Accrued revenue is considered as an asset on a balance sheet rather than a liability. It is the service rendered but not yet billed to the customer. Accounting that does not record such entries understates the total assets, total revenues and ultimately the net income. It is necessary when revenues have been earned but have not yet been recorded. A reversing entry is an entry made in an accounting period to reverse the entry made in the immediately preceding period. To Journalize : The accrued service revenue of $7000 and to record it in January 15 th on receiving the amount.

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 4, Problem S4.14SE

To determine

Introduction: Accrued revenue is considered as an asset on a balance sheet rather than a liability. It is the service rendered but not yet billed to the customer. Accounting that does not record such entries understates the total assets, total revenues and ultimately the net income. It is necessary when revenues have been earned but have not yet been recorded. A reversing entry is an entry made in an accounting period to reverse the entry made in the immediately preceding period.

To Journalize: The accrued service revenue of $7000 and to record it in January 15^th on receiving the amount.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Saved Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 10,200 Cash withdrawals by owner Cash Accounts receivable 15,200 Consulting revenue Office supplies 3,550 Rent expense Land 45,990 Office equipment 18,310 Accounts payable 8,740 Salaries expense Telephone expense Miscellaneous expenses Owner investments 84,310 $ 2,340 15,200 3,910 7,350 790 610 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. AC Graw Hill ERNST CONSULTING Balance Sheet December 31 $ 0 G-SYNC $ 0 S 0 B

Audit, Fraud, Or Forensic Accounting Introduce yourself to your peers by sharing something unique about your background. Explain how you expect this course will help you move forward in your current or future career. This course covers forensic accounting, so it's important to establish the differences between an audit, a fraud examination, and a forensic accounting engagement. Think about the fraud conviction of Elizabeth Holmes, as described in the video, "Elizabeth Holmes Found Guilty in Theranos Fraud Trial." Then respond to the following: Imagine you are assigned to the Theranos case. Write the first five questions you would ask if you were an auditor, the first five questions as a fraud examiner, and the first five as a forensic accountant. After your questions, explain why the questions and approaches are different among the three roles. Be sure to respond to at least one of your classmates' posts.

Financial Account subject

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 4, Problem S4.14SE

To determine

Introduction: Accrued revenue is considered as an asset on a balance sheet rather than a liability. It is the service rendered but not yet billed to the customer. Accounting that does not record such entries understates the total assets, total revenues and ultimately the net income. It is necessary when revenues have been earned but have not yet been recorded. A reversing entry is an entry made in an accounting period to reverse the entry made in the immediately preceding period.

To Journalize: The accrued service revenue of $7000 and to record it in January 15^th on receiving the amount.

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 4, Problem S4.14SE

To determine

Introduction: Accrued revenue is considered as an asset on a balance sheet rather than a liability. It is the service rendered but not yet billed to the customer. Accounting that does not record such entries understates the total assets, total revenues and ultimately the net income. It is necessary when revenues have been earned but have not yet been recorded. A reversing entry is an entry made in an accounting period to reverse the entry made in the immediately preceding period.

To Journalize: The accrued service revenue of $7000 and to record it in January 15^th on receiving the amount.

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 4, Problem S4.14SE

To determine