Use this information pertaining to Tucson Company to answer the following question. 1. The corporation's Supplies account showed a beginning debit balance of $400 and supplies purchased of $1,600. There were $600 of supplies on hand at year end. 2.Depreciation on a building is estimated to be $10,000. 3.A one-year insurance policy was purchased for $4,000. Six months have passed since the
purchase. 4.Accrued interest on a note receivable amounted to $200. 5.The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-third of the services had been performed. The adjusting entry to record the amount of service revenue earned during the accounting period is
A) Service Revenue 2,400Unearned Revenue 2,400
B) Unearned Revenue 1,200Service Revenue 1,200
C) Service Revenue 1,200Unearned Revenue 1,200
D) Unearned Revenue 2,400Service Revenue 2,400
B
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a. quasi contract. b. promissory estoppel. c. parol evidence rule. d. statute of frauds. e. assignment.
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A) Insuring Agreement A—Fidelity B) Insuring Agreement B—On Premises C) Insuring Agreement C—In Transit D) Insuring Agreement D—Forgery or Alteration