It is acceptable to record cash received in advance of providing products or services to revenue accounts if an adjusting entry is made at the end of the period to bring the liability account balance to the correct unearned amount.
Answer the following statement true (T) or false (F)
True
You might also like to view...
UltraMotion Pictures produces and distributes music and television entertainment in the United States. The company distributes music in partnership with a large music retailer, Fromen Tunes
Fromen executives often work for a short time with UltraMotion and some of the UltraMotion executives work at the retail outlets to study Fromen's operations. This strategy minimizes the conflicts between partners. What strategy is being used here? Briefly explain.
A leader who is absent from a team when she is needed or does not get involved when a team could use her assistance, is often called a(n) ______ leader.
a. an out-group b. a free-riding c. a laissez faire d. a virtual
If there is no cash involved in a business transaction, the transaction should be recorded in ________.
A) either the cash receipts journal or general journal B) either the sales journal or purchases journal C) the general journal only D) sales journal, purchases journal, or general journal
You should develop your own personal standards for making the writing of a draft a ____________________ task
a. relatively easy b. rapid c. comfortable, repeatable d. professional