On November 1, 2021, a company receives $1,800 for services to be provided evenly over the next six months. The December 31, 2021, adjusting entry for the company would include a credit to Deferred Revenue for $600.
Answer the following statement true (T) or false (F)
False
The adjusting entry would involve a debit to Deferred Revenue and a credit to Service Revenue for $600.
Business
You might also like to view...
A petition for Chapter 13 proceedings can be initiated by the:
A. secured creditors. B. trustee. C. involuntary petition of creditors. D. voluntary petition of a debtor.
Business
What technology might a public agency employ to create a “virtual” town meeting?
A) Cloud computing B) Web cameras C) Cell phones D) None of the above
Business
A virtual organization is:
a. Slow in getting things done b. Based on just-in-time principles c. Distributed and loosely defined d. Only found on the Internet
Business
A sunk cost is never relevant
Indicate whether the statement is true or false
Business