At the end of the year, French Inc. had a balance of $3,000 in Accounts Payable, $1,500 in Notes Payable, $6,000 in Unearned Revenue, and $1,500 in Service Revenue.
Given this information, what is the amount of liabilities?
$10,500
$4,500
$6,000
$3,000
ABC Inc. entered into an agreement with a customer on April 1 to provide accounting services starting immediately. ABC Inc. charges $900 a month for these services, and the customer agrees to pay ABC Inc. on the 1st of each month for the past month's work, starting May 1.
What adjusting journal entry is required by ABC Inc. on April 30?
Dr. Cash 900; Cr. Service Revenue 900
Dr. Cash 900; Cr. Accounts Receivable 900
Dr. Accounts Receivable 900; Cr. Cash 900
Dr. Accounts Receivable 900; Cr. Service Revenue 900
Which of the following accounts belongs on the Balance Sheet?
Rent Expense
Inventory
Dividends
Net Income
Which of the following accounts belongs on the Income Statement?
Service Revenue
Notes Receivable
Cash
Inventory