Entry prior to preparing financial statements

Assignment Help Accounting Basics
Reference no: EM131808962

On April 1, 2009 Green Company received an advance payment of $60,000 from a customer. The payment was for five months of services Green would perform for the customer at the rate of $12,000 per month. Green started providing the service on April 1, 2009. On April 1, 2009 Green made an entry in its accounting system debiting Cash for $60,000 and crediting Unearned Service Revenue for $60,000. This is the only entry that has been made related to this transaction. Select the adjusting entry Green should make prior to preparing financial statements on April 30, 2009.

Reference no: EM131808962

Questions Cloud

Evaluate a buy-versus-lease decision : Contact a car dealer and choose a car to evaluate a buy-versus-lease decision (keep it reasonable-no Lamborghinis).
Why might the president want to record the return on january : Bell Farm and Garden Equipment reported the information. Why might the president want to record the return on January 1, 2011, instead of December 31, 2010?
Explain the concept of promissory estoppels : Not all promises are contracts. A voidable contract is one that may be canceled by only one of the parties. Explain the concept of promissory estoppels.
Find the regression equation to predict price from weight : How strong is the association between weight and price for these coins? Please give both a number and its interpretation in words.
Entry prior to preparing financial statements : Select the adjusting entry Green should make prior to preparing financial statements on April 30, 2009
Measurement of how well forecast is predicting actual values : What is a measurement of how well a forecast is predicting actual values? What does it mean if the measurement is positive?
Construct a choice table for interest rates-summer kitty : You are considering the following two proposals and feel a 15-year analysis period is in line with your cat's remaining lives.
Contract is implied when the parties directly state : A contract is implied when the parties directly state its terms at the time the contract is formed
Find the residual value for florida : How strong is the association between prices in 2010 and prices a year earlier? Please give both a number and its interpretation in words.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd