You are the controller for an architectual firm whose

Assignment Help Accounting Basics

Reference no: EM13609484

You are the controller for an architectual firm whose accounting year ends on December. As part of the management team, you receive a year-end bonus directly related to the firms' earnings for the year. One of your duties is to review that transactions recorded by the bookkeepers. A new bookkeeper recorded the receipt of $10,000 in cash as an increase in cash and an increase in service revenue.

The $10,000 is a deposit and the bookkeeper explains to you that the firm plans to provide the services to the client in March of the following year.

Required:
<p>a. Did the bookkeeper correctly record the client's deposit?  Explain.
<p>b. What would you do as controller for the firm?  Do you have a responsibility to do anything to correct the books? Explain.

Reference no: EM13609484

Questions Cloud

The electric field everywhere on the surface of a charged : the electric field everywhere on the surface of a charged sphere of radius 0.130 m has a magnitude of 510 nc and points

Aber company sells merchandise on account for 1800 to borth : aber company sells merchandise on account for 1800 to borth company with credit terms of 210 n30. borth company returns

Determine a the work of the adiabatic process and b the : a gas in a cylinder fitted with a piston undergoes a cycle composed of three processes. first the gas expands at

Two balanced coins are flipped what are the expected value : two balanced coins are flipped. what are the expected value and variance of the number of heads

You are the controller for an architectual firm whose : you are the controller for an architectual firm whose accounting year ends on december. as part of the management team

An electric field of intensity 310 knc is applied along the : an electric field of intensity 3.10 knc is applied along the x-axis. calculate the electric flux through a rectangular

Which company appears to be performing better what other : the following information was summarized from the 2006 annual report of apple computerin millionscost of sales for the

On nov 1 2012 my love inc paid 16500 to craig life : on nov. 1 2012 my love inc paid 165.00 to craig life insurance co. and promises to pay the same amount on a monthly

A heat engine accepts 700 kj of heat from a thermal source : a power plant burns 1000 kg of coal per hour to produce a net output of 500 kw of electrical power. assuming each kg of

User Account

All Pages