Question

On april 5, Stella company provided services and billed its client $110,000. On april 12, Stella...

On april 5, Stella company provided services and billed its client $110,000. On april 12, Stella Company received $110,000 cash for services provided earlier april.
The journal entry to record the April 12 transaction will have the following effect on Stella Company's financial statement?
A) total liabilities will increase by $110,000
B) total revenues will increase by $110,000
C) total stockholders' equity will decrease by $110,000
D) total assets will decrease by $110,000
E) none of the above

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

LEt me know if u have any concerns

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Thunder Corp. provides services in April and receives payment in May. (a) What is the effect...
Thunder Corp. provides services in April and receives payment in May. (a) What is the effect on the accounting equation for Thunder Corp. in May? (b) What is the effect on the accounting equation for Thunder Corp. in April? Options are: (a) Assets don't change; Stockholders' Equity increases (b) Liabilities increase; Stockholders' Equity increases (c) Assets increase; Stockholders' Equity increases (d) No net change in Assets, Liabilities or Stockholders' Equity (e) Assets decrease; Liabilities decrease (f) Assets increase; Liabilities decrease
You work for a company that ends their fiscal year on September 30th. The company billed...
You work for a company that ends their fiscal year on September 30th. The company billed its customers for services provided in August, but they have not yet received payment for these services. Assuming the company uses accrual accounting, how should this transaction be recorded? A. Increase unearned revenue B. Increase service revenue C. Decrease accounts receivable D. Decrease unearned revenue
Recording Entries for 5 Transactions 1) During the period April 1-28, Acer provided cleaning services to...
Recording Entries for 5 Transactions 1) During the period April 1-28, Acer provided cleaning services to Granger. On April 28, Acer sent Granger a bill for $40,000 2) On April 30 $15,000 of the amount billed was recieved from Granger 3) During the period April 1-28, Acer's employeese earned $18,000 of wages. None of these wages were paid during the period April 1-28 4) On April 30 $12,000 of the amount owing to employees for work during April 1-28 was...
Section Two: The Draper Company Records these journal entries: Cash received for services in advance $40...
Section Two: The Draper Company Records these journal entries: Cash received for services in advance $40 Accrued Expense $17 Used portion of Prepaid Insurance $12 Required: Indicate the net effect of these journal entries on the following items. Indicate the dollar amount of the effect and the direction of the effect. (Example: $13 Increase, or $8 Decrease, or NO EFFECT) Net Income             $_______________ Total Assets            $_______________ Total Liabilities        $_______________ Retained Earnings $_______________ Total Equity            $_______________ Working...
Piscataway Consulting recently completed jobs for its customers. Payments for the current month's consulting services are...
Piscataway Consulting recently completed jobs for its customers. Payments for the current month's consulting services are expected to be received next month. How does this transaction affect the accounting equation of Piscataway Consulting? Group of answer choices assets and stockholders’ equity decrease assets and stockholders’ equity increase liabilities increase and stockholders’ equity decreases liabilities and stockholders’ equity increase
At the end of September 2021, total owner’s equity for Beaulieu Group Company was $8,105. During...
At the end of September 2021, total owner’s equity for Beaulieu Group Company was $8,105. During October, the following transactions occurred: 1. Provided services to a client and received $1,840 cash. 2. Paid $1,020 for October’s rent. 3. Purchased $480 of supplies on account. 4. Provided services to a client and billed the client $2,255. 5. Collected $1,195 from the client billed in transaction 4. 6. Received $7,960 cash from a client for services to be provided in November. 7....
On February 1, 2009, Despot declared cash dividends of $12 million to be paid in April...
On February 1, 2009, Despot declared cash dividends of $12 million to be paid in April of that year. On April 1, Despot paid the cash dividend. What effect did the April 1 transaction have on Despot's accounts? a. Decreased assets and liabilities b. No journal entry is needed c. Decreased assets and shareholders' equity d. Increased liabilities and decreased shareholders' equity
A company receives $6,400 cash in advance from customers for services to be provided next year....
A company receives $6,400 cash in advance from customers for services to be provided next year. Record the transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) do not includeunearned revenue in your answer
On December 31, 2017 Hutter Company received a $5,000, 4-year, 5%-note Mutter Company for services provided....
On December 31, 2017 Hutter Company received a $5,000, 4-year, 5%-note Mutter Company for services provided. The present value of the note is $4,661.28. The implicit rate of the note is 7%. Mutter Company has agreed that interest on the note will be paid annually on December 31. Hutter uses the effective interest method for amortizing any discounts or premiums on notes. Prepare the journal entry that Hutter Company will record on December 31, 2018
On June 1, 2018, Alpha Company provided services to Bicycle Company and received a 1-year, 8%,...
On June 1, 2018, Alpha Company provided services to Bicycle Company and received a 1-year, 8%, $150,000 note, due May 31, 2019. Interest is payable at maturity. Alpha records adjusting entries annually at December 31. a. Compute the total interest on the note. How much interest revenue will be recognized in 2018? In 2019? b. Record the June 1, 2018, journal entry for Alpha. c. Record the December 31, 2018, adjusting journal entry for Alpha. d. Alpha’s 2018 preliminary net...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT