Century Security Services Had a New Customer Come in to Their

question 30

Essay

Century Security Services had a new customer come in to their office and request their services for a two-month period. Century will collect a total of $10,000 from the customer at the end of the two-month period. Century began providing services on June 1. On June 30, Century accrued service revenue for the first one-month period. On July 31, Century completed the services and collected $10,000 from the customer. Please provide the journal entry made to record the collection of cash from the customer on July 31.

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Definitions:

Forbes 500 List

An annual list published by Forbes magazine that ranks the top 500 U.S. companies based on their revenue.

Residual

The difference between an observed value and the value predicted by a model.

Winning Percent

The ratio or fraction that represents the number of wins in relation to total games or matches played.

Goals Per Game

A statistical measure used in sports to indicate the average number of goals scored by a team or player per game.