Business, 22.02.2020 00:58 khikhi1705

On September 1, Consulting Company began a contract to provide services to Willowwood Company for six months, with the total $21,600 payment to be made at the end of the six-month period. Equal services are provided each month. The firm uses the account Fees Receivable to reflect amounts due but not yet billed. What proper adjusting entry would Consulting Company make on December 31, the end of the accounting period (no previous adjustment has been made)?

Answers: 2

Show answers

Answers

Answer from: Deadpool9609

Fees Receivable 14,400

Service Fees Earned 14,400

Explanation:

First, the multiple choices to the question are as follows

Unearned Service Fees 14,400

Service Fees Earned 14,400

Fees Receivable 14,400

Service Fees Earned 14,400

Fees Receivable 21,600

Service Fees Earned 14,400

Unearned Service Fees 7,200

Cash 14,400

Service Fees Earned 14,400

Solution:

First, We calculate that September 1st to December 31st is a total of 4 months

Secondly, We calculate the monthly fees to be paid as follows

$21,600 is payable at the end of 6 months

Monthly payment = $21,600/6 = $3,600 perm month

Thirdly, we determine the payment for 4 months (September to December)

= $3,600 x 4 = $14,400.

Therefore, since the amount is yet be billed, we debit it to fee receivable account and credit it to service fee earned account

Particulars Debit Credit

Fee Receivable $14,400

Service Fee earned $14,400

Answer from: Quest

Whats the answer choices, but a fiscal policy is the means by which the government adjusts its spending limit and tax rates to monitor and influence a nation's economy.

Answer from: Quest

match the scenarios with terms related to financial aid.

pell grant

student loan

merit-based scholarship

richard is one of the leading college basketball players in the state of florida. he also maintains a good academic record. looking at his talent and potential, furman university offers to bear the expenses for his college education.

arrowright

anita wants to pursue a certificate program in sports nutrition. to pay for the course, she borrows money by filing the fafsa.

arrowright

nathan comes from a low-income household. he wants to pursue an undergraduate degree in marketing. he receives financial aid covering 50 percent of his college expenses. nathan does not have to pay back this amount.

arrowright

Another question on Business

Business, 21.06.2019 21:30

Part i a company's cereal is not selling well. create a 10-15-question survey that measures customers' preferences for the company's cereal product. then, answer the following questions: how many scale items will you put in the survey? justify your answer. will you use multiple-choice questions? why or why not? how many scale points will you use in the survey? justify your answer. what data type will be used in the survey? justify your answer. part ii as a second part of this assignment, create a set of survey questions, assuming that you sell cars. you are attempting to measure how customers perceive the quality of the cars that you sell. create three survey questions with simple category scales. justify why you selected those questions and scales. create three survey questions with multiple-choice, single-response scales. justify why you selected those questions and scales. create three survey questions with multiple-choice, multiple-response scales. justify why you selected those questions and scales. create three survey questions with likert scale summated ratings. justify why you selected those questions and scales.

Answers: 1

Answer

Business, 22.06.2019 05:00

Which of the following differentiates cost accounting and financial accounting? a. the primary users of cost accounting are the investors, whereas the primary users of financial accounting are the managers. b. cost accounting measures only the financial information related to the costs of acquiring fixed assets in an organization, whereas financial accounting measures financial and nonfinancial information of a company's business transactions. c. cost accounting measures information related to the costs of acquiring or using resources in an organization, whereas financial accounting measures a financial position of a company to investors, banks, and external parties. d. cost accounting deals with product design, production, and marketing strategies, whereas financial accounting deals mainly with pricing of the products.

Answers: 3

Answer

Business, 22.06.2019 11:40

Vendors provide restaurants with what? o a. cooked items ob. raw materials oc. furniture od. menu recipes

Answers: 1

Answer

Business, 22.06.2019 17:00

Vincent is interested in increasing his earning potential upon completing his internship at a major accounting firm. which option can immediately boost his career in the intended direction? b. complete a certification from a professional organization c. complete a new four-year undergraduate program in a related field d. complete a two-year associate degree in a related field e. complete an online course in accounting

Answers: 3

Answer

You know the right answer?

On September 1, Consulting Company began a contract to provide services to Willowwood Company for si...

Questions