Correct 100 points out of 100 Account Name Debit Credit Unearned revenue 4800

Correct 100 points out of 100 account name debit

  • National University
  • ACC 201
  • Test Prep
  • lejacobs7
  • 10
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Question Correct1.00 points out of 1.00The Cholla Corporation earned rental revenue of $5,000 in December but will notreceive this until January. What is the effect of making the adjusting entry atDecember 31? 6 Account Name Debit Credit Unearned revenue 4,800 Revenue 4,800 Correct Marks for this submission: 1.00/1.00. Select one:Assets Liabilities Shareholders' EquityNo Effect Increase DecreaseAssets Liabilities Shareholders' EquityNo Effect Increase Increase $5,000Assets Liabilities Shareholders' EquityIncrease No Effect IncreaseAssets Liabilities Shareholders' EquityIncrease No Effect DecreaseThe correct answer is: Assets Liabilities Shareholders' EquityIncrease No Effect Increase Correct Marks for this submission: 1.00/1.00. Page 6 of 10 Self-Test (not graded) 6/7/2016
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Question Correct1.00 points out of 1.00Jojoba, Inc., received a one-year, 10 percent, $150,000 note receivable on May 1,with interest and principal to be received at maturity. How much interestreceivable will be reported on Jojoba's balance sheet as of December 31? 7 Correct Marks for this submission: 1.00/1.00. Page 7 of 10 Self-Test (not graded) 6/7/2016
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Question Correct1.00 points out of 1.00 8 Question Correct 9 1.00 points out of 1.00 Jerry’s Window Service received $14,000 from a client on February 20. Thispayment was an advance payment for 7 months of window cleaning startingMarch 1. The window cleaning services are provided equally over the 7 months.At May 31, calculate the balance in the unearned revenue account assuming thatall adjusting entries have been properly recorded. Correct Marks for this submission: 1.00/1.00.
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  • Spring '12
  • PaulSkelly
  • Financial Accounting, Correct Answer, Generally Accepted Accounting Principles, DEBIT CREDIT, Ocotillo Villas

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