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Question 6 /12

A company receives $10,000 in cash for services yet to be performed.

Using the accrual method, what's the correct entry to record the transaction?

(A) Debit cash $10,000, credit accounts receivable $10,000

(B) Debit cash $10,000, credit sales revenue$1 0,000

(C) Debit sales revenue $10,000, credit cash $10,000

(D) Debit cash $10,000, credit unearned revenue $10,000

(E) Debit cash $10,000, credit accounts payable $10,000

 

Question 7 /12

Per company policy, tools with a purchase price greater than $1,000 are capitalized. What's the correct entry to record a tool purchase of $500?

(A) Debit tools expense $500, credit cash $500

(B) Debit fixed asset $500, credit tools expense $500

(C) Debit fixed asset $500, credit cash $500

(D) Debit fixed asset $1,000, cred it cash $1,000

(E) Debit tools expense $1,000, cred it cash $1,000

 

Question 9 /12

A company performs $10,000 of services and issues an invoice to the customer. Using the accrual method. what's the cored entry to record the transactions?

(A) Debit unearned revenue $10,000, credit salles revenue $10,000

(B) Debit accounts payable $10,000, credit sales revenue $10,000

(C) Debit services expense $10,000, credit sales revenue $10,000

(D) Debit cash $10,000, credit sales revenue $10,000

(E) Debit accounts receivable $10,000, credit salles revenue $10,000

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Step 1/1

Note:

As per Chegg guidelines, we are authorised to answer only one question in a single post. Since there is no preference mentioned, we have answered the 1st question. Kindly post the remaining questions separately.

Working

Question 6/12

Given in question:

Cash received =$10,000 and services to performed.

Below is the required Journal entry:

Explanation:

As services is not yet performed unearned revenue will be credited as per accrual system of accounting.

Below are the analysis of option:

Option A is incorrect because unearned revenue will be credited instead of accounts receivable..

Option B is incorrect because Unearned revenue will be credited instead of sales revenue..

Option C is incorrect because Unearned revenue will be credited instead of cash .

. Option D is correct .

Option E is incorrect because Unearned revenue will be credited instead of accounts payable.

Final Answer

Solution

As calculations and explanations provided in the steps earlier, below is the final answer:

Option ( D) "Debit cash $10,000, credit unearned revenue $10,000" correct option.

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