Techno Technical Services is working on a six-month job for a client, starting on February 1. It will collect $24,000 from its customer when the job is finished but the revenue is earned evenly over the six months
On March 31, before adjusting entries are made, Techno's Accounts Receivable account had a debit balance of $3,000. After the March 31 monthly adjusting entry has been made, what will be the balance in Accounts Receivable?
A) Debit balance of $4,000
B) Credit balance of $20,000
C) Debit balance of $7,000
D) Debit balance of $24,000
C .Balance in Accounts Receivable before adjusting entry $3,000
Add Accounts Receivable of new job on March 31
$24,000 / 6 months 4,000
Ending balance in Accounts Receivable $7,000
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Indicate whether the statement is true or false
Ted Catering received $840 cash in advance from a customer for catering services to be provided in three months. Determine the general journal entry that Ted Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.
A.
| Cash | 840? | |
| Accounts Receivable | 840? |
B.
| Accounts Receivable | 840? | |
| Catering Revenue | 840? |
C.
| Unearned Catering Revenue | 840? | |
| Catering Revenue | 840? |
D.
| Cash | 840? | |
| Catering Revenue | 840? |
E.
| Cash | 840? | |
| Unearned Catering Revenue | 840? |
Candy is walking to the company parking lot toward her car when a grizzly-bear suddenly appears and begins growling at her
Cindy wonders whether she should wrestle the bear to the ground or run away as fast as possible, thereby demonstrating which aspect of dealing with a stressor? A) fight-or-flight response B) burnout C) Type A behavior D) hindrance versus challenge
Changing one or more of a product's characteristics is called:
A. product modification B. product repositioning C. product adjustment D. planned obsolescence E. product extension