What’s 48-50 ) Dickens Services Company performed accounting services for a dlie

Question

What’s 48-50 ) Dickens Services Company performed accounting services for a dlient in December. A bill was mailed to the client on December 30. The company received a check by mail on the following accounts should appear on the balance sheet as of December 31 as related to the services performed? January 5. Which of A) Unearned Revenue B) Prepaid Expen inDeember. Accounts Receivable D) None, there is no entry in December. 49) Accrued revenue is revenue that A) the business has earned, but not yet collected in cash B) the business has collected in cash, but not yet eaned C) has been collected and earned D) will be collected and earned in the future The accountant for Bames Auto Repair Company failed to make an adjusting entry to record $5,000 50) of unpaid salaries for the last two weeks of the year. Which of the following is an effect of this mission? A) The total assets will be understated. The total assets will be overstated. B) The net income will be overstated. D) The net income will be understated

Explanation / Answer

1. The answer is C. Accounts Receivable

As dickens services company has provided their services and ossued the bill for the same. And only payment is pending on customer's behalf.

2. The answer is A.

Accrued revenue means income that has been earned from customers but no payment has been received.

3. The answer is B.

As the unpaid salary not accounted for the profit is overstated by $5000 and the liabilities are understated by $5000.

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