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

Trading profit & loss, trial balance as at may 31 19*6 ...

trial balance as at may 31 19*6 dr cr sales 400000 purchases 350000 sales return 5000 purchases return

The hardware from another defective device , Assume we are a trading compan...

Assume we are a trading company giving devices and sometimes after sales service. when any fault came we just replace the hardware from another defective device and getting the pay

Finance officer, Finance Officer: the life blood of business is Finance. P...

Finance Officer: the life blood of business is Finance. Procuring financial resources and their judicious utilization are the two significant activities of financial management. F

Company law, I want a company law assignment

I want a company law assignment

The ratio of __________ to __________ is an example, The ratio of _________...

The ratio of __________ to __________ is an example of a __________ ratio. A. quick assets; current liabilities; leverage B. cost of goods sold; total assets; asset utilization

Enumerate about the income summary account, INCOME SUMMARY ACCOUNT This...

INCOME SUMMARY ACCOUNT This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. The

Uses of journal in accounting, Q. Uses of journal in accounting? Organi...

Q. Uses of journal in accounting? Organizing journal entries in a computerized system is different than in a manual system. The computer usually asks for the number of the acco

What are service companies, Q. What are Service companies? Service comp...

Q. What are Service companies? Service companies carry out services for a fee. This group comprise law firms, accounting firms and dry cleaning establishments. The early sectio

Accounts receivable departments, What are the components or materials used ...

What are the components or materials used by Accounts receivable departments? Ans) Accounts Receivable department is very vital department of the company. The responsibilities o

Draw a stem-and-leaf plot for the data set, Draw a stem-and-leaf plot for t...

Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of emp

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