David Debit has performed $700 of accounting services for a client but has not yet billed the client at the end of the accounting period.What adjusting entry must David prepare?
A) Debit Cash and credit Unearned Revenue.
B) Debit Accounts Receivable and credit Unearned Revenue.
C) Debit Accounts Receivable and credit Service Revenue.
D) Debit Unearned Revenue and credit Service Revenue.
Correct Answer:
Verified
Q113: At the end of the fiscal year,
Q121: Closing entries
A)are prepared before the financial statements.
B)reduce
Q123: Which one of the following accounts shows
Q126: A post-closing trial balance will show
A)zero balances
Q128: On September 1, Monmouth Microwaves Ltd.signed a
Q128: The purpose of the post-closing trial balance
Q129: Which of the following is true about
Q131: At December 31, Witts Corp.reports Salaries Payable
Q133: The shareholders' equity section of the statement
Q134: Which statement below is incorrect?
A)An adjusted trial
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents