On December 1, 2019, a firm accepted a 6-month, 12 percent note for $10,000 from a customer. Paid for by the customer and recorded in one period but not fully earned until a later period.Įarned in one period but not paid for by the customer or recorded until a later period.īudgeted, paid for, and partially earned in one period but not fully earned until a later period. Income Statement Credit and the Balance Sheet Debit columns.Īfter both of the entries for the inventory adjustment have been posted, the debit in the Income Summary account represents:Īn adjusting entry is usually not required for a revenue item when it isĮarned, recorded and paid for by the customer in one period. The ending merchandise inventory is recorded on the worksheet in the If the truck was purchased on June 1, 2019, what is the amount of depreciation expense for the truck for the year ended December 31, 2019? The company uses the straight-line method of depreciation. The truck is expected to have a useful life of 5 years and a residual value of $2,800. Rose Bush Nursery purchased a delivery truck for $40,000. Don€™t worry, this might happen after your due date. Grades must be transferred manually to eCampus by your instructor. These assignments have earlier due dates, so plan accordingly. The highest scored attempt will be recorded. Note: You have unlimited attempts available to complete this practice assignment. ACC 291T Week 4 Practice: Connect® Knowledge CheckĬomplete the Week 4 Knowledge Check in Connect®.
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