Tomlin & Company provides music for special occasions. On January 14, the Smith family hired Tomlin for an upcoming family wedding for an agreed-upon fee of $10,000. The wedding was scheduled for May 23. As part of the agreement, the Smiths paid Tomlin half of the fee at the end of April with the remaining amount due by the end of June. How would Tomlin record the receipt of the final payment in June?
A) Credit to Accounts Receivable.
B) Credit to Service Revenue.
C) Credit to Cash.
D) Debit to Deferred Revenue.
Answer: A
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Accounting
- When treasury stock is sold for more than the company originally paid to purchase the shares, the difference:
- A company currently has 200,000 shares issued and 190,000 shares outstanding. If the company purchases 20,000 shares of treasury stock, what amount of shares will be outstanding?
- The purchase of treasury stock can boost earnings per share by:
- Why would a corporation purchase its own stock?
- The corporation's own stock that has been issued and then bought back by the company is referred to as:
- What would be the impact on the accounting equation when a company acquires treasury stock?
- Which of the following is TRUE regarding the accounting for treasury stock?
- Which of the following statements about treasury stock transactions is true?
- When an investment is made in another corporation's common stock, what is the effect on total stockholders' equity?
- When treasury stock is acquired, what is the effect on total stockholders' equity?
- When treasury stock is resold at a price above cost:
- A company issued 1,000 shares of $1 par value preferred stock for $5 per share. What is true about the journal entry to record the issuance?
- Which of the following is not a potential feature of preferred stock?
- Which of the following financing alternatives has the highest preference for dividends/interest payments?
- Which of the following is the most likely to have voting rights?
- Which of the following has the lowest expected return to the investor?
- Which of the following has the highest expected return to the investor?
- Preferred stock:
- Hayes Corporation issues 100 shares of its $1 par value common stock for $15 per share. The entry to record the issuance will not include a:
- South Beach Apparel issued 10,000 shares of $1 par value stock for $5 per share. What is true about the journal entry to record the issuance?
- Jade Jewelers issued 15,000 shares of $1 par value stock for $20 per share. What is true about the journal entry to record the issuance?
- Wright Inc. issued 20,000 shares of $1 par value common stock for $80,000. The journal entry to record this issuance includes a:
- When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include:
- When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include:
- If a company issues 1,000 shares of $1 par value common stock for $20 per share, which of the following accounts would be credited?
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