Appropriate entry for transaction

Reference no: EM1310243

1. What would be the appropriate entry for the following transaction?

Bill Co. performed $5,200 in consulting services on account
Credit to Cash, Debit to Accounts Receivable
Debit to Revenue, Debit to Cash
Debit to Accounts Receivable, Credit to Cash
Debit to Revenue, Credit to Cash
Debit to Accounts Receivable, Credit to Revenue

2. The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) measures the amount of revenue as the cash plus the cash equivalent value of any non-cash assets received from customers in exchange for goods or services is called the:

Going-concern principle
Cost principle
Revenue recognition principle
Objectivity principle
Business entity principle

Reference no: EM1310243

Questions Cloud

Fill all related journal entries in journal form : Make all related journal entries in journal form for this purchases and the related payment.

Computing ratios impacted by extra debt : How much will each annual payment be? What ratios would be impacted by extra debt? How would you give explanation for this purchase to management?

Paying out shares in the subsidiary : When a company spins off a subsidiary by paying out shares in the subsidiary as a dividend to shareholders and the level of a firm's FCF used to value its enterprise value is unaffected

How far does the putty-block system compress spring : Two spherical objects have a combined mass of 200. The gravitational attraction between them is 8.01×10-6 while their centers are 21.0 apart.

Appropriate entry for transaction : What would be the proper entry for the following transaction?

Computing the value of shareholders equity account : Compute the value of shareholders’ equity account for this firm? How much is net working capital?

A law enforcement officer in an intergalactic "police car" : Suppose the speed of light in a vacuum were only 25.5 mi/h. Find the length of the bicycle being ridden at a speed of 20.0 mi/h as measured by an observer sitting on the park bench, given that its proper length is 1.59 m.

Operational improvement initiative in your work area : Identify an operational improvement initiative in your work area. Using the project management life-cycle framework as a guide, prepare a plan to implement this project.

By how much has child reduced her mouth pressure : A beam of parallel rays from a 24 MHz citizens band radio transmitter passes between two electrically conducting (hence opaque to radio waves) buildings located 45.00 m apart. What is an angular width of the beam as it emerges from between the buildi..

User Account

All Pages