Quiz Solutions

Kostner Financial Services, Inc. performed accounting servic

Kostner Financial Services, Inc. performed accounting services for a client in December. A bill was mailed to the client on December 30. The company received the client’s check by mail on January 5 Which of the following accounts should appear on the income statement for the year ended December 31 as related to the services […]

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Date: September 2nd, 2020

Argyle Designs, Inc. has entered into a contract to design 4

Argyle Designs, Inc. has entered into a contract to design 40 new dresses for a customer. It will collect a total of $40,000 after the design services are complete. Argyle started design work on June 1. As of June 30, it finished 8 of the 40 designs The company will make an adjusting entry at […]

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Date: September 2nd, 2020

Bryson Services, Inc. performed accounting services for a cl

Bryson Services, Inc. performed accounting services for a client in December. A bill was mailed to the client on December 30. The company received a check by mail on January 5 Which of the following accounts should appear on the balance sheet as of December 31 as related to the services performed? A) Prepaid Expense […]

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Date: September 2nd, 2020