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Like Conway is a lawyer who requires that his clients pay him in advance of legal services rendered. Mike routinely credits Legal Service Revenue when his clients pay him in advance. In June Mike collected $12,000 in advance fees and completed 75% of the work related to these fees. What adjusting entry is required by Mike's firm at the end of June?
1) Legal Service Revenue 3,000 Unearned Revenue 3,000
2) Unearned Revenue 3,000 Legal Service Revenue 3,000
3) Unearned Revenue 9,000 Legal Service Revenue 9,000
4) Cash 12,000 Legal Service Revenue 12,000
Richard was required to pay Alice $1,500 per month of which $600 was designated as child support. He made 12 such payments in 2009. Assuming that Alice has no other income, her tax return for 2009 should show gross income of:
The amount of the proceeds from the issuance that should be accounted for as the initial carrying value of the bonds payable would be.
The budget which provides data on the quantities of direct materials purchases necessary to meet production needs is the:
select an organization with which you are familiar. prepare a 1050- to 1400-word paper in which you evaluate the
the following information is taken from the records of the kingland manufacturing company for the year ending december
The information below relates to Milton Company's trading securities in 2010 and 2011. (a) Prepare the journal entries for the following transactions.
The market value of Lake Corporation's inventory has declined below its cost. Vickie Maher, the controller, wants to use the allowance method to write down inventory because it more clearly discloses the decline in market value, and it does not di..
Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.)The December 31, 2010 balance sheet of Wolfe Co. included the following items: 7.5% bonds payable due December 31, 2018 $1,200,000
a. compare and contrast the size of the potential payoff and risk involved in each of these alternatives. b. calculate the 3 month rate of return on both strategies assuming that at the option expiration date Brenners' stock price has 1. increased..
How are managerial accounting concepts useful for a decision-maker at any level in an organization? Make sure to include different levels of decision-makers in your reply.
some disclosure notes are not always applicable to every business. However some are required to be included with financial statements. Which disclosures are required?
Harmon Household Products, Inc., manufactures a number of consumer items for general household use. One of these products, a chopping board, requires an expensive hardwood. During a recent month, the company manufactured 4,000 chopping boards usin..
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