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Financial Accounting Midterm - Part 1 of 3!
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Problem 1
Problem 2
Problem 3
Problem 4
Problem 5
Problem 6
Problem 7
Problem 8
Problem 9
Problem 10
Problem 11
Problem 12
Problem 13
Problem 14
Problem 15
Problem 16
Problem 17
Problem 18
Problem 19
Problem 20
Problem 21
Problem 22
Financial Accounting Midterm - Part 1 of 3!
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3. Accrual Accounting Concepts / Adjusting Entries: Accrued Revenues / Problem 19
Problem 19
A company provides services worth \$3,000 on account on July 10th. On August 5th, the customer pays \$2,000. What are the journal entries for both dates?
A
July 10th: Debit Revenue \$3,000; Credit Accounts Receivable \$3,000. August 5th: Debit Accounts Receivable \$2,000; Credit Cash \$2,000.
B
July 10th: Debit Accounts Receivable \$3,000; Credit Cash \$3,000. August 5th: Debit Revenue \$2,000; Credit Accounts Receivable \$2,000.
C
July 10th: Debit Cash \$3,000; Credit Revenue \$3,000. August 5th: Debit Cash \$2,000; Credit Revenue \$2,000.
D
July 10th: Debit Accounts Receivable \$3,000; Credit Revenue \$3,000. August 5th: Debit Cash \$2,000; Credit Accounts Receivable \$2,000.
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