Which of these transactions requires a credit entry to Revenue?O received cash from bank loanrefunded a customer for a defective productO collected balance due from customersO received cash for services performed this month

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

Answered: Which of these transactions requires a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 38MC: Which of these transactions requires a credit entry to Revenue? A. received cash from services...

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Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered later
Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for the customer b. as negative sales invoices C. as credits to accounts receivable for the customer O d. when the customer makes a partial payment on account
Which of the following accounts will get affected when cash is received from sale made on account in the last month? O a. Cash and Salary Expense O b. Cash and Notes Payable O c. Cash and Accounts Receivable Od. Cash and Service Revenue
An “Accounts Receivable Customer Balances” report shows revenues by customer for a specified date range customer balances owed as of a specific date cash payments to creditors for a specific date range sales by customer as of a specific date
Which of these transactions requires a credit entry to Revenue? A.collected balance due from customers B.refunded a customer for a defective product C.received cash from bank loan D.received cash from services performed this month
When a customer pays in advance for products or services, which of the following accounts is credited? a.Sales Revenue b.Cash c.Unearned Revenue d.Accounts Receivable
True Or False? The entry to record a cash receipt from a customer when the service is to be provided in a future period involves a debit to an unearned revenue account.
Which of the following accounts will get affected when cash is received from sale made on account in the last month? a. Cash and Service Revenue b. Cash and Accounts Receivable c. Cash and Salary Expense d. Cash and Notes Payable
How would each of the following items be reported on the balance sheet? a. Accrued vacation pay. b. Estimated taxes payable. c. Service warranties on appliance sales. d. Bank overdraft. e. Employee payroll deductions unremitted. f. Unpaid bonus to officers. g. Deposit received from customer to guarantee performance of a contract. h. Sales taxes payable. i. Gift certificates sold to customers but not yet redeemed. j. Premium offers outstanding. k. Discount on notes payable. l. Personal injury claim pending. m. Current maturities of long-term debts to be paid from current assets. n. Cash dividends declared but unpaid. o. Dividends in arrears on preferred stock. p. Loans from officers.
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. No Journal Journal Entry Entry Transaction Needed Needed Debit Credit Outstanding check Interest income NES check Wire transfer by customer Deposit in transit Bank charges
When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit in the O A. customer record B. general ledger O C. cash flow journal D. balance sheet SUBMIT
Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off

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Which of these transactions requires a credit entry to Revenue? O received cash from bank loan refunded a customer for a defective product collected balance due from customers received cash for services performed this month