1 answer

Jack's Snow Removal Company received a cash advance of $10,200 on December 1, Year 1 to...

Question:

Jacks Snow Removal Company received a cash advance of $10,200 on December 1, Year 1 to provide services during the months of
Multiple Choice increase stockholderss equity by $3,400 increase assets by $3,400 increase liabilities by $3,400 increase as
Jack's Snow Removal Company received a cash advance of $10,200 on December 1, Year 1 to provide services during the months of December, January, and February. The year-end adjustment on December 31, Year 1, to recognize the partial expiration of the contract will Multiple Choice increase stockholders's equity by $3,400 increase assets by $3,400 Increase liabilities by $3,400
Multiple Choice increase stockholders's equity by $3,400 increase assets by $3,400 increase liabilities by $3,400 increase assets by $3,400 and increase stockholders's equity by $3,400

Answers

ANSWER-OPTION D

EXPLANATION

FIRST ENTRY ON DEC 1 WILL BE CASH A/C DEBIT BY 10200 TO REVENUE A/C CREDIT BY 10200

SECOND ENTRY WILL BE DONE ON DEC 31 AS A ADJUSTING ENTRY THAT WILL BE REVENUE A/C DEBIT BY 6800{(10200/3)*2} TO UNEARNED INCOME A/C CREDIT BY 6800.

THESE TWO ENTRY WILL INCREASE A CASH BY 3400 AND REVENUE BY 3400. AND WE KNOW THAT CASH IS ASSET AND REVENUE BE THE PART OF EQUITY THEREFORE THERE WILL BE INCREASE IN ASSET AND STOCKHOLDERS' EQUITY BY 3400.

.

Similar Solved Questions

1 answer
Your Discussion Question is: The scales of the legal system are said to be balanced. If...
Your Discussion Question is: The scales of the legal system are said to be balanced. If this is so. why do defense and prosecuting attorneys push for a change in venue from time to time? Could there be a dependent relationship?...
1 answer
-12 POINTS HARMATHAP12 3.1.011. Use the following matrix. -1 1 -21 A = 3 2 1...
-12 POINTS HARMATHAP12 3.1.011. Use the following matrix. -1 1 -21 A = 3 2 1 [ 1 3 2 Write the transpose of matrix A. Show My Work (Required) What steps or reasoning did you use? Your work counts towards you You can submit show my work an unlimited number of times....
1 answer
2. From the above graph, determine the pressure in torr if the volume is 84.2 mL....
2. From the above graph, determine the pressure in torr if the volume is 84.2 mL. Show your work below: .68 3. Give the SI unit for pressure 4. Give the SI unit for volume 125 1. Plot the Pressure (Y-axis) vs. 1/Volume (X-axis) on graph paper below. UILE YOU I that, using a ruler, draw the best-fit ...
1 answer
Can someone please show me how to perform this problem using MATLAB. My professor wants us to sim...
Can someone please show me how to perform this problem using MATLAB. My professor wants us to simulate this problem using MATLAB and create the graph. Any help would be very much appreciated. Design three lead compensators for the system to reduce the settling factor by a factor of 2 while maintaini...
1 answer
24. Draw the structures for 4 of the following 5 compounds. a. 4-(1,1-dimethylethyl)heptane b. 2,...
PLEASE PROVIDE EXPLANATION 24. Draw the structures for 4 of the following 5 compounds. a. 4-(1,1-dimethylethyl)heptane b. 2,6-dimethyl-4-(2-methylpropyl)decane c. 1-bromo-4-(3,3,3-trifluoro-2-methylpropyl)-7-fluorooctane d. 6-ethyl-2,6,7-trimethyl-5-propylnonane e. 4-sec-butyl-1,2-dimethylcyclohexan...
1 answer
Problem 4 Magnetic field region Fig. 2 A long wire carrying 4.50 A of current makes...
Problem 4 Magnetic field region Fig. 2 A long wire carrying 4.50 A of current makes two 90° bends, as shown in Fig.2. The bent part of the wire passes through a uniform 0.240-T magnetic field directed as shown in the figure and confined to a limited region of space. Find the magnitude and direct...
1 answer
Transactions to a general ledger A- A+ But Copy Format a 3 Merge & Center. S...
transactions to a general ledger A- A+ But Copy Format a 3 Merge & Center. S x June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for B15 J el: tyw of Accounting, Inc. quired 574,800 in cash from Lauryn and issued 3.400 shares of is e ther Jusel: tyw...
1 answer
U 4 5 The data table represents the measure of a variable before and after a...
U 4 5 The data table represents the measure of a variable before and after a treatment. Does the sample evidence suggest Individual that the treatment is effective in decreasing the value of the response variable? Use the c = 0.10 level of significance. Before, Xi Complete parts (a) through (d). 2 3...
1 answer
Required information [The following information applies to the questions displayed below.) Part of 3 Global Marine...
Required information [The following information applies to the questions displayed below.) Part of 3 Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock. $5 par value. During the first year, the company earned $310,000 of net income, declared n...
1 answer
Which part of the body takes care of removing liquid and gaseous wastes from the body?
Which part of the body takes care of removing liquid and gaseous wastes from the body?...
1 answer
President james buchanan believed that > Δ Moving to another question will save this response. Question...
president james buchanan believed that > Δ Moving to another question will save this response. Question 10 Critics dubbed Lincoln a tyrant partly because he O surrounded himself with 'yes men' in his cabinet. O suspended the writ of habeas corpus Stopped congress from meeting O...
1 answer
Show all steps please Determine the identity of the nuclide resulting from the electron capture by...
show all steps please Determine the identity of the nuclide resulting from the electron capture by 167 Lu, Lutetium-167...
1 answer
Required information [The following information applies to the questions displayed below.] Listed here are the total...
Required information [The following information applies to the questions displayed below.] Listed here are the total costs associated with the production of 1,000 drum sets manufactured by TrueBeat. The drum sets sell for $431 each. Costs 1. Plastic for casing-$18,000 2. Wages of assembly workers-$8...
1 answer
Cal Economics W 20 Asha Sadanand Assignment 9A Graded Differentiate the following function with respect to...
cal Economics W 20 Asha Sadanand Assignment 9A Graded Differentiate the following function with respect to X: F(X,Y)= (-4 x2 + x + 7) (8Y2 - 4Y+7)...
1 answer
Sleepy Hollow Park The table, shown to the right,lists trees that are Riverside Park in two...
Sleepy Hollow Park The table, shown to the right,lists trees that are Riverside Park in two city parks. Oak, o Hickory, h Maple, m Birch, b Pine, p Maple, m Pine, p Find the smallest universal set U that contains all listed trees of both parks. Elm, e Oak, o Willow, w Use the letters that correspond...
1 answer
Question 4 2 pts Acme Products manufactures widgets. It has two machines which produce widgets. It...
Question 4 2 pts Acme Products manufactures widgets. It has two machines which produce widgets. It is desirable that both machines produce widgets of the same dimensions. At regular time intervals Acme's quality control tests the widgets from both machines. The last test produced the following r...