Techno Technical Services Is Working on a Six-Month Job for a Client,starting

question 147

Multiple Choice

Techno Technical Services is working on a six-month job for a client,starting on February 1.It will collect $30,000 from its customer when the job is finished but the revenue is earned evenly over the six months.On March 31,before adjusting entries are made,Techno's Accounts Receivable account had a debit balance of $6,000.After the March 31 monthly adjusting entry has been made,what will be the balance in Accounts Receivable?

• A)Debit balance of $5,000
• B)Credit balance of $25,000
• C)Debit balance of $11,000
• D)Debit balance of $30,000

Understand the concept of time-based competition and its impact on product development and market success.

Recognize strategies for product differentiation, cost leadership, and rapid response in market competition.

Understand the functions and roles of the prefrontal cortex in behavior and cognition.

Comprehend neural plasticity and how the brain adapts to learn new skills.

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Definitions:

Inventory Valuation

The method used to assign value to a company's inventory, including raw materials, work-in-progress, and finished goods, affecting cost of goods sold and net income.

Year-End Inventory

The total value of all inventory that a company has in stock at the end of its fiscal year.

Consignment

A business arrangement where goods are left with a third party to sell, but the ownership remains with the supplier until the goods are sold.

FOB Shipping Point

A term indicating that the buyer of goods takes ownership and is responsible for the freight charges at the time the goods leave the seller's shipping point.