Grossing Inc

question 189

Multiple Choice

Grossing Inc.receives $10,000 in advance this month for work to be performed next month.This month,the company should record a journal entry that includes a debit to:

• A) Cash and a credit to Service Revenue for $10,000.
• B) Cash and a credit to Unearned Revenue for $10,000.
• C) Cash and a credit to Accounts Receivable for $10,000.
• D) Prepaid Services and a credit to Cash for $10,000.

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Definitions:

Poverty Reduction

The process or strategies aimed at decreasing the number of people living in poverty and improving the living conditions of the poor.

In-Kind Transfers

Non-monetary transfers of goods or services provided directly to individuals by governments or organizations as part of welfare programs.

Earned Income Tax Credit

The Earned Income Tax Credit is a refundable tax credit in certain jurisdictions intended to benefit working individuals and families, especially those with lower incomes.

Food Stamps

A government-issued voucher program designed to help low-income individuals and families afford food.