User Account

All Pages

What the end-of-period adjusting entry to record the portion

Assignment Help Managerial Accounting
Reference no: EM132714620

Problem 1: If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is:

Multiple Choice

A. Debit Cash and credit Legal Fees Earned.

B. Debit Cash and credit Unearned Legal Fees.

C. Debit Unearned Legal Fees and credit Legal Fees Earned.

D. Debit Legal Fees Earned and credit Unearned Legal Fees.

E. Debit Unearned Legal Fees and credit Accounts Receivable.

Reference no: EM132714620

Questions Cloud

Which difference cost of asset vs accumulated depreciation : Which the difference between the cost of an asset and the accumulated depreciation for that asset is called
How such a variance might impact quality of care : Describe a specific practitioner variance and how such a variance might impact quality of care. Discuss methods to redress your organization's patient.
What amount of subscription revenue magazine recognize : Fashion Forward Magazine, What amount of subscription revenue should the magazine recognize on March 31 when the first issue is sent in March?
Which incurred but unpaid expenses that are recorded : Which Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to a liability are
What the end-of-period adjusting entry to record the portion : If throughout an accounting period the fees, What the end-of-period adjusting entry to record the portion of those fees that has been earned is
Determine what the required adjusting entry is : Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is
Which an asset has been used : The total amount of depreciation recorded for an asset for all periods for which an asset has been used? Is shown on the income statement of the final period.
Describe the step process for creating a balanced portfolio : Now that you have provided your security assessment, the next step is to provide Vestige, Inc. with your Security Portfolio. Using this week's Reading.
Find the adjusting entry on december of the current year : All prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31 of the current year for Plum would include

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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