How does asset cash increase, Accounting Basics

Assignment Help:

Q. How does asset cash increase?

An asset cash increases (debited) as well as a liability unearned service revenue increases (credited) by USD 4500. The credit is to Unearned Service Fees relatively than Service Revenue because the USD 4500 applies to more than just the current accounting period. Unearned Service Fees is a liability for the reason that if the services are never performed the USD 4500 will have to be refunded. If the payment had been there for services to be provided in December the credit would have been to Service Revenue.


Related Discussions:- How does asset cash increase

The list of accounts below and the unadjusted balances, The list of account...

The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,

Accounting, illustrate business cycle with reference to a retail trader whi...

illustrate business cycle with reference to a retail trader which does business on a cash basics

American rule, A rule in economics and law that says attorney fees must be ...

A rule in economics and law that says attorney fees must be paid by every party included in litigation - even the party that wins the case. An exception to the American rule can ta

Asset or expense?, what does office stationery at year end classify as? ass...

what does office stationery at year end classify as? asset or expense?

A recent cash budget showed estimated cash receipts, A recent cash budget ...

A recent cash budget showed estimated cash receipts of $159,000, estimated cash disbursements of $155,000, and a desired ending cash balance of $6,000, with no borrowing of funds

Financial accounting versus managerial accounting, Q. Financial accounting ...

Q. Financial accounting versus managerial accounting An accounting information system offers data to help decision makers both outside and inside the business. Decision makers

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd