Which of the following situations results in unearned revenue?
A) Collected $100 from a customer who purchased goods a month ago
B) Received an order from a customer who will purchase and pay for goods in two weeks
C) Sold goods for $100 today with payment due from the customer in 30 days
D) Received $100 cash from a customer for an order of goods to be shipped next month
Correct Answer:
Verified
Q46: Which of the following statements about the
Q47: During May,Sea the World Cruises,Inc.collected $1,000 cash
Q48: Cash basis accounting may not work well
Q49: During June,the Grass is Greener Company mows
Q50: Which of the following statements about accrual
Q52: When cash is received in advance of
Q53: During 2016,a company provided services for cash
Q54: The Fastbank Motorcycle Service Company wins a
Q55: Revenues are recognized when _,even when cash
Q56: In accrual accounting,according to the _ recognition
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents