On December 15, Year 1, a company receives an order from a customer for services to be performed on December 28, Year 1. Due to a backlog of orders, the company does not the perform the services until January 3, Year 2. The company sends a bill to the customer on January 4, Year 2 and the customer pays for the services on January 10, Year 2. When should revenue be recorded by the company, assuming the accrual method of accounting?
| Click Here to View All Chapter 3 Problems at Once | View | ||
| 1 | Adjusting Entry Identification | Easy | |
| 2 | Revenue Recognition | Easy | |
| 3 | Closing Journal Accounts | Easy | |
| 4 |
Revenue Recognition
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Easy | |
| 5 | Revenue Journal Entry | Easy | |
| 6 | Adjusting Entry - Salaries Payable | Moderate | |
| 7 | Adjusting Entry - Wage Expense | Moderate | |
| 8 | Revenue Recognition | Moderate | |
| 9 | Prepaid Rent | Moderate | |
| 10 | Determining Net Income From Transactions | Moderate | |
| 11 | Determining Net Income From Journal Entries | Moderate | |
| 12 | Closing Process | Moderate | |
| 13 | Adjusting Journal Entries | Hard | |
| 14 | Adjusting Journal Entries | Hard | |
| 15 | Revenue and Expense Recognition | Hard | |
| 16 | The Effect of Transactions | Hard | |
| 17 | When You Forget to do Adjusting Entries | Hard | |
| 18 | Year End Closing & Account Classification | Hard |
| 1 | Cash vs. Accrual Accounting | 7:21 | |
| 2 | Expense Recognition | 8:07 | |
| 3 | Accruals and Deferrals | 15:07 | |
| 4 | What is an Adjusting Entry? | 4:11 | |
| 5 | Adjusting Entry: Supplies | 1:54 | |
| 6 | Adjusting Entry: Wages | 4:52 | |
| 7 | Adjusting Entry: Unearned Revenue | 2:11 | |
| 8 | Adjusting Entry: Interest | 2:03 | |
| 9 | Contra-accounts | 4:40 | |
| 10 | Depreciation | 7:10 | |
| 11 | The Closing Process | 10:37 |