Corrections Services sells service plans for commercial computer maintenance
The price for each plan is $1,350 per year, paid in advance. On October 1, 2016, a service plan was sold to a new customer for cash, and the plan covers the period October 1, 2016 to September 30, 2017. Adjusting entries are made on December 31 of each year. Prepare the journal entry for September 30, 2017.
What will be an ideal response
Unearned Revenue ($1,350 x 9/12 ) 1,012.50
Service Revenue 1,012.50
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What will be an ideal response?
Which of the following is NOT an important character trait of individual managers?
A) Ability to understand the nuts and bolts of the business. B) Ability to understand the strategic context in which the business operates. C) The age and tenure of the individual manager. D) The ability to motivate people to achieve extraordinary results.
A quitclaim deed has a warranty of title only
Indicate whether the statement is true or false
Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 400 shares to its attorneys in payment of a $5,000 charge for drawing up the articles of incorporation. The entry to record this transaction would include:
A. A credit to Common Stock for $5,000. B. A debit to Organization Expenses for $4,000. C. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $5,000. D. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000. E. A debit to Organization Expenses for $5,000.