CASH 8/1 balance 6,000 8/3 500 8/5 400 8/7 900 Accounts Receivable 8/2 $1,800 8/

Question

CASH
8/1 balance
6,000 8/3 500 8/5 400 8/7 900
Accounts Receivable
8/2   $1,800
8/7    $900

Deposits received in advance (a liability account)
8/3    $500 Sales 8/2      $1,800
8/5          400 1. ______ Refer to Queen City Country Club. On which date did the country club make a credit sale of club memberships? a.   August 2 b.   August 3 c.   August 5
d.   August 7 2. ______ Refer to Queen City Country Club. Which of the following describes the transaction which occurred on August 7?
a.    Sold club memberships on credit. b.    Cash sales of daily fees. c.    Collected an advance deposit in cash. d.    Received cash payments of accounts receivable.
3. ______ Kibitz Company received advance payments from customers during 2010 of $10,000. At December 31, 2010, $1,000 of the advance payments still had not been earned. After the adjustments are recorded and posted at December 31, 2010, the balances in the Unearned Service Revenue and Service Revenue accounts will be
Unearned Service Revenue
Service Revenue
a $1,000 $9,000 b $1,000
$10,000 c $11,000 $1,000 d $9,000 $10,000
Accounts Receivable
8/2   $1,800
8/7    $900

Deposits received in advance (a liability account)
8/3    $500 Sales 8/2      $1,800
8/5          400 8/5          400 1. ______ Refer to Queen City Country Club. On which date did the country club make a credit sale of club memberships? a.   August 2 b.   August 3 c.   August 5
d.   August 7 2. ______ Refer to Queen City Country Club. Which of the following describes the transaction which occurred on August 7?
a.    Sold club memberships on credit. b.    Cash sales of daily fees. c.    Collected an advance deposit in cash. d.    Received cash payments of accounts receivable.
3. ______ Kibitz Company received advance payments from customers during 2010 of $10,000. At December 31, 2010, $1,000 of the advance payments still had not been earned. After the adjustments are recorded and posted at December 31, 2010, the balances in the Unearned Service Revenue and Service Revenue accounts will be
Unearned Service Revenue
Service Revenue
a $1,000 $9,000 b $1,000
$10,000 c $11,000 $1,000 d $9,000 $10,000 CASH
8/1 balance
6,000 8/3 500 8/5 400 8/7 900

Explanation / Answer

1 The Country Club made a Credit Sale memebership on August 2 2 The transaction described on Aug7 describes: d. Received cash payments of Accounts Receivable 3 The balances in the Unearned Service Revenue and Service Revenue would be : a. Unearned Service Revenue -1000 Service Revenue -9000

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