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Author Question: The Unearned Revenue account would be used when a company a. collects cash and earns the revenue in ... (Read 82 times)

segrsyd

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on: Jul 6, 2018
The Unearned Revenue account would be used when a company
 a. collects cash and earns the revenue in the same fiscal period.
   b. collects cash and earns the revenue over two fiscal periods.
   c. pays cash for services not yet earned.
   d. pays cash for services earned in two fiscal periods.
   e. does none of these.

Question 2

The city's central garage, which is accounted for as an Internal Service Fund, repairs and maintains all of the city's vehicles. The fire department is accounted for in the General Fund.
 
  The Central Garage Internal Service Fund sends a bill to the fire department for 18,000, which represents the cost of maintaining fire trucks for the month. The Central Garage should record
  A. Debit Due from General Fund and credit Revenues.
  B. Debit Due from General Fund and credit Expenses.
  C. Debit Expenses and credit Due to General Fund.
  D. Debit Revenues and credit Due to General Fund.


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fwbard

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Reply #1 on: Jul 6, 2018
Answer to Question 1

b

Answer to Question 2

A


segrsyd

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Reply 2 on: Jul 6, 2018
Thanks for the timely response, appreciate it

Dinolord

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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