In January, the Caribbean Dream Resort Books and Accepts a Cash

question 36

Multiple Choice

In January, the Caribbean Dream Resort books and accepts a cash payment for $32,000 for vacation services to be provided during spring break in March. The $32,000 would be recorded during January as a:

• A) debit to Cash and a credit to Unearned Revenue.
• B) debit to Accounts Payable and a credit to Service Revenue.
• C) credit to Accounts Receivable and a credit to Service Revenue.
• D) credit to Service Revenue and a debit to Prepaid Expenses.

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Definitions:

United States Court of Federal Claims

A federal court that hears monetary claims against the U.S. government.

United States Court of Appeals for Veterans Claims

A federal court that hears appeals from the Board of Veterans' Appeals regarding veterans' benefits.

Supreme Court of China

The highest court in the People's Republic of China, overseeing the administration of justice for civil and criminal cases.

Taiwan

An island nation in East Asia known for its vibrant culture, technological advancements, and complex political status with regards to its international recognition.