0
What else can I help you with?
Where are services performed for cash should be recorded?
Revenue journal
Which is associated with cash received in advance for services to be performed in the future?
Cash received in advance for services to be performed in the future is associated with a liability known as "unearned revenue" or "deferred revenue." This represents an obligation for the company to deliver services or products at a later date. Until the services are performed, the company cannot recognize this cash as revenue on its income statement. Instead, it is recorded on the balance sheet as a liability.
Journal entry for services performed for cash?
May 6 Cash 3900 Service Revenue 3900 Performed service for cash.
What Journal entry for services performed but not received cash?
debit accounts receivablecredit services revenue
In accounting Cash purchase of supplies should be recorded in what?
cash payments journal
Where are services performed for cash should be recorded?
Revenue journal
Which is associated with cash received in advance for services to be performed in the future?
Cash received in advance for services to be performed in the future is associated with a liability known as "unearned revenue" or "deferred revenue." This represents an obligation for the company to deliver services or products at a later date. Until the services are performed, the company cannot recognize this cash as revenue on its income statement. Instead, it is recorded on the balance sheet as a liability.
Journal entry for services performed for cash?
May 6 Cash 3900 Service Revenue 3900 Performed service for cash.
The journal in which invoices for services provided are recorded is the?
cash receipts journal
What Journal entry for services performed but not received cash?
debit accounts receivablecredit services revenue
In accounting Cash purchase of supplies should be recorded in what?
cash payments journal
When should an expense be recorded?
An expense should be recorded when it is incurred, regardless of when the payment is made, following the accrual accounting principle. This means that expenses are recognized in the period in which the related goods or services are received. For cash accounting, expenses are recorded when cash is actually paid out. Proper timing ensures accurate financial reporting and reflects true financial performance.
How are services paid months in advance for services rendered recorded in a journal?
[Debit] Advance expenses [Credit] Cash / bank
Chapter III-the adjusting process?
If a company is using the cash-basis method of accounting, when is revenue recorded? A) When services are rendered, even though cash may be received at a later date B) When cash is received C) Only when cash is received before the completion of the services D) Only when cash is received during the completion of the services
Where do you record a purchase of supplies on account?
This should be recorded in the cash payment journal.
What is the accounting principle that requires accounting information to be based on actual cost and require assets and services to be recorded initially at the cash or cash equivalent amount?
Cost principal
How is the temporary cash surplus managed?
The temporary cash surplus is managed just like any other cash. The relevant transactions should be recorded on how the cash has been used.
