The Accounting Records of Patricia Event Planning Service Include the Following

question 49

Multiple Choice

The accounting records of Patricia Event Planning Service include the following select unadjusted balances on December 31, 2014: Salaries Expense, $6,000; Service Revenue: $20,000; Unearned Revenue, $400; Supplies Expense, $600; Rent Expense, $300; Depreciation Expense-Equipment, $200. Later in December, she worked with a new client and provided event planning services for an upcoming event. When the event is complete in January, 2015, she will collect the full amount of $1,200 from her client. As of the end of December, 2015, she rendered one-third of the services covered by the contract. She made the accrual adjustments. The final adjusted balance of Service Revenue, as shown on the adjusted trial balance, should be a:

• A)debit balance of 21,200.
• B)credit balance of $20,000.
• C)debit balance of $1,200.
• D)credit balance of $20,400.

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Definitions:

Multiple Logistic Regression

A statistical method for analyzing a dataset in which there are one or more independent variables that determine an outcome, which is dichotomous.

Dependent/Outcome Variable

In statistical modeling, this variable is what researchers aim to predict or explain, depending on the independent variables.

Log(Odds)

The natural logarithm of the odds ratio, used in logistic regression to model a binary outcome variable.

Estimated Odds

A statistical measure expressing the likelihood of a particular outcome or event occurring.