N May 1, 2020, Goldenrod Co. signed a contract with a client for $144,000 cash based on which Goldenrod agrees to provide consulting services to the client for a subsequent two-year period (i. e., from May 1, 2020 through April 30, 2022). The customer will be billed annually and full payment will be received on May 5, 2022. Assume that Goldenrod has provided consulting services during 2020 and makes any necessary adjusting entries related to this transaction at the end of the fiscal year on Dec. 31.

What adjusting journal entry should Goldenrod make on December 31, 2020?
A. Dr. Cash 72,000
Cr. Service Revenue 72,000
B. Dr. Accounts Receivable 48,000
Cr. Service Revenue 48,000
C. Dr. Unearned Revenue 48,000
Cr. Service Revenue 48,000
D. Dr. Cash 90,000
Cr. Service Revenue 90,000

The larger the investment you make, the easier it will be to: get money from other sources. guarantee cash flow. buy insurance. streamline your products.

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)

Provide an example of open-ended credit account that caroline has. caroline blue's credit report worksheet.