On october 1 a client pays 12000.

Accounting questions and answers. Answer the following 30 questions please. Q1. On November 1, Year One, a company is paid $12,000 in advance to do a job for a customer. The job has ten separate steps. The first four steps were completed in Year One and the remaining six steps were completed in Year Two. The accountant mistakenly believed that ... B.its expected future dividends and its discount rate. C. Wall Street analysts. D. the present value of its future earnings per share and its discount rate. Oct 30 2022. Answer of On October 1, a client pays a company the full $12,000 balance of a year long contract. Using the Accrual method, what's the unearned revenue as of...On October 1, a client pays a company the full $12,000 balnace of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31? a. $0 b. $1,000 c. $5,000 d. $9,000 e. $12,000Gross and net income are two ways to measure income that are quite different. Learn how to calculate both, and why they matter in budgeting and tax prep. For individuals, gross inc...

If Maeryn pays $1,200 tax on $12,000 worth of income, what is the tax rate? a) 0% b) 5% c) 10% d) 50% e) 100%. loading. plus. Add answer +10 pts. loading. Ask AI. loading. report flag outlined. ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of ... The unearned revenue as of December 31 will be $12,000 . Reason been that the amount that the client paid the company is for a year-long contract, hence the $12,000 represent a prepayment amount for the service the company is yet to rendered to their client. Inconclusion using the accrual method, the unearned revenue as of December 31 is $12,000. Alejandro Consulting paid $2500 cash for a 5-month insurance policy that begins on March 1. Determine the general journal entry to record the cash payment. Prepaid Insurance 2500 debit; Cash 2500 credit. Sharp Services provided $800 of consulting work and $100 of design work to the same client.

May 12, 2022 · The unearned revenue as of December 31 will be $ 12,000. Reason been that the amount that the client paid the company is for a year- long contract, hence the $ 12,000 represent a prepayment amount for the service the company is yet too rendered to their client. Thus, using the accrual method, the unearned revenue as of December 31 is $ 12,000. On October 1 A Client Pays A Company 12000. July 4, 2023 Dwayne Morise. Support Our Work. Do you appreciate the value this website provides? If so, please consider donating to help keep it running. Your donation will go a long way in helping us continue to provide the same quality of content and services. Every ...

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Intermediate Accounting Quiz 6. 3.8 (11 reviews) On December 31, Year 1 Adam Company incurred $3,000 of accrued salary expense. The Year 2 recognition of the cash payment for these expenses. A. decreases the amount of liabilities shown on the Year 2 balance sheet. B. increases the amount of salary expense recognized in Year 2.

12,000 By Capital A/c. 8,500 68,500. 17,500. 23,500 ... on 01.10.2008 costing `. 50,000 and ` 20,000 ... Reserve for making partly paid-up shares into fully paid-up ...

This means that as of October 1, the company had unearned revenue of $12,000 because it had not yet earned any of the revenue from the contract. As time passes and the company provides goods or services to the client, the unearned revenue will decrease and the earned revenue will increase. By December 31, three months have …Note that in this scenario, revenues and expenses should be recognized in the same period. So, By the use of accrual method, the unearned revenue as of December 31 1 is $ 12,000. See full question below. On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned …Help them pay you. If a client won’t pay, maybe give them a gentle reminder, a reason to pay you. Detail what you have provided, check there are no issues with the invoice, and make sure they are satisfied with what has been delivered. Check your contract. Make sure your payment terms are clear, simple, and protect you.28. Solutions available. Ex. 8 On July 1, 2014, Damlen Jurado Company pays $12,000 to its insurance company for a 2-year insurance policy. Instructions Prepare the necessary journal entries for Damlen Jurado on July 1 and December 31. Solution July 1 Prepaid Insurance 12,000 Cash 12,000 Dec. 31 Insurance Expense 3,000 Prepaid …Expert-verified. On July 1, 2022, Crane Company pays $12,000 to Wildhorse Co.for a 1-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Wildhorse Co.. Wildhorse uses the accounts Unearned Service Revenue and Service Revenue.Bond B pays $12,000 in 28 years. (To keep things Get the answers you need, now! ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31. verified. Verified answer.Prepare journal entries for each of the following transactions for a company that has a fiscal year-end of December 31: (1) on October 1, $12,000 was paid for a one-year fire insurance policy; (2) on June 30 the company advanced its chief financial officer$10,000; principal and interest at 6% on the note are due in one year; and (3) equipment costing $60,000 was …

On October 1, a client pays a company the full $12,000 balance of a year long contract. Using the Accrual method, what's the unearned revenue as of December31? $0. $1,000. $5,000. $9,000. $12,000. One website gives two answer $9,000 and $12,000, then i asked chatgpt, it even gives me another answer $0. Solved step-by-step. Solved by verified expert. Created on Sept. 15, 2022, 3:39 p.m. Company Inc. enters into a 10-year finance lease at the beginning of 2021 for a total of $250,000. The annual lease payment is $25,000 (payable at the end of each year) and the rate implicit in the lease is 5%. No initial direct costs are incurred.The finance department plays a huge role in business because that’s where the money is. The finance department knows how much money is needed to pay vendors, secure clients, cover ...ISBN: 9781337788281. Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach. Publisher: Cengage Learning. Solution for On December 31, Year 1, a company signed a one-year contract to provide services to a particular customer for … Question: On October 1, a client pays a company the full $12,000 balance of a year long contract. Using the Accrual method, what's the unearned revenue as of...

May 12, 2022 · The unearned revenue as of December 31 will be $ 12,000. Reason been that the amount that the client paid the company is for a year- long contract, hence the $ 12,000 represent a prepayment amount for the service the company is yet too rendered to their client. Thus, using the accrual method, the unearned revenue as of December 31 is $ 12,000. October 1: Purchased $8,500 worth of baking supplies from vendor, on account. October 3: The company borrowed $10,000 in cash, in exchange for a two-year, 6% note payable. ... October 14: Paid $300 for office supplies. October 15: Hired a part-time helper to be paid $12 per hour. One pay period is the first of the month through the fifteenth, ...

On October 1, a client pays a company the full $12,000 balnace of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31? $0 $1,000 …When a client signs on with your business, they have certain expectations about what your performance will be. When a client signs on with your business, they have certain expectat...The widget company purchases a new piece of equipment for $222,000 and then pays $12,000 for shipping and inst Get the answers you need, now! ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31.Advertisement In general, all of the machines on the Internet can be categorized as two types: servers and clients. Those machines that provide services (like Web servers or FTP se...Arthur pays a tax of $5000 on a taxable income of $50000while taxpayer Barbara pays Tax of $12000 on $12000.the tax is a? There’s just one step to solve this. Who are the experts? Experts have been vetted by Chegg as specialists in this subject. Expert-verified. Step 1.Jan 22, 2024 · 1 / 4. Find step-by-step Accounting solutions and your answer to the following textbook question: On October 1, a client pays a company the full $12,000 balance of a year long contract. Using the Accrual method, what’s the unearned revenue as of December31?. Source Image: chegg.com Download Image Accounting questions and answers. Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows ...

Step 1: Determine the period covered by the contract The contract is for a year, which means it covers the period from October 1 to September 30 of the following year. Step 2/3 Step 2: Determine the portion of the contract that has been earned Since the payment was made on October 1, the company has earned 3 months' worth of revenue …

New Jersey Mutual has offered you a single premium annuity that will pay you $12,000 per year (end of year) for the next 15 years. If you must pay $109,296 today for this annuity, what is your expected ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned ...

Rent paid in advance example. For example, on December 29, 2020, the company ABC pays the $30,000 rent in advance for 6 months for the office rent from January 2021 to June 2021. In this case, the company ABC can make the journal entry for the rent paid in advance on December 29, 2020, as below: Then, on January 31, 2021, the company … On October 1, Hughes Company paid $12,000 for two years of insurance in advance. Hughes Company recorded the transaction by debiting Prepaid Insurance and crediting Cash. Required: Journalize the adjusting entry on December 31. Problem 5RE: Garcia Company rents out a portion of its building to Jerry Company for 1,000 per month. Accounting Equation for Cash Advance Received From Customer. The accounting equation, Assets = Liabilities + Owners Equity means that the total assets of the business are always equal to the total liabilities plus the total equity of the business This is true at any time and applies to each transaction. For this transaction the accounting ...Click here 👆 to get an answer to your question ️ Focus corp. pays $12,000 for 2 years of rent. what is the journal entry to record this transaction?' ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31.Transcribed image text: On July 1, 2022, Crane Company pays $ 12,000 to Wildhorse Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. (21) Your answer is correct. For Crane Company. journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order …Click here 👆 to get an answer to your question ️ bond a pays $12,000 in 14 years. bond b pays $12,000 in 28 years. ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31.Accounting questions and answers. Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows ...Period of rent prepayment = 3 months. Amount paid = 3,000. Period of accounts = 1 month. Rent prepayment for the period = 3,000 x 1/3 = 1,000. This must now be become an expense in the income statement for April, the pre paid rent accounting is as follows: Prepaid rent journal entry – Rent expense for April. Account.Dealing with a freelance client that won't pay? Here are some actionable steps you can take to recover your unpaid invoices. Dealing with a freelance client that won't pay? Here ar...Accounting questions and answers. Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows ...Find an answer to your question On March 17, Fox Lumber sells materials to Whitney Construction for $12,000, terms 2/10, n/30. Whitney pays for the materials on ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, ...

Q On October 1, 2022, Jeremiah, ... Under the lease terms, Dontrell pays 24 months' rent ($24,000) in advance on November 1. How much can Dontrell deduct for rent in 2022? a. $12,000 b. $2,000 c. $24,000 d. $18,000. BUSINESS ACCOUNTING. Loading. Answer & Explanation. Solved by AI. Generating Answer. Related Textbook Solutions.Descriptions: On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what’s the unearned revenue as of December 31. More : On October 1, a client pays a company the full $12,000 balance of a year-longOct 12, 2021 ... ... 1, 2019. So we're going to write the month ... paid. So worth 250, 000. The Transactions ... Oct 13, 2021󰞋󱟠. 󰟝. Problem 2 Answer (Topic No. 3 ...Common Stock = $315,100. Paid-In Capital in Excess of Par =$34,400. Retained Earnings = $164,750. Treasury Stock =$20,300. Solution. Answered 5 months ago. Step 1. 1 of 2. The total stockholders' equity is equal to the amount of common stock, plus the paid-in capital in excess of par and retained earnings; if there is treasury stock, we deduct ...Instagram:https://instagram. davis r chant realtorsharkins funeral home deltadustin comic todaythere will be no explanation just reputation hoodie On October 1, a client pays a company the full $12,000 balnace of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31? a. $0 b. $1,000 c. $5,000 d. $9,000 e. $12,000 is the post office open on halloweennew zealand taylor swift On October 1, when a client pays a company the full $12,000 balance of a year-long contract using the accrual method, what's the unearned revenue as of December 31? …Click here 👆 to get an answer to your question ️ Q5- At the end of each year, ABC Company pays 12,000 rent for a machine under as year lease agreement. ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31. answers.usatoday com You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Question: On October 1, a customer pays your company $800 for four months of services (October through January). By the end of the year, December 31, how much deferred revenue will you still have on your books?Study with Quizlet and memorize flashcards containing terms like In 2017, Costello Company performs work for a customer and bills the customer $10,000; it also pays expenses of $3,000. The customer pays Costello in 2018. If Costello uses the accrual-basis of accounting, then Costello will report, Ignatenko Company purchased office supplies … Accounting questions and answers. Answer the following 30 questions please. Q1. On November 1, Year One, a company is paid $12,000 in advance to do a job for a customer. The job has ten separate steps. The first four steps were completed in Year One and the remaining six steps were completed in Year Two. The accountant mistakenly believed that ...