Browning, Inc., collects cash from customers in advance and from other customers after the sale. Read the requirement
a. Journalize Browning earning service revenue of $15,000 on account and then collecting $10,000 on account. (Record debits first, then credits. Exclude explanations from any jounal entries.)
Start by recording Browning earning $15,000 of service revenue on account.
Journl Entry
Date Accounts Debit Credit
2018
Journalize the followibg transactions for Browning:
a. Accrued revenue. Some customers pay Browning after Browning has performed the service for the customer. During 2018, Browning performed services for $15,000 on account and later received cash of $10,000 on account from these customers.
b. Unearned revenue. A few customers pay Browning in advance, and Browning later performs the service for the customer. During 2018, Browning collected $2,000 cash in advance and later earned $1,500 of this amount.

The following cost data relate to the manufacturing activities of chang company during the just completed year: manufacturing overhead costs incurred: indirect materials $ 15,800 indirect labor 138,000 property taxes, factory 8,800 utilities, factory 78,000 depreciation, factory 150,600 insurance, factory 10,800 total actual manufacturing overhead costs incurred $ 402,000 other costs incurred: purchases of raw materials (both direct and indirect) $ 408,000 direct labor cost $ 68,000 inventories: raw materials, beginning $ 20,800 raw materials, ending $ 30,800 work in process, beginning $ 40,800 work in process, ending $ 70,800 the company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. a total of 20,500 machine-hours were used during the year. required: 1. compute the amount of underapplied or overapplied overhead cost for the year. 2. prepare a schedule of cost of goods manufactured for the year.

Which alternative accounting method allows farmers to record expenses and incomes in the year in which they sell their yield? gaap allows for the method, which permits farmers to subtract the expenses of producing the crop in the year in which they sell the yield and earn the revenue.

On april 1, the cash account balance was $46,220. during april, cash receipts totaled $248,600 and the april 30 balance was $56,770. determine the cash payments made during april.