers in advance i.e. goods or services would be provided on a later date. It is considered as a liability till the date the goods or services are provided.

To determine:-

Here, in the problem provided to us, we are required to record an entry on October 1 for Amazing landscaping for the amount it collected in advance from its customers by using alternative treatment of deferred revenues.

To determine

To determine:-

Now, we are required to record an adjusting entry on December 31, 2016.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem S3A.17SE

To determine

Introduction:-

Deferred revenue is the revenue whereby an organisation collects the payments from its customers in advance i.e. goods or services would be provided on a later date. It is considered as a liability till the date the goods or services are provided.

To determine:-

Here, in the problem provided to us, we are required to record an entry on October 1 for Amazing landscaping for the amount it collected in advance from its customers by using alternative treatment of deferred revenues.

To determine

To determine:-

Now, we are required to record an adjusting entry on December 31, 2016.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem S3A.17SE

To determine

Introduction:-

Deferred revenue is the revenue whereby an organisation collects the payments from its customers in advance i.e. goods or services would be provided on a later date. It is considered as a liability till the date the goods or services are provided.

To determine:-

Here, in the problem provided to us, we are required to record an entry on October 1 for Amazing landscaping for the amount it collected in advance from its customers by using alternative treatment of deferred revenues.

To determine

To determine:-

Now, we are required to record an adjusting entry on December 31, 2016.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem S3A.17SE

To determine

Introduction:-

Deferred revenue is the revenue whereby an organisation collects the payments from its customers in advance i.e. goods or services would be provided on a later date. It is considered as a liability till the date the goods or services are provided.

To determine:-

Here, in the problem provided to us, we are required to record an entry on October 1 for Amazing landscaping for the amount it collected in advance from its customers by using alternative treatment of deferred revenues.

To determine

To determine:-

Now, we are required to record an adjusting entry on December 31, 2016.

Answer 6

Chapter 3, Problem S3A.17SE

To determine

Introduction:-

Deferred revenue is the revenue whereby an organisation collects the payments from its customers in advance i.e. goods or services would be provided on a later date. It is considered as a liability till the date the goods or services are provided.

To determine:-

Here, in the problem provided to us, we are required to record an entry on October 1 for Amazing landscaping for the amount it collected in advance from its customers by using alternative treatment of deferred revenues.

Answer 7

Chapter 3, Problem S3A.17SE

To determine

Introduction:-

Deferred revenue is the revenue whereby an organisation collects the payments from its customers in advance i.e. goods or services would be provided on a later date. It is considered as a liability till the date the goods or services are provided.

To determine:-

Here, in the problem provided to us, we are required to record an entry on October 1 for Amazing landscaping for the amount it collected in advance from its customers by using alternative treatment of deferred revenues.

Answer 8

To determine

To determine:-

Now, we are required to record an adjusting entry on December 31, 2016.

Answer 9

To determine

To determine:-

Now, we are required to record an adjusting entry on December 31, 2016.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

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To determine:-

Now, we are required to record an adjusting entry on December 31, 2016.

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Chapter 3 Solutions

Concept explainers

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To determine:- Now, we are required to record an adjusting entry on December 31, 2016.

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Chapter 3 Solutions

To determine:-

Now, we are required to record an adjusting entry on December 31, 2016.