This topic contains a solution. Click here to go to the answer

Author Question: Revs, Inc. collected 5,000 from a customer on May 15 for services to be performed in June. The May ... (Read 32 times)

lracut11

  • Hero Member
  • *****
  • Posts: 536
Revs, Inc. collected 5,000 from a customer on May 15 for services to be performed in June. The May 15 journal entry to record this transaction is a debit to ________.
 
  A) Cash of 5,000 and a credit to Revenues of 5,000
  B) Cash of 5,000 and a credit to Accounts receivable of 5,000
  C) Unearned revenue of 5,000 and a credit to Cash of 5,000
  D) Cash of 5,000 and a credit to Unearned revenue of 5,000

Question 2

When the terms of sale are FOB shipping point, the buyer should pay the freight charges.
 a. True
  b. False
 
   Indicate whether the statement is true or false



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

flannelavenger

  • Sr. Member
  • ****
  • Posts: 322
Answer to Question 1

D

Answer to Question 2

True




lracut11

  • Member
  • Posts: 536
Reply 2 on: Jul 5, 2018
:D TYSM


recede

  • Member
  • Posts: 315
Reply 3 on: Yesterday
Wow, this really help

 

Did you know?

Certain rare plants containing cyanide include apricot pits and a type of potato called cassava. Fortunately, only chronic or massive ingestion of any of these plants can lead to serious poisoning.

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

Elderly adults are living longer, and causes of death are shifting. At the same time, autopsy rates are at or near their lowest in history.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

For a complete list of videos, visit our video library