What the required adjusting entry at December

Assignment Help Accounting Basics
Reference no: EM133034384

Question - On December 12, 2020, Vancouver photography received $6000 from a customer as an advance payment for some work to be done. The payment was credited to service Revenue. Twenty percent of the work was performed in December 2020, with the rest to be done in January 2021, at which time the customer will be billed. What the required adjusting entry at December 31, 2020?

Reference no: EM133034384

Questions Cloud

What is the maximum CCA deduction : The machine is a Class 8 asset. What is the maximum CCA deduction A1A can take on this asset for the April 1 to December? 31, 2020 fiscal? year
Prepare a variance analysis report : Actual variable costs were $30 per unit and fixed costs totaled $350,000. Prepare a variance analysis report with flexible-budget and sales-volume variances
How does this impact the waiting time of the customers : If she adds another clerk to serve coffee, how does this impact the waiting time of the customers, and her customer service objectives
Find the required increase in annual cash inflows : Find the required increase in annual cash inflows in order to have the time adjusted rate of return approximately equal to the cost of capital
What the required adjusting entry at December : On December 12, 2020, Vancouver photography received $6000 from a customer. What the required adjusting entry at December
Key elements of a successful business web presence : Discuss the key elements of a successful business Web presence.
Compute the statutory income of michael business : Compute the statutory income of Michael's business for the year of assessment 2020. Show all your workings including balancing charge and balancing allowance
Compare and contrast private-key cryptography : You will research and understand the basics of security provided by the most widely used security protocol on the Internet. You need to understand the technolog
Managing housekeeping operations : You have just been hired as assistant executive housekeeper of the 600-room Cactus Resort in the Southwest. The section housekeeper workload per shift is 14 roo

Reviews

Write a Review

Accounting Basics Questions & Answers

  A owns 25 of the stock in b corporation which earned 20000

a owns 25 of the stock in b corporation which earned 20000 in the current year. a also owns a 25 interest in a

  Evaluate the importance of setting audit objectives

Evaluate the importance of setting audit objectives, both general and specific, and their impact on the audit outcome

  Make blue spruce journal entry for impairment of goodwill

The Johnson Division's net assets, including the goodwill, Make Blue Spruce journal entry for impairment of the goodwill

  How much revenue Cigaro recognize for the month of April

In January, Cigaro Corp. agrees to a contract to sell 14,000 sports caps for $140,000 to Dilly, Inc. How much revenue will Cigaro recognize for month of April

  Prepare general journal entries to record the transactions

Jan. 2 paid the attorney $2300for legal fees, charter fee, and cast of engraving stock certificates. Prepare general journal entries to record the transactions

  What types of services will be provided over altitude online

What types of services will be provided over Altitude Online network? What considerations should Jon and his team take into account as they select telecommunications equipment?

  Company never has to physically count the inventory.

Name two costs, in addition to the purchase price, that are added to merchandise inventory cost.

  What will be the prepaid income in this case

ABC LTD has an accounting year end of 30 June 2016. What will be the "prepaid income" in this case

  Long-term debt to operating property

Required a. Calculate the following for 2007, 2006, and 2005: 1. Operating ratio 2. Long-term debt to operating property

  Compute the consolidated inventory

In addition, the agreement provided for additional consideration, valued at $60,000, if certain earnings targets were met. Compute the consolidated inventory

  Agents-distributors and customers

A program in which department representatives accompany groups of U.S. businesspeople abroad to meet with qualified agents, distributors, and customers is called?

  Calculate the price of a call option

Calculate the price/premium of a CALL option with a STRIKE of £7.85 for 1 year in the future and which option should the investor BUY, fully explaining

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