Business, 06.05.2020 06:26 ella3714

Disco World began its business on November 1 and sold contracts to twelve students for dance lessons that day. The lessons cost $375 per person for a three-month period and the students are required to pay in advance. Assuming Disco World adjusts its accounts only at its December 31 year end, what entry must Disco World make to account for the services provided through that date?

a. Debit Cash and credit Dance Lessons Revenue for $3,000
b. Debit Unearned Revenue and credit Dance Lessons Revenue for $4,500
c. Debit Unearned Revenue and credit Dance Lessons Revenue for $3,000
d. Debit Dance Lessons Revenue and credit Unearned Revenue for $3,000

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 23:10

You are the new chief information officer for the video-game developer, necturus games. the company has recently undergone a major expansion of its primary product, and you must staff up the is department and determine the best way to develop new game "capsules" for the game, "escape velocity."

Answers: 1

Answer

Business, 22.06.2019 05:30

In most states, a licensee must provide a(n) of any existing agency relationships to all parties

Answers: 3

Answer

Business, 22.06.2019 14:50

The following information is needed to reconcile the cash balance for gourmet catering services. * a deposit of $5,600 is in transit. * outstanding checks total $1,000. * the book balance is $6,400 at february 28, 2019. * the bookkeeper recorded a $1,800 check as $17,200 in payment of the current month's rent. * the bank balance at february 28, 2019 was $17,410. * a deposit of $400 was credited by the bank for $4,000. * a customer's check for $3,300 was returned for nonsufficient funds. * the bank service charge is $90. what was the adjusted book balance?

Answers: 1

Answer

Business, 22.06.2019 19:30

At december 31, 2016, pina corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,810 shares $10,781,000 common stock, $5 par, 4,026,000 shares 20,130,000 during 2017, pina did not issue any additional common stock. the following also occurred during 2017. income from continuing operations before taxes $21,950,000 discontinued operations (loss before taxes) $3,505,000 preferred dividends declared $1,078,100 common dividends declared $2,300,000 effective tax rate 35 % compute earnings per share data as it should appear in the 2017 income statement of pina corporation

Answers: 1

Answer

You know the right answer?

Disco World began its business on November 1 and sold contracts to twelve students for dance lessons...

Questions