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Author Question: Avatar, Inc began operations on July 1, 2011. On August 1, it received 24,000 in advance for ... (Read 123 times)

AEWBW

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on: Jul 5, 2018
Avatar, Inc began operations on July 1, 2011. On August 1, it received 24,000 in advance for services to be performed evenly over the next 12 months.
 
  How much of this revenue should the company report on its income statement for the year ended December 31, 2012?
  A) 0
  B) 2,000
  C) 14,000
  D) 10,000

Question 2

In preparing a bank reconciliation, the amount of deposits in transit is deducted from the balance per bankstatement.
 a. True
  b. False
 
   Indicate whether the statement is true or false


britb2u

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Reply #1 on: Jul 5, 2018
Answer to Question 1

C

Answer to Question 2

False


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AEWBW

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Reply #2 on: Jul 5, 2018
Thank you


britb2u

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Reply #3 on: Jul 5, 2018
No problemo


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