On october 1 a client pays 12000. Oct 12, 2021 ... ... 1, 2019. So we're going t...

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Concept explainers. Question. On October 1, Hughes Company paid $12,000 for two years of insurance in advance. Hughes Company recorded the transaction by debiting Prepaid …Study with Quizlet and memorize flashcards containing terms like Which financial product typically pays the highest rate of interest?, ... On October 1, a client pays a company the full $12,000 balance of a year long contract. ... 7th Edition • …On October 1, a client pays a company the full $12,000 for a year-long contract. Using the accrual method, we spread this revenue over the 12 months it covers. By December 31, three months have passed, equating to a quarter of the contract term. As such, the company has earned one quarter of the payment, which is $3,000 ($12,000 / 4).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 …He pays $12,000 per year in rent to his Unc ... B. economic profit will be unchanged. C. implicit cost will decrease by $12,000 per year. D. All of the above are correct. loading. See answer. loading. plus. Add answer +10 pts. ... On October 1, a client pays a company the full $12,000 balance of a year-long contract.Answer by Guest. Based on the amount the client paid on October 1, the unearned revenue as at December 31 is $9,000.. How can the unearned revenue be found? First, find the monthly revenue: = 12,000 / 12 =$1,000. From October 1 to December 31 is 3 months so 3 months of revenue has been recognized.. Unearned revenue is: = 12,000 - …Jul 25, 2022 · Therefore, the unearned revenue as of October 1 was $12,000.In the months between October 1 and December 31, the company would have "earned" $3,000 of that revenue by providing services to the client. That means the unearned revenue would be reduced by $3,000 to $9,000 by 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 ...AAA Corporation's accounting period ends December 31. Prepare the necessary adjusting entry. On October 1, 2014, AAA Corporation purchased a two-year insurance policy for $2,400 and recorded it as an asset. On July 1, 2014, Seng Co. pays $15,300 to Nance Insurance Co. for a 2-year insurance contract. Both companies have …The non-profit sold its existing fleet of vehicles, with a book value of $12,000, for $15,000. It paid for the new vehicles in cash on October 1, 2019, at a ... Since it is a year-long contract, we can assume that the contract period starts on October 1 of the current year and ends on September 30 of the following year. Given that the client paid the full $12,000 balance on October 1, we can recognize the revenue for the entire contract period on that date. The new accounting equation would be: Assets $30,200 (Cash $13,900 + Supplies $500 + Prepaid Rent $1,800 + Equipment $5,500 + Truck $8,500) = Liabilities $200 + Equity $30,000. 7. Selling services for cash. During the month of February, Metro Corporation earned a total of $50,000 in revenue from clients who paid cash.This is done by subtracting the estimated residual value ($12,000) from the cost of the machine ($120,000) and dividing it by the total estimated working hours (10,000). ... 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.A recently published report has found late paying clients owe $50,000 or more to nearly 60% of freelance workers. A recently published report has found late paying clients owe $50,...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 ... 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 I give all my time to nothing. Not a "real" job that keeps food on the table and pays the bills, but to cleaning and laundry and more cleaning and... Edit Your Post Publi...On July 1, Omar provides catering services to the client from the January 1 contract. The client pays the full amount of SAR 25,000 on the day of the event. When should Omar recognize the revenue for this transaction under the accrual basis? On October 1, Omar provides catering services to a corporate client and invoices them for SAR 12,000.Find an answer to your question if cathy deposits $12,000 into a bank account that pays 6% interest compounded quarterly, ... 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.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...A customer paid $300 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three treatments for the customer. c. Unearned Rent Revenue. On September 1, a client paid the ... a company received an advance rental payment of $12,000, ...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? $0 $1,000 …a. Debit cash$10,000, credit capital stock $10,000. b. Debit capital stock$100,000, credit cash $100,000. d. Debit cash$100,000, credit treasury stock $100,000. e. Debit cash$10, …October 1: Stockholders invest $100,000 cash in an advertising venture to be known as Pioneer Advertising Inc. October 1: Pioneer purchases office equipment costing $50,000 by signing a 3-month, 12%, $50,000 note payable. October 2: Pioneer receives a $12,000 cash advance from R. Knox, a client, for advertising services that are expected to be …Answer & Explanation. The accrual method is an accounting technique where revenue and expenses are recorded when they are earned or incurred, regardless of when the cash is … Answer to On October 1 to client pays a company $12,000 balance on a... Q Enter the following payments and receipts into the cash payments and cash receipts journal. Total the journal and ensure Find a Dental Companies PPC agency today! Read client reviews & compare industry experience of leading Dentists PPC management companies. Development Most Popular Emerging Tech Dev...The bond pays 2.5% interest. B.The bond traded at ... Oct. 12. Purchased 10,000 shares of treasury stock ... 1 Jan 1 Cash. 2 b. 2:3. 4. Ch. 5. DESCRIPTION. Premium ...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.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.Answer by Guest. Based on the amount the client paid on October 1, the unearned revenue as at December 31 is $9,000.. How can the unearned revenue be found? First, find the monthly revenue: = 12,000 / 12 =$1,000. From October 1 to December 31 is 3 months so 3 months of revenue has been recognized.. Unearned revenue is: = 12,000 - …Cash 480, Rent Income 480, To record the receipt of one- year rent paid in advance Rent Income 160, Unearned Rent 160, Unearned portion of the 1- year rent paid in advance. On August 1, 2021, Entity C paid one-year insurance of 360,000. Provide the journal entry to record the prepayment on August 1, 2021 under each of the following methods: a.Find an answer to your question if cathy deposits $12,000 into a bank account that pays 6% interest compounded quarterly, ... 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.When Cullumber Company pays $12,000 for a 3-year insurance contract on July 1, 2019, ... 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 …On July 1, 2027, Damlen Jurado Company pays $12,000 to its insurance company for a two-year insurance policy. Prepare the necessary journal entries for.Damien Jurado on July 1 and December 31 . (Credit occount titles are outomatically indented when the amount is entered. Do not indent manually.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 …This is done by subtracting the estimated residual value ($12,000) from the cost of the machine ($120,000) and dividing it by the total estimated working hours (10,000). ... 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. Answer to On October 1 to client pays a company $12,000 balance on a... Q Enter the following payments and receipts into the cash payments and cash receipts journal. Total the journal and ensure On October 1, the company receives ... On July 1, 2017, Concord Co. pays $15,420 to Marigold Insurance Co. for a 3-year insurance policy. ... You learn your company perfomed services in June 2017 for $12,500. However, the client will not receive the; On July 1, 2019, Major Co. pays $15,120 to Mesa Insurance Co. for a 4-year insurance contract.Advanced $12,000 for principal and note due in a year on June 30 leaving only 6 months in the year. Accounting for that will be, = 12,000 * 6% * 6/12 ... 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.Cash 480, Rent Income 480, To record the receipt of one- year rent paid in advance Rent Income 160, Unearned Rent 160, Unearned portion of the 1- year rent paid in advance. On August 1, 2021, Entity C paid one-year insurance of 360,000. Provide the journal entry to record the prepayment on August 1, 2021 under each of the following methods: a.Answer to On October 1 to client pays a company $12,000 balance on a... Answer to On October 1 to client pays a company $12,000 balance on a... AI Homework Help. Expert Help. Study Resources. Log in Join. On October 1 to client pays a company $12,000 balance on a... Answered step-by-step.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 …The company receives an annual subscription of Rs 12000 from one of its clients on 31.03.2018 for the next year. Revenue will be earned when the magazine will be delivered to the client monthly. Balance Sheet as on …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 …Click here 👆 to get an answer to your question ️ midshipmen company borrows $12,000 from falcon company on july 1, ... 2024. midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on june 30, 2025. loading. See answer. loading. plus. Add ... On October 1, a client pays a company the full $12,000 balance of a year-long ...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.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 …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 ...When it comes to securing life insurance, one of the biggest factors that can affect your policy’s cost is your health. If you have pre-existing medical conditions or a history of ...As part of this agreement, Universe agrees to pay $4,000 to the customer to compensate the customer for up-front processing costs. A ... $12,000 A: $45,000 B: $8,000 A: $45,000 B: $12,000 None of the above. What is the transaction price for the following scenario: Scenario A: Tula Inc. sells $20,000 of ... The Zonyo Company on October 1, ...When it comes to securing life insurance, one of the biggest factors that can affect your policy’s cost is your health. If you have pre-existing medical conditions or a history of ...Avery pays its employees on Monday for the previous week's wages. Its employees earn $1,500 for a five-day work week. December 31 falls on Wednesday this year. Date Accounts and Explanation Debit Credit (f) Dec. 31 g. On October 1, Avery agreed to provide a four-month air system check (beginning October 1) for a customer for $2,000.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 December 31? Answer. Under accrual method, the entire $12,000 would have classified as an unearned revenue since on October 1st of that year; a client pays this amount in full.As part of this agreement, Universe agrees to pay $4,000 to the customer to compensate the customer for up-front processing costs. A ... $12,000 A: $45,000 B: $8,000 A: $45,000 B: $12,000 None of the above. What is the transaction price for the following scenario: Scenario A: Tula Inc. sells $20,000 of ... The Zonyo Company on October 1, ...Feb 17, 2023 · 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 December3... On July 1, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. ... (july to december) x 1/3 ( one year from the 3 year insurance ) = $2,500. Explore all similar answers. arrow right. ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. 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. Payment dates for the goods and services tax/harmonized sales tax credit, GST/HST, are available from the Canada Revenue Agency, states the Government of Canada. As of 2015, the ag...Answer by Guest. Based on the amount the client paid on October 1, the unearned revenue as at December 31 is $9,000.. How can the unearned revenue be found? First, find the monthly revenue: = 12,000 / 12 =$1,000. From October 1 to December 31 is 3 months so 3 months of revenue has been recognized.. Unearned revenue is: = 12,000 - …Mar 30, 2007 ... ... client pays the total cost of services for ... + $12,000. $50,000. Add $1,800 to upper limit threshold ... These ranges in effect from October 1-.Cash 480, Rent Income 480, To record the receipt of one- year rent paid in advance Rent Income 160, Unearned Rent 160, Unearned portion of the 1- year rent paid in advance. On August 1, 2021, Entity C paid one-year insurance of 360,000. Provide the journal entry to record the prepayment on August 1, 2021 under each of the following methods: a.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...On October 1, a customer pays your company $800 for four months of services (October through January). By the 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.The bond pays 2.5% interest. B.The bond traded at ... Oct. 12. Purchased 10,000 shares of treasury stock ... 1 Jan 1 Cash. 2 b. 2:3. 4. Ch. 5. DESCRIPTION. Premium ...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 May 11, 2022 · 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. 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. . Expert-verified. On July 1, 2022, Crane Company pays $12,000 tSo, what exactly is just one corporate client worth to your Let’s assume that a company is started on December 1 and arranges for business insurance to begin on December 1. On December 1 the company pays the insurance company $12,000 for the insurance premiums covering one year. The company will record the payment with a debit of $12,000 to Prepaid Insurance and a credit of $12,000 to Cash. A recently published report has found late paying clients owe $50,000 or more to nearly 60% of freelance workers. A recently published report has found late paying clients owe $50,... On October 1, a client pays a company the full Sep 10, 2023 ... 1. Deferred revenue. Deferred revenue often ... Sarah then pays the employee on October 16. ... prepays $12,000 in January for a year's worth of ... Study with Quizlet and memorize flashcards con...

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