What is unbilled training fees, Accounting Basics

Assignment Help:

Q. What is Unbilled training fees?

A company may possibly perform services for customers in one accounting period while it bills for the services in a different accounting period. Micro Train Company carries out USD 1000 of training services on account for a client at the end of December. Ever since it takes time to do the paper work Micro Train will bill the client for the services in January. The essential adjusting journal entry at 2010 December 31 is:

1458_What is Unbilled training fees.png


Subsequent to posting the adjusting entry the T-accounts appear as follows

89_What is Unbilled training fees1.png

The service revenue emerge in the income statement the asset accounts receivable appears in the balance sheet.


Related Discussions:- What is unbilled training fees

Prepare the account for allowance for bad debts, The 31st December 2009 tri...

The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $2,300 During the year 2010 t

Balance sheet, Ken Young and Kim Sherwood organized Reader Direct as a corp...

Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $49,000 cash to start the business and received 4,000 shares of stock. The store completed its

Inventories and cost of goods sold, Inventory is habitually the largest and...

Inventory is habitually the largest and most important asset owned by a merchandising business. The inventory of some companies similar to car dealerships or jewellery stores may c

Completing the accounting cycle, Q. Completing the accounting cycle? Su...

Q. Completing the accounting cycle? Subsequent to studying this chapter you should be able to - Recapitulate the steps in the accounting cycle. - Organize a work sheet fo

An accounting perspective - uses of technology, Accountants and others are ...

Accountants and others are able to access the home pages of companies to find their annual reports and other information home pages of CPA firms to find employment opportunities an

Trial balance, 2013, May 1st: 1 started in bnusiness with capital in cash o...

2013, May 1st: 1 started in bnusiness with capital in cash of 1,800 and 4,200 in the bank. 2nd: Bought goods on credit from: j.Ward 600, P.Green 515

Prepare an income statement for the current year, The assets and liabilitie...

The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below.  On April 1, 2010, the

Explain about prepaid insurance, Q. Explain about Prepaid insurance? Th...

Q. Explain about Prepaid insurance? The two accounts recitations to insurance are Prepaid Insurance (an asset) and Insurance Expense (an expense). Subsequent to posting this en

Copy constructor, Can a copy constructor accept an object of similar class ...

Can a copy constructor accept an object of similar class as parameter, in place of reference of the object?

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