In late August, a company provided one of its customers with services worth $500; however, the company does not expect payment from the customer for those services until early September. What adjustment should the company make in August to denote this delivery of services?
A : The company should decrease both Accounts Receivable and Service Revenue for $500.
B : The company should decrease Accounts Receivable for $500 and increase Service Revenue for $500.
C : The company should increase both Accounts Receivable and Service Revenue for $500.
D : The company should increase Accounts Receivable for $500 and decrease Service Revenue for $500.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “In late August, a company provided one of its customers with services worth $500; however, the company does not expect payment from the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
What is the tragedy of the commons? a. the tragedy of the commons refers to the fact that a good can be rival and excludable. b. the tragedy of the commons refers to the tendency for a common resource to be overused. c.
Answers (1)
One of the weaknesses of the direct write-off method is that it a. is too difficult to use for many companies b. is based on estimates c. understates accounts receivable on the balance sheet d. violates the matching principle
Answers (2)
The following questions relate to Kyle Company, which manufactures products KA, KB, and KC from a joint process. Joint product costs were $180,000.
Answers (1)
on september 30 world co. borrowed $1,000,000 on a 9% note payable. World paid the first of four quarterly payments of $264,200 when due on December 30. Provide the appropriate adjusting entry for the note at December 31
Answers (1)
Hurricane Industries had a net income of $129,650 and paid 40 percent of this amount to shareholders in dividends. During the year, the company sold $80,250 in new common stock. What was the company's cash flow to stockholders? a. 28390 b. 49400 c.
Answers (2)
New Questions in Business
The spotlight on small business box "earning while learning" features students who
Answers (1)
The balance sheet reports revenues and selling costs for a period of time. a. True b. False
Answers (1)
The 12/31/2018 balance sheet of Despot Inc. included the following: Common stock, 25 million shares at $20 par $ 500 million Paid-in capital-excess of par 3,000 million Retained earnings 980 million In January 2018, Despot recorded a transaction
Answers (1)
Gallons of output for October and November were 45,000 and 56,000, respectively. Gallons of input for October and November were 46,000 and 64,000, respectively. Which of the following statements is true? a. all of the above b.
Answers (1)
Identify each person below as structurally, frictionally, or cyclically unemployed. a. Jake recently lost his job as a dishwasher.
Answers (1)