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: Assuming the entity already render its services after 6 months from collecting the advance payment…

A: Journal entry when advance payment received: DATE ACCOUNTS DEBIT CREDIT   Cash xxxx…

Q: Which of the following will you expect in an income statement?   Professional Fees Accounts…

A: The income statement includes all the revenue-related items and also all the expenses. Excess of…

Q: The legal services company provided its legal service on credit, the accounting books of the company…

A: The recording is done in the Journal book as the part of accounting cycle. Many entries are recorded…

Q: Identify the normal balance (debit or credit) for each of the following accounts. a. Fees Earned…

A: Normal balance for all asset and expense accounts is debit and for all liability and income accounts…

Q: For each transaction, indicate the following January 2 transaction is given as an example. (a) The…

A: Journal Entry: Date Particulars Debit Credit Jan-02 Cash A/c Dr $10,000      To Owner's…

Q: Which of the following accounts is a permanent account? Multiple Choice Fees earned. Office supplies…

A: Permanent account refers to those accounts which are not closed at the end of an accounting year and…

Q: Which of the following business transactions are settled at a later date? O a. Cash Transaction O b.…

A: Business transaction means when there is some event happened which is to be recorded in books. For…

Q: If a company initially records prepaid expenses with debits to expense accounts, what type of…

A:

Q: An item that represents services already provided by a firm for which it will receive payment in the…

A: As per the Bartleby Q&A guidelines, an expert can answer only first question if multiple…

Q: Which of the following is an amount for products or services purchased on account? A)accounts…

A: Account payable is the account related to products or services purchased on account. Unearned…

Q: company that receives money in advance of performing a service:   Group of answer choices:

A: Money received in advance for performing a service : Money received from a customer for services to…

Q: Analyze the statement given then choose if the effect on account will Increase or Decrease it.…

A: The accounting equation is the basic principle of accounting that is used to prepare a balance…

Q: Which among the following is prepared to verify that the sum of debits is equal to sum of credits? O…

A: Solution: "Trial balance" is prepared to verify that the sum of debits is equal to sum of credits.…

Q: Which of the following statements is true? a debit to at least one T-account and a credit to (A)…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: Identify which of the following accounts would be listed on the company’s Post-Closing…

A: Closing entries are those journal entries which are passed at the end of accounting period in order…

Q: Listed below are all the steps in the accounting cycle.(a) Record and post adjusting entries.(b)…

A:

Q: Consider the following accounts and identify each account as an asset (A), liability (L), or equity…

A: The assets accounts are those accounts which is going to provide benefit to the firm in future or…

Q: Tomi See, CPA, has billed her clients for services performed. She subsequently receives payments…

A: Journal Entry to be passed on receipt of payment against services provided on account   Account…

Q: Unearned revenues O a. are recorded as assets when cash is received. O b. are referred to as future…

A: Revenue is the total income earned by a company by selling all its goods or services. It is recorded…

Q: Using the double entry system together with the accounting equation, determine what is debits and…

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Q: For the following accounts please indicate whether the normal balance is a debit or a credit. A.…

A: Introduction: Each and business every transactions effects minimum two entries. 1 ) Debit 2 )…

Q: Which of the following accounts normally has a debit balance? a. Prepaid insurance b. Unearned…

A: There are five important components in the financial statements. They are Assets, Liabilities,…

Q: Which of the following transactions results in the recognition of an exp O Withdrawal of cash by the…

A: Solution 1: An Expense is the cost of operations that a business incurs to generate revenue. In…

Q: Identifying accounts Consider the following accounts: a. Notes Receivable b. Common Stock c. Prepaid…

A: Particulars Category a. Notes Receivable Assets b. Common Stock Equity c. Prepaid Insurance…

Q: Which of the following accounts may appear on a post-closing trial balance? a. Cash, Salaries…

A: Definition:   Post-closing trial balance: The post-closing trial balance is prepared after preparing…

Q: Which of the following is a liability created when a company receives cash for services to be…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: Which of the following is an Adjusting Journal Entry? Debit Service Revenue, Credit Cash. O Debit…

A: Adjusting entries are journal entries that are made at the year-end to correct the account balances.…

Q: The entry recorded by a law firm after providing services previously recorded as Deferred Revenue…

A: Introduction: Payments made as earnings for services and goods that will be delivered or performed…

Q: Which of the following accounts may appear on a post-closing trial balance? Cash, Salaries Payable,…

A:

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

A: Closing Entries - Closing entries are required to close the temporary accounts after making…

Q: Which of the following account balance will be shown on debit side of Trial Balance? a. Cash O b.…

A: Trial Balance: It is a sheet which contains all the ledger balances categorized into debit and…

Q: If a company is using accrual basis​ accounting, when should it record​ revenue?     A. when cash…

A: Cash basis accounting: In cash basis accounting, revenue is recognized when payment is received and…

Q: Which of the following would not be recorded as an identifiable accounting transaction? Multiple…

A: For recording any accounting transaction, there must be a financial transaction involved.

Q: Consider the following accounts and identify each account as an asset (A), liability (L), or equity…

A: Equity = Total assets - Total liability

Q: Which of the following accounts would need to be closed at the end of the period?a. Cashb. Supplies…

A: A closing entry is a journal entry made at the end of the accounting period. It involves shifting…

Q: For each of the following accounts, indicate whether we use a debit or a credit to increase the…

A: According to accounting rules, we follow normal balance rules: All assets and expenses have a normal…

Q: Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner’s…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: Which of the following transactions will increase an asset and increase stockholders’ equity?a.…

A: Stockholder' equity is the measure of benefits staying in a business after the sum total of what…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a.…

A: Asset accounts means all tangible and intangible resources of the business, which the business has…

Q: Identify whether each of the following accounts is permanent or temporary A. Accounts Receivable…

A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…

Q: Which of these transactions requires an adjusting entry (Debit) to Accounts receivable? a. Expenses…

A: Accounts Receivables are debited when the sale is made but ash payment is deferred.

Q: Exchange of Assets means an asset account increases and a corresponding claims (liabilities owners'…

A: Assets on the balance sheet represent what the company owns. And liabilities and capital indicate…

Q: All of the following accounts are presented under liabilities, except Accrued expenses Due to…

A: Liabilities are amounts that are owed by a firm while assets are amounts that are owed to a firm.

Q: For each account, identify whether the normal balance is a debit or credit a.Notes Payable…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: Normal Balances of Accounts Identify each of the following accounts of Dispatch Services Co. as…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: Which of the following pairs increase with credit entries?A. supplies and retained earningsB. rent…

A: There are two sides of account, used in accounting. One is debit side and other is credit side. All…

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