Record journal entries for the following transactions. (a) On December 1, $18,000 was received for a service contract to be performed from December 1 through April 30. (b) Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31
Dec. 1 Cash 18,000
Unearned Fees 18,000
Dec. 31 Unearned Fees 3,600
Fees Earned 3,600
($18,000/5 months = $3,600)
You might also like to view...
Which attribution error is the tendency to attribute external factors to our own failures more than internal factors?
A. self-absorbed slant B. self-serving bias C. fundamental attribution error D. rudimentary element error
A corporate strategy identifies the type of relationship with regulatory and other government agencies that would create or maintain a profitable foundation for a firm.
Answer the following statement true (T) or false (F)
Eddie purchased only one asset during the current year. On May 1st Eddie placed in service furniture (seven-year property) with a basis of $26,500. Calculate the maximum depreciation deduction, rounded to the nearest whole number (ignoring §179 and bonus depreciation). (Use MACRS Table 1.)
What will be an ideal response?
Thomas Longbow is the only employee of Presido, Inc. During the first week of January, Longbow earned $3800.00 and had federal and state income tax withholdings of $190.00 and $71.25, respectively. FICA taxes are 7.65% on earnings up to $117,000. State and federal unemployment taxes for the period are $237.50 and $38.00, respectively.What is Presido's payroll tax expense for the week?
A. $536.75 B. $1118.15 C. $827.45 D. $566.20