Assume that a company received $1,200 in advance for one year membership fee in the fitness center. The entry that would be made to record the recognition of revenue at the end of first month is
A) Revenue 1,200 Cash 1,200
B) Cash 100 Revenue 100
C) Unearned Revenue 100 Revenue 100
D) Revenue 100 Unearned Revenue 100
C
You might also like to view...
The most successful service desk managers always keep their technical skills at a high level.
Answer the following statement true (T) or false (F)
Which of the following is correct regarding a "counteroffer"?
A) Is not really an offer, but operates as the revocation of an offer B) Is treated as both a rejection of an offer and a new offer C) Operates as both an offer and an acceptance D) Is treated as a new offer, but does not terminate the original offer E) Is no different from any other offer
Briefly discuss how an offer can be accepted. Include in your answer the application of the mirror image rule
Which of the following is not a type of life insurance covered in the text?
A) Term B) Dependent life C) Whole life D) Universal life