Wave Inn Is a Resort Located in Canada

question 92

Multiple Choice

Wave Inn is a resort located in Canada.During December 2011 Spin Jammers held its annual conference at the resort.The charges related to the conference total $340,000, of which 25% has been paid by Spin Jammers.When Wave Inn makes the appropriate adjusting entry, which of the following is part of the adjustment made to its December 31, 2011 statement of financial position?

• A)Debit cash $255,000.
• B)Credit revenues $255,000.
• C)Credit cash $255,000.
• D)Two of the choices are correct.

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