An accountant who uses the accrual basis of accounting receives cash in advance for services yet to be performed.The entry to record this transaction will include a credit to which of the following accounts?
A) Unearned Service Revenue
B) Prepaid Expense
C) Unearned Expense
D) Service Revenue
Correct Answer:
Verified
Q29: The adjusting entry for supplies used during
Q30: On December 1,2017,Cream Ale Ltd.receives $1,800 in
Q31: The adjusting entry to record salaries owed
Q32: An accountant who keeps his books using
Q33: Accrual accounting provides some ethical challenges that
Q35: On September 1 of the current year,Prepaid
Q36: The adjusting entry to allocate the cost
Q37: A deferral refers to an event:
A) where
Q38: A company using the cash basis of
Q105: Under the revenue recognition principle, businesses should
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