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. verified. Verified answer. A company sells 10,000 shares of previously authorized stock at the par value of $10 per share. What's the correct entry to record the transaction? Descriptions: 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. More : 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 original purchase price of the merchandise was $88,000, however, Garden Company returned $12,000 worth, therefore, their payable amount would be $88,000 - $12,000 = $76,000. Based on the terms 1/15, net 45, Garden Company is entitled to a 1% discount if they pay within the first 15 days.May 12, 2022 · 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 $ 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.To pay your MetroPCS bill you can either go to a MetroPCS store location and pay in person, or you can pay your bill online with a credit or debit card on the company website. Ther...In today’s competitive business landscape, finding clients is crucial for the growth and success of any venture. Whether you are a small startup or an established company, having a...A company started the year with $10,000 of inventory. Purchases for resale during the year were $20,000. Inventory on December 31 is $5,000. What's the cost of goods sold? $5,000. $10,000. $25,000. $30,000. $35,000. Question 12/12. A company sells 10,000 shares of previously authorized stock at the par value of $10 per share. 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. On December 31, the company writes an adjusting entry to record the insurance expense that was used up (expired) and to ... Let's break it down step by step: 1. The company receives $11,800 from a client, which is considered a cash inflow. This increases the company's cash balance, which is an asset. 2. As a result, the assets of the company increase by $11,800. 3. On the other side of the equation, since the company has provided services to the client, it has ...You can cancel anytime! Get instant answers from our online experts! Our experts use AI to instantly furnish accurate answers. Answer of 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...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...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?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. verified. Verified answer. A company sells 10,000 shares of previously authorized stock at the par value of $10 per share. What's the correct entry to record the transaction?Step 1. Every business transaction is recorded in... Sample Company pays $12,000 on October 1 for a one year insurance policy. The company follows the alternative for deferrals by debiting insurance expense on …Use the percentage method of income tax calculation to complete the payroll roster (in $). Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. 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. On December 31, the company writes an adjusting entry to record the insurance expense that was used up (expired) and to ... 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. See full question below. 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 ...A company pays $18,000 in interest on notes, consisting of $12,000 interest that was accrued during the last accounting period and $6,000 of interest that accumulated during the current accounting period but has not yet been accrued on the books. The journal entry for the interest payment should:The final single payment to be made at the end of the 3rd year after a company buys a machine for $12,000 and pays for it in five equal annual payments with an interest rate of 4%, with terms changing after the second payment. ... a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, …Dec 6, 2019 · Leno Company will record a debit to Cash in the amount of: D. $9,800. Explanation: The terms of 2/10, n/30 means 2% discount for the payment within 10 days and the full amount to be paid within 30 days. Fallon Company pays the invoice within the discount period - early enough to receive a 2% discount. The discount amount is 2% x $10,000 = $200. 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.Barney's CPA business has a monthly accounting profit of $16,875 after subtracting explicit costs from revenue and a monthly economic profit of $4,560 after accounting for implicit costs such as foregone salary and lost rental income. ... a client pays a company the full $12,000 balance of a year-long contract. Using the accrual …Study with Quizlet and memorize flashcards containing terms like Theresa Phillips, CPA, has billed her clients for services performed. She subsequently receives payments from her clients. The company will record the receipt of cash with an increase to _____ and decrease to _____., On November 1, 2022, Cherry Industries, which uses a calendar …Are you a freelance writer looking to attract more clients and build a successful career? Look no further than WriterBay. With its vast pool of clients and user-friendly interface,...Aug 8, 2023 · To make the total pay the same, we can set Total Pay1 equal to Total Pay2: $12000 + $900x = $18400 + $500x. Now, we can solve this equation to find the value of 'x', which represents the number of cars needed to make the total pay the same. Subtracting $500x from both sides: $12000 + $400x = $18400. Subtracting $12000 from both sides: $400x = $6400 27 Jun 2023 ... Bank approved a loan and deposited $10,000 into the company's bank account. Paid employee salaries in the amount of $2,000. Received repair ...On December 31, Year 1, a company signed a one-year contract to provide services to a particular customer for $12,000. The customer will pay for the services during January Year 2. Using accrual accounting, when should the company recognize revenue relating to the contract? on December 31, Year 1, when the contract is signed.A company pays $18,000 in interest on notes, consisting of $12,000 interest that was accrued during the last accounting period and $6,000 of interest that accumulated during the current accounting period but has not yet been accrued on the books. The journal entry for the interest payment should:1 Calculate the amount of revenue earned from October 1 to December 31. Since the contract is year-long, the revenue earned as of December 31 is (3/12) * 12,000 = 3,000. 2 Subtract the revenue earned from the total payment to find the unearned revenue. 12,000 - 3,000 = $9,000. Need improvement.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? On July 1, a company receives an invoice for $800 with the terms 1/10, net 30.Notify the credit card companies in order to negotiate a payment plan. Study with Quizlet and memorize flashcards containing terms like Which financial product typically pays the highest rate of interest?, Troy has $50.00 a month transferred electronically from his checking account to his savings account. This is an example of:, When a person ...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. verified. Verified answer. A company sells 10,000 shares of previously authorized stock at the par value of $10 per share. What's the correct entry to record the transaction?You are only obligated to pay rent one month in advance. If you put this journal entry to a prepaid account in your financial statements, you spread the $12,000 ...Cash is decreasing because it was used to pay for the outstanding liability created on January 5. Cash is an asset and will decrease on the credit side. Accounts Payable recognized the liability the company had to the supplier to pay for the equipment. Since the company is now paying off the debt it owes, this will decrease Accounts Payable.Q Y6 Dog River Company has an operating profit of $281,500. Interest expense for the year was $23,100; preferred dividends Interest expense for the year was $23,100; preferred dividends Answered over 90d ago 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? Here’s the best way to solve it. Expert-verified. 98% (41 ratings) 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. $12,000Demonstrate journal entries for sales and payments on account. Let’s look at three transactions from NeatNiks: Oct 15: Received $1,500 cash for services performed. Oct 20: Billed customers $7,250 for work done in October. Oct 30: Collected $1,600 from customers on account. And at one question:As of Dec. 31 the company had completed $12,000 of work for a client that will be billed in January. The adjusting entry to record this is debit Accounts Receivable. $12.000; credit Service Revenue, $12,000 Onone, no adjusting entry is needed debit Accounts Receivable, $1,000; credit Service Revenue, $1,000 debit Service Revenue. $12.000; credit Accounts Receivable. $12.000On 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.In the world of business, first impressions matter. And when it comes to showcasing your company to potential clients, investors, or even employees, a well-crafted company profile ...Compare Mortgages Companies in Your Area & Read Mortgage Company Reviews ♦ Browse Over 528 Mortgage Lenders & Find the Best Mortgage Company WalletHub makes it easy to find the bes...Descriptions: 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. More : 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.In today’s competitive business landscape, it is crucial for companies to provide exceptional customer experiences right from the start. One way to achieve this is by implementing ...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.In this scenario, where a client has agreed to pay a contractor $45,000 and has already made a $15,000 down payment, the remaining balance of $30,000 should be posted as accounts receivable. ... 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 …Billy will pay $5,100 in interest on his $12,000 student loan over a 10-year period at an annual interest rate of 4.25%, using the simple interest calculation. Explanation: To calculate the total amount of interest Billy will pay on his $12,000 student loan at an annual interest rate of 4.25% over 10 years, we can use the formula for simple ...The question pertains to the calculation of unearned revenue for a service that has been prepaid for an entire year using the accrual accounting method. When the client pays the full $12,000 balance of a year-long contract on October 1, the company records this as unearned revenue because the service will be provided over the coming 12 months.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? Here’s the best way to solve it. Expert-verified. 98% (41 ratings)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? SolutionA business tenant pays 2% of his total gross sales volume as rent, with a minimum base rental of $1,000 per month. In the past year, his sales totaled $435,000. ... 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.Step 1. 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.Customer reviews are an invaluable source of information for businesses. They provide insight into how customers perceive your company and products, and can help you identify areas...