Account for the work performed

Assignment Help Accounting Basics

Reference no: EM13147404

Fortune Co. receives $30,000 cash in advance for four months of legal services on October 1, 2009, and records it by debiting Cash and crediting Unearned Revenue, both for $30,000. It is now December 31, 2009, and Fortune has provided legal services as planned. What adjusting entry should Fortune make to account for the work performed from October 1 through December 31, 2009?

Reference no: EM13147404

Questions Cloud

Amount of richard realized gain : Richard exchanges a building with a FMV of $75,000, a basis of $35,000, and subject to a liability of $25,000 for land with a FMV of $50,000 owned by Bill. What is the amount of Richard's realized gain?

Find the volume of the argon gas : A 20-g mass of argon occupies 15.0 l at a pressure of 25 kpa . find the volume of the argon when the pressure is increased to 530 kpa.

Anna, as the operations manager : Anna, as the operations manager of the new corporation, determines that the money needed to expand is not available from traditional lenders such as banks. To purchase several new locations in New Jersey, Delaware and Maryland, Anna arranges with a w..

What is the empirical formula for x : (The molecular formula for X is C8H8O2), and (The empirical formula for X is C4H4O) are all true. C) The empirical formula for X is C4H4O. D) The molecular formula for X is C8H8O2. E) X has a molecular mass of 136.

Account for the work performed : What adjusting entry should Fortune make to account for the work performed from October 1 through December 31, 2009?

How much water vapor would have condensed? : If you had an air mass of 10 cubic meters which was saturated at 80 degrees F and then cooled the air to 60 degrees F, how much water vapor would have condensed? Show your the formula and calculations.

Determine losses due to understockting and overstockting : Assuming that any newspaper left over has no value and that running short has no effect on any customer's tendency to return, determine the losses due to understockting and overstockting.

What volume will the gas occupy : A gas occupies a volume of 925mL at 30 degrees celcius and 1.2atm. What volume will it occupy at STP?

Income statement of owner equity for calendar : Prepare the income statement of owner's equity for the calendar year 2009 and the classified balnace sheet at December 31, 2009. Prepare the necessary closing entries at December 31, 2009.

User Account

All Pages